"CAN WE TALK?" has always seemed to me to be the beginning of a very important conversation.
Sometimes the discussion has been frank and maybe even a bit uncomfortable. In other circumstances it has lead the way to a new game plan and commitment to a new way of thinking. "Honesty will set you free", I think the old saying goes but as some more cynical folks would add "it may be miserable getting there."
I had a discussion the other day with a client about the need to reposition their house. We have had few showings, no offers and really no serious interest. The clock is ticking, the Spring selling season in my market has been really soft and the Summer season so far has been more of the same.
As we all know the demand for a home really boils down to three major components:
- Location
- Condition
- Price
Our marketing no matter how constant or innovative, will not total mask tragic flaws in the big three components.
This home is in a great neighborhood on a nice street so I think we are OK on location.
The owners did a great job of getting the "powder and lipstick" list knocked out to get the home ready for the market. In fact I think they have been some of the best folks I have worked in that respect. Other than a major kitchen remodel or something like that the home is about as good as it's going to get.
So we come to the heart of the matter, PRICE. We came out with a price that was fair but not aggressive. We did not get much interest. We have taken one minor price reduction but still no serious interest.
We are in a buyers market with tons of homes for sale and most of the business being done is under 200K. The average price for a home continues to slip downward. With all this under consideration it was time for the talk that puts ""all the cards on the table".
My conversation went something like this," Mr. and Mrs. Homeowner, you've done a great job getting the house ready for the market and I think I've done everything I know to do to generate potential interest from a buyer. However we both have not gotten the results we both desire, a confirmed buyer and closing date. I hope you will agree that you have three choices:
- Leave the house priced where it is for the remainder of the listing and "wait on your price".
- Reposition the house for the least amount that you are willing to accept from a buyer.
- Take the house off the market until things get better, whenever that might it
This was not an easy conversation for me, it was tough in a way but also very honest. As always the sellers make decisions that will help their home sell or keep it from selling.
As good real estate agents we have to be willing to accept the decisions they make and be ok with that.
I'm glad we had a "can we talk conversation" because as usual it provided clarity and direction for a new game plan for me.
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