Seller objections are pretty standard these days. Here are all the common seller objections I have and continue to hear regarding pricing and the corresponding reality of the matter.
I'm not giving my house away!
No matter what price range your home is in, we're talking about hundreds of thousands of dollars. So truly, can this purchase be considered "giving anything away?" This comment could demonstrate to buyers that you're trivializing the role of that buyer to step up and pay up. Also don't forget that although the value of your home has gone down from the unsustainable peak, whatever you'll be buying will also have a lower pricetage. Therefore it's all relative.
The most important thing sellers should try to realize now is that the years of 2004-2005 were an aberration. Lenders were giving away free money. No one seemed to care about the buyers' ability to pay their bills or whether they could afford the homes they were buying. Prices went through the roof due to faulty manipulation of the entire home purchase process. So if you're thinking your home is worth what that house up the street sold for in 2005, you could be dead wrong. Incidentally, that house up the street is NO LONGER EVEN WORTH what the buyers paid for it in 2004-2005! In order to move on with your plans, it's important to get over that period of history -- truly it's over with!
The house up the street sold for xxx in January!
Please see my comments for "I'm not giving my house away." The real estate market has been dwindling lower by .5 percentage point on a monthly basis for the past year. Every month that passes, home values go lower. What sold this past January is irrelevant. The only comparables that are valid in pricing your home are those properties which have sold within six months time; some bank appraisers are even tightening their criteria to the past THREE months!
Homes have sold for much more than what I'm asking!
As a REALTOR, I know what has been listed and sold in my market areas. If the price range for your home is justified by recent sales, I know about it. If I don't know about it, it could be wishful thinking on your part. This point holds for any REALTOR you interview. If the sale you're referencing has occurred, they should know about it and be able to consider it in the pricing of your home.
I'm going to wait until the market gets better.
Unfortunately, the real estate market may never bear the price you're referencing, which is the height of the false market, driven by the demand of unqualified buyers. You most likely will never get the price your neighbors sold for in 2005 again.
If your life conditions would be better served by moving, then list your home at a realistic price and sell. Or just stay where you are - the choice is yours. But don't put your life on hold for a bustling market that may not happen again.
I'm not about to make any Realtor's job easy!
Yes, this was an actual statement made to me by a homeowner! However, there's nothing "easy" about being a REALTOR (if there is, please enlighten me as to what I'm doing "wrong!"). Explaining that a seller's pricing expectations are unrealistic is difficult. Informing a family that is overwhelmed by clutter and disorganization that they have to tackle the issue of proper home presentation or sell at a lower price (or not at all) is DIFFICULT. Presenting offers, accompanied by supporting data, to delusional sellers when I represent the buyers is DIFFICULT. Dealing with ridiculous lowball offers on a listing (when the listing is realistically priced) is DIFFICULT. Chasing down real estate agents for feedback on your listings when they've shown them is amazingly annoying! Make my job easy? I enjoy the challenge that selling real estate brings and get great satisfaction in resolving issues for a win/win situation. However, if a homeowner is going to present ADDITIONAL challenges that are driven by negative perceptions, then this is a listing any REALTOR would be best off without!
I'm not in a hurry to sell.
If you're not in a hurry to sell, then it would be best for everyone concerned if you didn't list your house. The real estate market is going lower still perhaps through early 2010. If you're not motivated to sell your home, do everyone a favor and stay where you are. First off, if you wish to list your home at a challenging price, your listing will accumulate excessive days on the market which will prompt lowball offers. Oftentimes, the first question I receive from a buyer is "how long has this home been on the market?" Depending on my response, the buyers reaction will be, "Ok, lets wait for a price reduction" or "they must be desperate by now...let's write a lowball offer." Preparing a home to sell can be time consuming; keeping your home in 'show ready' condition can be tiresome; hearing lowball offers is frustrating. Why endure this process unless you're serious about selling?
I'm interested in any and all comments regarding this subject. By the way, which objection do you feel is the most damaging to the seller's situation? Love to hear the input!
Antoinette" Scognamiglio (licensed as Maria), Sales Associate, Prudential New Jersey Properties. 64 Diamond Spring Road, Denville, NJ 07834. Office: 973-625-1870 x105. Cell: 201-240-8699. Email: ascognamiglio@njrealestate.com. Information is deemed reliable but not guaranteed.
Are you considering purchasing a home in Morris County? I specialize in the Morris County, New Jersey marketplace, with expertise in Lakefront property (especially Lake Hopatcong). Certified by Prudential New Jersey Properties as a relocation specialist, I take exceptional care in assisting my clients in finding their new home and community.
Please visit my website to learn more about my philosophy in conducting real estate business and to access the resources I offer to buyers and sellers. My credo is..."The title of REALTOR® should be held with great care or not held at all." Put your real estate transaction in careful hands.
Comments(3)