You are doing it wrong!
The media, and truthfully parts of our industry, are busy painting a picture of a market recovery. Are
things better than they were just two short years ago? Yes, at least in our Southern California location, they truly are!
Better but not perfect – not by a long shot. There are still soft spots. Loans are still a challenge. There are market segments that simply won’t budge and most of all there is no irrational buyer exuberance going on!
Sellers: If the sellers have priced the home beyond the comps they simply won’t get an offer. Yes, this is an age old issue in the business. No new ground here. However, what I am seeing now is a pattern of many sellers who are buying into the talk of a re-surging market and are convinced that now is the time to sell. As agents we love that part! A seller ready to sell – believing to their core that now is the time. The downfall comes when you realize that this belief is tied to their idea that now is the perfect time to get top dollar. Not just get it but hold out for it. Cling to that price with all their might.
Buyers: You are doing it wrong Mr and Mrs Seller. Five solid years of no new construction, some positive but uneven economic news and prices slowly but steadily regaining lost ground is creating a pool of buyers. These are buyers who are cautious and very much in tune with all the online tools to check prices and comps. 
Many of them are represented by competent agents who are also showing them the numbers. These numbers are not supporting your number Mr and Mrs Seller. Turning down an offer that is just 12K or 16K under the hoped for price is a much bigger mistake than you realize. In the current market you may not see another offer for months. More and more I am seeing that buyers, even with tight inventory, that will not even come look at your over priced home. The “let them make an offer” strategy won’t work because they won’t even see your home.
The time has come to get in line with what the market value of your home is or remove it from the market. Listen to your Agent - and if you have received an offer listen to the market. They are trying to tell you something.
Does irrational exuberance exist? Yes, it does and it has happened here in the past. How will you know when that is happening? Each home in the neighborhood sells for 5K or 10K more than the previous one regardless of size, price or condition. That is when irrational exuberance will sell your home.
Until then stop doing it wrong. 2014 is simply not that time.
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