The news and media today are painting a not so rosy picture of market health for many home sellers. Sales in many regions are off, and in some markets the next set of statistics will just confirm what we already know. Sales are off and sluggish, days on market have increased, the list price to sales price ratio is widening, but then again some homes are still selling. Why is that? We all know one thing...sellers are only concerned with one thing! Their home! Why isn't it selling? At theis point, it is a must ask ourselves why will some homes sell while other homes sit on the market for what seems like an eternity! What is the difference between the home that has just closed and the home that is sitting on the market? We must be able to convey our knowledge to them clearly and concisely! It is easier for all if we are reading on the same page.
I recently went back online and searched some news articles from earlier times. I was surprised at how much I was able to find. I was even able to access some newspaper archives and was quite surprised at what I found. Yes even in the 1920's and 1930's there are newspaper articles that some homes that are painted and appear well maintained are actually selling a lot faster than those that were just abandoned. Imagine that! What worked in the 1930's can still work today! It is no consolation for home-sellers if as professionals we cannot guide them through this maze we are in. Optimism is great, but your results are what matters! I can be as positive and as upbeat as I want, but I need to be realistic with my clients in the current market. I must know my own market! The sellers are viewing us as having all the answers, and yet no one may be showing their home. Agents call your owners to make an appointment, but cancel the showing or just never show. The sellers get tired of cleaning, polishing, and making their home a "showplace" for an event that never takes place. Frustration may give way to irate calls, and irrational demands. Home sellers wonder if their home will ever sell. As heir agents, we are here in the middle. It is an uncomfortable position, but part of an everyday sale in real estate.
It is important to be the real estate professional in every way possible. It is our duty to advise home sellers:
- Absorption rates.
- Current Active Listings, pending sales, and recent solds.
- Compare current statistics to previous years. Units sold matter, not median price!
- Current market conditions
- Current Sales Statistics
- Current Seller Concessions
- Current Incentives
- Show them the competition's listings
- Advise them that price is critical to sale, and so is condition and upgrades
- Develop a strategic pricing strategy
- And yes they will have to pay for your services! It costs to market in these times!.
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