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Home Not Selling? Take It OFF The Market Please!

Maybe now is not the time to sell your home. I realize this is not what you want to hear, but let's be serious. In many parts of the U.S., only 5-10% of all homes listed are sold each month. Also in many areas, home prices are still declining at 1-2% per month.

Do you really think that by keeping your home on the market at the SAME price, the market is going to catch up with you? Unfortunately, that's just not realistic. If it didn't sell this month at YOUR price, chances are NEXT month you'll be even further away from your goal. Las Vegas Real Estate

What happens to retail inventory that lingers on the shelves? Does it become MORE valuable or LESS valuable? How much does the retailer then have to DISCOUNT that merchandise to get someone to take it off their hands? What do they do with it if they have discounted it & it still does not sell? They give it back to the distributor as UNSALABLE right?

Logically, I know you understand this concept. Naturally you want to sell your home at the highest price in the shortest period of time. The sad fact is this... The longer it takes you to sell your home, the LESS you should expect it to sell for.

So... I simply suggest that you seriously consider this one question. "What is more important... The money or the move"? Once you can honestly answer this question, you will be able make better decisions.

If the money is the most important & the market is not conducive to the goals you have set for yourself, TAKE YOUR HOME OFF THE MARKET. If EVERY overpriced/unmotivated seller would do this - our market could literally be back in balance OVERNIGHT!

If you would like a REALISTIC, HONEST, NO HOLDING BACK evaluation of your home, call or email me today. You can also visit us online at www.GoTeamRhino.com.

Posted by Sue Nelson, Broker/Associate Las Vegas Real Estate ~Team Rhino~ on 03/26/2008 11:34 PM

Comments (24)

las vegas, real estate, market stats, team rhino, sue nelson, housing, buying, selling, terry nachtergaele

Post is included in group: Mike Ferry

24 Comments on Home Not Selling? Take It OFF The Market Please!

MAR

2008

Sue, You are so right!!!!

Excellent advice, Sue, thank you for saying it out loud!

Sue, that's a very true statement. The price reduction can work wonders for a home that has sat on the market. Great job

Great blurb!

Wouldn't it be great if sellers would recognize the blinding flash of the obvious!

Sue,

I wonder if people realize that a home on the market more than six months brings down the neighborhood when it comes to appraisals?

Mike in Tucson

Great point! Wish many of the sellers would understand, "this means you!"

Not only will it hurt the neighborhood, but it can stigmatize a property as "something's wrong."

Sue....Totally amazing and great advice. Thanks for posting this for us.

Roberta: Thank You!

Virginia: Yes, I know many people are thinking it - but really didn't want to say it.

Ray: The price reduction is valuable, but not as valuable as pricing it correctly to begin with. And can I just say... a 1% price reduction is a WASTE of ink!

Michael: Right??

Mike: Exactly

Cathy: Isn't it funny how often they think we're talking to EVERYONE else?

Kent: You're right... Something is wrong - they are not motivated!

Pam: I've been wanting to write this for awhile and kept talking myself out of it. I finally just couldn't keep my mouth shut anymore. :)

MAR

2008

One problem of overpriced homes on the market is zealous Realtors willing to take an over priced listing--I'm sure that we've all been guilty of that at one time or another.

GREAT post! Well-written and so true!

Good stuff,Sue....Not necessarily what people WANT to hear but NEED to hear.

Jim: I agree, many agents probably do get excited about a listing and forget about the ramifications.

Vickie: Thank you for your comment.

Doug: It's definitely not what they want to hear!

If the Seller so that, or the Buyers do that - this is what unrealistic. Why is it so tempting to artificially make the market look perfect? The market trends and market situation is way more than what the Sellers or the Buyers do.

There is no quick fix, so if you feel that the listing is overpriced, it is your decision to tell the Seller and fire the Seller if you think that he is not realistic. But comparing real estate to shoe sale is dead wrong. Let me give you the example. All properties in our area over $1 MM require normally more than a year to sell. Usually it takes two years to sell them. The more expensive the property, the longer it usually takes to sell it. So, this is not cut and dried.

Jon: There are exceptions to every rule. I agree, it is the agents responsibility to fire the seller when you no longer feel that the sellers expectations are realistic. The sad fact is, another agent will list that same house at the same price and nothing changes.

Over pricing of listings is a big problem for so many sellers. The ones that amaze me are the ones that have been on the market for a year and they are still at the original asking price. What part of the market has rejected your price they are not getting?

Randy: Thank you. I don't know why people put themselves through the aggravation.

Excellent post Sue!! I love the comparison with the retail inventory that does not sale. I think I will "borrow" that when explaining to sellers in the future!!

Kimberly: Absolutely - Borrow it & hopefully it will help a seller understand the reality of their situation. Good luck!

MAR

2008

Amen Sue! It only makes sense that those who are "testing the waters" are in truth displacing the waters and only making matters worse for others who truly do need to sell. I hear things like, "I'm not GIVING this place away!" What they mean is they are going to hold on to a price which is not going to make a sale possible. Maybe we should just say, "Well then, keep it." Oh yeah, that is what the consumer is saying. Silly me.

Yvonne: I find myself saying the following line FAR more often that I care to admit... "Maybe now is not the time to sell your home".

MAR

2008

Sue, I like this a lot. The logic is great.

Question for you: I have been asking virtually the identical question you're using here in listing presentations: "What's most critical to your family's future now---the money or the move?" The usual response to this is, "Well, the move depends on the money. That's why I can't price it where you suggest--it's not enough." I thought it was a good question, but from the answers I'm actually getting, I'm not so sure. What do you usually get in response?

I do disagree with one thing: If the sellers who don't want to price to sell came off the market, it would actually make no difference with respect to our markets bouncing back. They wouldn't. The sales would be just as low. The buyers would be just as few. Demand has dropped, and the non-saleable listings really aren't part of the supply any more, since they won't sell anyway. The key here, though, is demand. Taking the overpriced listings off the market would not increase demand.

David: We are really digging for the true answer. If they say the money and the money isn't possible - we're just walking away. I can't help those that don't want to be helped.

Here's the reason it would stimulate sales... Less to choose from, buyers would get off the fence and make a decision and supply / demand would be a much better balance. Buyers arean't making decisions because they think something better is right around the corner.

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