Most of the following material and the graphic were borrowed with permission from OUTFRONT magazine and by Jay Papasan a leading real estate author. This model came from the book SHIFT by Gary Keller and Jay Papasan with additional help from Lisa Walgreen. Here is a link to a Youtube Video of Jay: On the Market vs. In the Market.
Homes are indeed selling in this buyers market, but many listings just sit there. Lets explore what mistakes sellers are making that prevent buyers from writing offers on the seller's home.
Just because your house is "On the market doesn't mean its In the Market".
Sellers need to keep in mind that buyers now have easy access to listings online. They can quickly narrow their search to a neighborhood and price range. Once they have identified a list of houses, they then quickly eliminate those homes that are overpriced and those in poor condition. A buyer may look at five or ten homes but will only write an offer on one. If you house earned a showing but didn't get an offer, chances are that you helped to sell the house down the street which was priced lower and was better staged. The graph above (from Jay Papasan, of Keller Williams) shows all the homes on the market. However only the homes that are priced competitively and well staged (shown in red) are "In the market" meaning they are likely to sell. Those in the grey are "Out of the Market" and will not sell. Many times I have watched sellers let their homes languish on the market until suddenly something shifts and they develop "seller urgency". When this happens the seller makes the necessary adjustments and the home sells quickly. The trick is to identify the urgency at the beginning of the listing process rather than waiting six months or a year while the market declines.
Dave Conners enjoys learning new ways to help his clients achieve their goals.
Comments(2)