Love this blog post! So true in so many ways! Sellers need to get with the times and realize their home is only worth as much as what the market will bear, and if they pick up and newspaper or watch CNN, they can easily see our market is not on FIRE like it used to be, so they need to wake up, and learn how to price correctly!
Over the past eight years I have heard the following statement hundreds of times, "We are looking for the ONE BUYER who is willing to pay ________." I heard it when lake property was at the top and sellers wanted a hundred thousand or more on top of market price for their homes. I hear sellers saying it now when they are trying to get what they paid for their house and all of the numbers say it is worth thousands less than what they paid for it. I hear sellers and agents both say, "We are waiting for the buyer from NY to sell their house up there and buy this house because they will not care what it costs".
I am here to tell you, they aren't coming! That "One Buyer" is currently sitting in Bankruptcy or Foreclosure now! That "One Buyer" already made that mistake! That "One Buyer" cannot get a No Document, Stated Income Loan anymore! That "One Buyer" cannot get a loan and waive Appraisal anymore! The days of buyers buying over appraised value have come to a halt, at least for now. The level of accountability has risen to extreme levels for Appraisers and Lenders, at least for now.
If you want to sell your house, you have to price it "At Market Price" or "Below Market Price". Pricing your home over market price will get you two things:
1) The continual enjoyment of your home as no one is going to buy it.
2) A lower net price once you do sell it. Houses that sit on the market for extended periods of time WILL NOT SELL for what they could have if they had been marketed at market price or just below market price.
This market is a different market than most sellers and their agents have ever experienced. There is so much inventory on the market now that the houses that do sell, sell for market price or below and are in INCREDIBLE condition. Average homes and less are simply not selling. Buyers can be extremely picky, they want and expect exceptionally neat, clean and tidy homes with fresh paint, manicured lawns and trimmed bushes and shrubs.
If you want your home to sell quickly and for a good price, price your home to sell, and then make sure it is in the same condition you would want it in if you were thinking of buying......oh....and make sure that your agent knows how to market on the internet!
Damon Gettier, Broker/Owner RE/MAX 1st REALTY --ABR, ABRM, CDPE, ePRO, GRI, SRES, AHWD, VA Licensed Real Estate Instructor
Buyer and Seller Representation
Roanoke Short Sale Listing Agent
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