Trying To Sell In A Buyer's Market

I've spent a fair amount of time and energy in the last few months on this very topic.  Why?  Because I owe it to my seller clients.  First, I've spoken with agents that have been through three (yes, three) down markets, right up to top producers that have been in business only four or five years.  Here's what I think it boils down to, in a nutshell.

First, (and unanimously) it's price.  You cannot hope that your home is so special that it will even get noticed, let alone shown, in a strong buyer's market unless it is priced at, or lower than, market value.  Remember that all listings get the most agent and consumer attention in the two weeks that they are new to the market.  List high now and drop if you don't get action? Forget it, you've lost the opportunity.  Remember, too, that most buyers are working with agents, so price it high in the beginning and you lose that agent attention.

Second, condition.  Price a plum at a rotten apple price and you'll get tons of attention - and likely a lot of low-ball offers, too.  If your home doesn't show well or is hard to get into you won't attract ready to go buyers.

Third, location. This never changes.  Be 15 minutes from a gas station or a local convenience store, or major commuter lanes and you're taking a hit - like it or not.  It may not matter to you, but it will matter to the largest part of the buying public.

Fourth, exposure. All homes get on the internet via the multi-list system (MLS) these days.  You need an agent that can get your home highlighted and noticed.  Extra pictures, visual tours, postcards, agent-to-agent communication, web commercials - they all add up to more interest and more exposure.

So price your home appropriately.  It doesn't matter what you think you need to get from the sale.  If you can't get what you need, you need to stay put.  In my market area, that means at least a year, maybe two or more before the prices start appreciating again.  I've turned down a lot more listings than I've taken because of unrealistic seller expectations.  I'm very willing to work only with people that absolutely need to sell now and work hard to make them happy. If you';re thinking about testing the ground, then have something extremely unique or be prepared to stay put.