I was speaking to a potential seller that seemed like he/she was heading for a bi failure. It made me think about why some are not successful selling their homes in our market.
Our real estate market has been stable for the last two years.
Average prices ands median prices have been level to a slight increase. There are neighborhoods that have seen slippage in prices (mostly those areas with new construction competing with resale homes). Most areas have seen declines in sales volume.
When ever I pull comparable sales reports for a piece of property especially in Mililani, the community my office and home are in, I see a regular pattern. Most homes that sell, move in 1 to 6 weeks. They sell for something close to the asking price and most are clean and ready to move in. Then there is a large number of properties that are over priced under marketed and do not show well. They sit a rot for months on end.
I have met with a few sellers who are determined to be in the later group (fail). Even after seeing the numbers they are in absolute denial. Their amateur/expert friends told them what there home was worth or how buyers are willing to pay more for theirs than all others. In some cases it is their neighbors who are hoping to push up the comps in the neighborhood, so they can refinance or sell at a higher price.
I have walked away from a few listings in the last couple of months for those reasons. They could have used "Selling in A Tough Market." I watched two of them go on the market and ride it down. One went through 3 agents before it sold for much less than it should have if they did what I suggested in the first place. The second sat and rotted until the listing expired. The client called me after that and still wanted me to list it for the wrong price. Even failure would not shake them.
The worst examples I have seen for overpricing was actually a real estate agent who was selling their own property. This happens more often that you might think. Agents who normally are good at what they do, lose all sense of reality when it comes to their own property.
To sum it up in order to be successful in this market a seller needs to do a few things:
- Hire a good REALTOR® who is successful in the market. Get one who has a strong marketing program to give your home the best exposure.
- Get your home ready to show. (Minor repairs, paint, landscaping, de-clutter and clean it, to name a few).
- PRICE IT RIGHT!!!
- Know your neighborhood. Which homes are selling and why. Which ones aren't and why (do not copy them).
- Beware of agents who try to tell you what you want to hear to steal the listing. Look for those who are professional and support what they tell you with proper data. Overpricing is a Terrible Practice by Some Agents to Steal Listings?
Good Luck and good selling!
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Randy, this is so true in today's market. It's not just any agent but a professional agent that can address many different facets of the whole process... Someone like you!
Great informational post.