When a home goes on the market that is overpriced, the market rejects it and it fails. A failed listing can come as a withdrawal from the market or an expired listing. Either one is not good if your goal is to sell your house. Most of the time a "re-list" is accompanied by a price reduction, more time on the market, and further frustration.
Here are the ChartMaster statistics showing failed listings in Metro Atlanta over the last three years:
3rd Quarter 2006 - 47.8% of listings failed
3rd Quarter 2007 - 62.5% of listings failed
3rd Quarter 2008 - 66.9% of listings failed
With the trend going up, it's a black eye for our industry. It shows that more and more people are pricing their homes too high. Maybe its caused by denial. Maybe its caused by greed. Maybe its caused by real estate agents who don't know the statistics. I think it's a little of all three. We all need a good dose of reality. As mentioned before, you can't play to the possibilities in this market. You have to play the percentages. Selling homes in this market is not difficult, although it's more difficult than before. People are still buying homes, but you have to be well priced to attract buyers and you have to be "best dressed."
Now more than ever you need a realtor to sell homes, and you need that realtor to be realistic and proactive. The Peters Company has built a reputation for selling homes in the least amount of time (30 day average days on market in 2008) for the most amount of money (96.6% of sales/list price in 2008). How do we do this? It takes the right statistics and the right reaction to those statistics along with a dedication to overservicing and overdelivering. We tell all of our clients when they have chosen to do business with us that it's always "us" against the market. If we can beat the market, it's a win for our clients and it's a win for us. Let us show you how we do it. www.thepeterscompany.com
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