I Live in Realityville :: Do You?

By
Real Estate Agent with www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 228209

I Live in Realityville :: Do You?

Welcome to RealityvilleI love listings!  Listings are so enjoyable to me--I enjoy the market analysis, the staging and prep, the constant marketing challenge, 'romancing' the Realtors®, creating ads, showing homes and seeing the look on sellers' faces when an Offer is received and ultimately Closing occurs so that they can move on to the next chapter in their lives.  Everything about listing a home is fun for me with the exception of pricing a home.  Pricing is serious business and can make or break everything else that you've put into selling your home.  



Price it RIGHT!

Yes, I've been guilty of allowing sellers to overprice.  This market has taught me more about overpricing than I ever wanted to learn!   I say, "No more!"  And yes, pricing IS ultimately the seller's decision--I am in charge of the process, they are in charge of pricing.  I may advise, cajole, beg, plead but, THEY price their property!




Danger - OverpricedWhat is seller's reality?  If your home is listed in MLS with an agent who is marketing your property thoroughly, is updated and staged well (including being decluttered), and has been on the market over 60 days with few buyers coming through and absolutely NO Offers, then the market has spoken, reality has reared its ugly head.  What did the market say to you?  You're OVERpriced!  



The Key to RealityvilleTimes have changed since your neighbor or friend sold their home for a hefty profit.  Times have changed since your neighbor or friend sold their home in a couple of DAYS with multiple Offers.  Times have changed since your neighbor sold his home with few upgrades in his home--buyers just wanted to find a home quickly in that particular school zone--OR before another one got away!  Now, the supply is incredibly high, the demand low and buyers can afford (no pun intended) to take their time to locate the BEST deal. 



Seller AwarenessHowever, times have also changed in YOUR favor--nearly 90% of buyers are shopping for a home online and if your home is marketed well there, then your home IS being seen by prospective buyers.  Your home is shown inside and out, upstairs and down--all over the internet.  Buyers are savvy these days and can easily cost-compare homes online and if yours appears to be overpriced, they move/click on.  Why wouldn't they?  Would YOU overpay for a home when you can get a better price on a similar new home?


Fussing at your agent?  Fussing at your agent for lack of showings or not doing his/her job (remember, we are the experts--this IS our business), isn't going to get the job done.  Yelling that the neighbor's agent had one more open house than you have had, isn't going to get the job done. Screaming for a newspaper ad which doesn't sell homes any longer, isn't going to change the reality.  Complaining that the last showing agent hasn't provided feedback within the hour--or even within the week isn't going to get the job done; if their buyer liked the home, you WILL get an Offer!




Realityville awaits youHerein lies the reality - your price needs to be adjusted.  Period.  Plain and simply, the sooner you make the adjustment, the sooner your burden of carrying the costs of the home and keeping your home in showing condition will come to an end and the sooner the next chapter in your life will begin.  

Sorry sellers, this is simply Realityville...welcome to MY world!

 

 

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Re-Blogged 19 times:

Re-Blogged By Re-Blogged At
  1. Margaret Goss 10/25/2010 10:05 AM
  2. Dee Bundy 10/25/2010 12:55 PM
  3. Michael Lissack 10/25/2010 01:10 PM
  4. Pat & Wayne Harriman 10/25/2010 01:13 PM
  5. Joan Cox 10/25/2010 01:18 PM
  6. Martha Brown 10/25/2010 02:31 PM
  7. Sara Guest 10/25/2010 02:43 PM
  8. Luna Petty 10/25/2010 02:55 PM
  9. Tammie White, Broker 10/25/2010 05:26 PM
  10. Praful Thakkar 10/25/2010 06:13 PM
  11. Michelle Carr Crowe,Altas Just Call...408-252-8900! 10/25/2010 06:36 PM
  12. Cheryl Ritchie 10/25/2010 10:42 PM
  13. Barbara Martino-Sliva, Top Producer 10/25/2010 10:59 PM
  14. Gail C. Harris 10/25/2010 11:20 PM
  15. Gabe Sanders 10/26/2010 12:09 AM
  16. Shirley Soforic 10/26/2010 01:01 AM
  17. Nancy Murray 10/26/2010 11:37 AM
  18. The Scott Loper Team Bux-Mont Premier Properties 10/27/2010 01:07 AM
  19. Michele Miller ~ REALTOR®, LMC, HSE, CHS, SRES, CMRS 10/27/2010 01:11 AM
  20. Anna Tolstoy 11/01/2010 07:59 AM
Topic:
Home Selling
Location:
North Carolina Mecklenburg County Charlotte
Groups:
Posts to Localism
Local Expert
Charlotte North Carolina Area
Diary of a Realtor
WeBlog Anything (almost)!
Tags:
seller advice
sellers tips
prepare your home for selling

