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Sellers--Are You IN The Market, or Are You ON The Market?

By
Real Estate Broker/Owner with Keller Williams Realty

How to tell if your property is priced to SHOW or ON the market :

You have been on the market over 30 days with no offers.

You did not listen to your agent and talked them in to pricing it above the recommended listing price so you can have ‘room to negotiate'.

You will not reduce that price within those 30 days to get it sold.

You think it's not ‘fair' that appraisers are using foreclosure and short sale comps in your neighborhood-it is what it is, get over it.

You don't really have to sell, that if you don't get your price you won't move-that worked in 2005, it won't in 2010.

You and your agent are basing your price on the actives and not the solds in the area.

You are appointment only, two hour notice before showing only, not available to show weekend afternoons because children are sleeping, call homeowner to put out lockbox, call homeowner to remove pets, etc.

You do not prepare your home for showings like turning on ALL the lights, including the ones in the closets and bathrooms, opening blinds and curtains, keeping heat or air on depending on the weather, and making sure your kitchen is bright and spotless-including the cook tops, appliance fronts, countertops, INSIDE the oven and cabinets-trust me buyers look.

You are home during showings, your cat is on the kitchen counter and you just smoked a cigarette on the deck (we can tell, it follows you inside...)

Your agent has not told you that you are competing with people who absolutely HAVE to sell their homes and will do whatever it takes to make that happen.

How to tell if your property is priced to SELL or IN the market :

Your listing price is within the last sold comparable to your home-apples to apples-for instance, if your home is a 4BR, 2.5 bath with a basement and flat yard and the last one that sold like that 2 months ago sold for $190,000 then your need to be priced around $190,000 as well. Market data in Atlanta is showing that homes priced right are selling in 27 days or less at 97% of their list price. Adversely if your home is priced above market, data is showing that it is taking more than 200 days for that home to sell and finally at 78% of original list price.

Your home looks and smells like new or very close to new construction. You have listened to your agent and/or their stager and have done everything they have asked. You have trusted their advice and suggestions. You make your home extremely easy for the busy stressed agent who has shown their buyer over 60 homes in a weekend to get in to. You are serious about moving, it is not an option.

This market is a great one, for those that have the agent who will tell them the truth and for sellers that have guts and knowledge of their local market conditions, and treat that information wisely. Your home is a product and becomes inventory to the store that the listing agent has. If this agent treats that inventory like a product that they have to get off the shelf and if that agent knows their expenses, then your home will more than likely be priced right and will sell! Ask your agent what their carrying costs are for their inventory, if they don't know that number, they may be wasting your time and their own.

Posted by

Mary Anne Payne, ePro, Associate Broker

Keller Williams Peachtree Road

404-580-9969

 

Geoff ONeill
John L. Scott Medford - Medford, OR

Love it.  I may have to consider this one for a re-blog.

Feb 16, 2010 06:46 AM
Mary Anne Payne
Keller Williams Realty - Cumming, GA
ePro, Associate Broker

Thanks Geoff-have at it!

Feb 16, 2010 06:53 AM
Bob Willis
Berkshire Hathaway HomeServices California Properties - Orange, CA
Orange County & L.A. County Senior Home Advisor

A little change of one letter can make quite a difference!  Are you IN the market or ON the market?  Is your property in the market to sell, or is it just sitting on the market?

Feb 16, 2010 07:01 AM
Jill Schmidt
Aurora, CO

Mary Anne,  I love the point about the price being based on actives, not solds!  You make a great distinction about being "in" the market or "on" the market!  Good post.

Feb 17, 2010 01:27 AM
Mary Anne Payne
Keller Williams Realty - Cumming, GA
ePro, Associate Broker

It's all about not being attached to the outcome when you talk to seller-as my Broker said--we need to be weathermen-state the obvious--'It's raining, It's cloudy, etc.--Just found out that a big company in NOrth FLorida is asking its agents to bring in a CMA with every new listing for broker approval.....

Feb 18, 2010 06:43 AM