From everything I have seen and experienced lately, location, location, location is no longer what it is all about. Buyers are willing to fore-go on "one of a kind views" and "views to die for" if the seller is not playing by todays rules.
What are todays rules? From what I can see the rules are as follows:
- The buyer is holding 3 of the 4 Aces, and they no it
- The seller can no longer count on great mountain views to sell their home, if the price is not in line
- If the seller is going to hold out for "their price" because their home is special, their home will probably be on the market a year from now.
- Short sales are not always a super great deal and they are a lot of work
- Sellers who want to sell their home need a Realtor to help them take some of the emotion out of the pricing stage. The home is only worth what the most qualified buyer is willing to pay for it.
- Now is not the right time to "test the waters". If you don't need to sell don't put your home on the market.
- If you are ready to sell, do what is needed to sell as quickly as possible. That is what will get you, the seller, the largest net at closing.
I recently read, unfortunately I can not remember where, that first time home buyers don't want fixer uppers or small condos. They want mid-range single family homes that are move in ready. Again a change from what was not so long ago.
We, as professionals, need to help our clients understand what is happening out there. It is not in their best interest, or ours, to allow them to believe that even though the market is tough is should not affect the listing price of their home. I have seen too many 2+ million dollar homes finally selling for under $1.5, after being on the market for over 360 days. No one can convince me that the seller did better by holding on to the property and paying HOA fees and utilities for over a year instead of pricing it properly from the beginning. It is our job as Realtors to help them see that fact. If we can not help them in seeing this, perhaps we should not take the listing, just a thought.