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Rainer
308,075
Nancy Murray
Keller Williams Clients Choice Realty, Colorado Springs, CO - Colorado Springs, CO
Your NICE Real Estate Agent in Colorado Springs

Debe, Great post and how true it is.  Thanks for the opportunity to re-blog.

Nancy

Oct 26, 2010 03:02 AM #60
Rainer
17,631
Yuriy V.
Carolinas Metro Realty & Property Management - Charlotte, NC
Charlotte NC Real Estate, Property Management, Short Sales, Rental

Great post Debe.

Oct 26, 2010 03:11 AM #61
Ambassador
3,280,434
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Good morning everyone!  Thanks so much for your supportive comments!  I do agree that we have a 'Realityville' in every city in the country right now and as we formerly believed, 'location, location, location' our mantra, now it's 'price, price, price!'  If you want to sell your home, it HAS to be priced right and to MOST sellers, it's a cold, hard fact that none of us want to face but, we simply MUST!  

It's such a hard pill to swallow for a seller to think that we're not going to make money on the sale side of our home--but, thinking ahead 5-10 years (the typical longevity of homeownership), we ARE making it up on our purchase--if advised correctly!  I'm seeing so many people enjoy being able to purchase the home that they always wanted because of this market--they just need to remember that's what's happening to them (on their sale) if they're priced right:  THEIR buyer is going to be getting the home that THEY always wanted--if priced correctly!

Happy Selling...It can be tough in Realityville!

Oct 26, 2010 03:33 AM #62
Rainmaker
206,347
K.C. McLaughlin
RE/MAX United - Cary, NC
Realtor, e-PRO, Homes for Sale - Cary, Raleigh NC

Realityville - love it! Most sellers do not start out that way, but when I explain to them that they to be as motivated as I am to make this work and show them the hard facts, they usually jump on board.

Great article - thanks!

Oct 26, 2010 03:51 AM #63
Rainer
478,183
Not a real person
San Diego, CA

Just remember that all real estate is local. We seem to be in year two of a recover here, with sales steadily increasing since February 2008 and prices steadily increasing since February 2009. The September 2010 real estate report shows about 90% of the zip codes being up over September 2009, and the only ones that are down are out in the boondocks. Even the rich areas are now increasing; they usually lag the general market by 12-24 months. Many areas are up 20-50%, which is bad, because the economy and the market cannot support annual increases like that.

Oct 26, 2010 04:48 AM #64
Rainmaker
528,731
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

What an incredible post Debe!  Congratulations on the well deserved feature.  I too wish that sellers had more of an insight into our world of "Realityville"!

Oct 26, 2010 07:39 AM #65
Rainmaker
870,434
Debbie Walsh
Shahar Management - Middletown, NY
Hudson Valley NY Real Estate 845.283-3036

Debe girl what a good post.  I left you a message the other day, don't know if you got it or not.  Definitely worthy of a star - maybe multiple stars!!  LOL

Oct 26, 2010 07:59 AM #66
Rainmaker
296,581
Cherimie Crane
Cherimie Crane & Associates - Beaufort, SC

I am going to print this!!! I think myself as well as many agents in my office can use this for our clients. Thank you!

Oct 26, 2010 08:21 AM #67
Rainmaker
146,026
Kate Wheeler
Country Homes and Land Murphy NC Realtor - Murphy, NC
CCIM - Murphy NC Real Estate for Sale

Debe - You get an AMEN from the choir on this one!  I just met with a seller yesterday who told ME his house was priced way too high with the last 2 Realtors who listed it.  He said he suggested lowering the price with the last one and she argued with him. 

Oct 26, 2010 08:27 AM #68
Rainmaker
389,009
HomeSalesForce.com Team Brokered by eXp Realty
eXp Realty - Roswell, GA
Canton, Alpharetta, Roswell, Woodstock, Atlanta

If only buyers were in Realityville. They wouldn't keep thinking price will go down forever and get on the stick and get a house while they are so affordable.

Oct 26, 2010 08:38 AM #69
Rainmaker
449,858
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Hi Debe~  I live in Realityville, but some of my buyers and sellers don't!  Love your post!  You're rockin' girl, as usual!

Oct 26, 2010 11:49 AM #70
Ambassador
920,196
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Good one.

 

Oct 26, 2010 11:55 AM #71
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Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Debe - So many great points in this.  Sellers need to understand how important price is.  If we're doing our job and nothing is happening, it's either price or condition, and even condition can be fixed by price.

Oct 26, 2010 03:15 PM #72
Rainmaker
550,645
The Scott Loper Team Bux-Mont Premier Properties
Keller Williams Real Estate - Montgomeryville - Lansdale, PA

Hi Debe,

Terrific post.  I am so tired of sellers arguing that if they price it correctly, offers will come in $10K - $20K below asking.  Yes, a risk but that is where negotiation comes in and way better than sitting with no showings at all.

~Lisa

Oct 27, 2010 01:00 AM #73
Ambassador
1,154,605
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Ahhh, Realityville. Such a wonderful place and, yet, so hard to find. But when you do, it's like Nirvana!

Oct 27, 2010 02:19 AM #74
Rainer
81,507
Louis Snitkin
Halstead Property - Manhattan, NY
"Results That Will Move You"

You got me with the title!  However, it's difficult to price and sell a property in "Realityville" when your seller lives in "Delusion Township."  Managing expectations on both sides of the transaction seems to have become a bigger part of our responsibilities.  Congratulations on the feature.

Oct 27, 2010 08:28 AM #75
Ambassador
1,508,812
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Nothing like watching people chase a declining market downwards to get them back to "Realityville".  Great post Miss Debe!

Oct 28, 2010 01:35 PM #76
Rainer
332,763
David O'Doherty
Raleigh Realty Inc - Clayton, NC
Clayton NC Homes, Raleigh, NC

Debe, this is a great post about pricing your home to Sell in Charlotte. Of course it applies everywhere, I was doing a CMA for a prospective client ( Nah he's not going to be a client!!) and I was amazed at how prices had plummeted in this one neighborhood. I told him the longer he waits the older his house gets and putting renters in it will cost him more in the long run.

Oct 29, 2010 12:13 AM #77
Rainmaker
406,660
Marian Goetzinger
Pine Knoll Shores Realty 252-422-9000 - Pine Knoll Shores, NC
Crystal Coast Real Estate NC

Debe, this is wonderful.  Don't we all deal with this "reality."?   Thanks for a wonderful way of saying it.  Thanks for allowing reblogging.  I have finally started walking away from overpriced listings.  The owner is in charge of the price but we don't have to take it. 

Nov 01, 2010 04:21 AM #78
Rainer
152,258
Anna Tolstoy
Coldwell Banker Residential Brokerage - Natick, MA

Debe, you presented this so elegant and to the point - I'm reblogging and printing it out. Thank you!

Nov 01, 2010 07:55 AM #79
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