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Shhhh! The Market is Telling You Something...

By Jenna Dixon

Real Estate Broker/Owner with Momentum Real Estate Group LLC GA BrokersLicense# 277342

July 24, 2015 07:35 AM

Why isn't my home selling? Why isn't my Cobb County home selling?

Your home has been on the market for 3 months with little to no interest.

Showings have been few and far between.

Feedback was glowing about the condition of the home and how well it showed.

There were no offers.

The open house was a bust.

Your agent is sending you information about homes that are selling around you for less than yours.

The real estate market is an ever changing force that is MICRO-LOCAL...HYPER-LOCAL...ULTRA-LOCAL (yes, I made up all of those terms but I'm trying to make a point!)

By MICRO-, HYPER-, ULTRA- Local, I mean that within 1 mile of your front door is what constitutes the real estate market for your home and includes only those homes that have SOLD in the last 6 months.

That's a very small area and a very small window of time. Notice that I didn't say that the market for your home included your friend's house in the next county, your cousins house in the next state or even your Grandma's house in the subdivision just 3 short interstate exits south.

A good, proactive real estate agent will keep you aware of the shifts in the MICRO-Local market surrounding your home so that you can make informed decisions that will help you sell your home for the most money in the shortest time possible.

YOU MUST BE WILLING TO LISTEN TO WHAT THE MARKET IS TELLING YOU.

No one likes price reductions, not sellers and not agents.

You may ask yourself, "What changed?"

You clearly remember sitting down with your listing about 90 days ago and going over the comparable properties. You examined active listings, pending listings and sold listings and based on that information you arrived at a list price for your home.

Many things can transpire over a 90 day period in the real estate market. Those listings that were Sell My Cobb County Home pending have now closed revealing significantly lower SOLD price to list price ratios. Over 90 days, these new sales have replaced the older ones. Comps that were 6 months old, 3 months ago are no longer valid.

Many factors can impact the need to make price adjustments to sell your home, a good listing agent will make you aware of those factors on an on-going basis.

I provide weekly updates to my sellers. I want my sellers to know what is happening around them so that they can react in an informed and timely fashion.

There's nothing worse than wishing you had known something 6 months ago!

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Jenna Dixon

Momentum Real Estate Group LLC - Marietta, GA

55 & Over | New Constructions | Horse Farms

Kat Palmiotti the local market rules, it's not enough to say for instance, that Atlanta's real estate market is hot and hope that it still applies in a specific neighborhood, in a specific price point.

Lenn Harley no, they never change. Good market or bad market, buyers or sellers ruling...the thought process remains.

Jul 25, 2015 01:12 AM

Chris and Dick Dovorany that seems to be the challenge, right? My house, my price...Ok, the market is telling you to keep your house and your price.

Richie Alan Naggar author of books on Life-Love-Intimacy-Purpose obviously, you know what your doing and what the market says!

Jul 25, 2015 01:15 AM

Richie Alan Naggar

Riverside, CA

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Fifteen Years Experience in Brevard County

Somewhere I heard the term scan the environment. I have taken so many classes through the years where this concept has shown up. It is a basic tenet of business. Real estate is a business where professionals need to know what is going on and the influences on your product.

Jul 25, 2015 02:41 AM

Jenna Dixon

Marietta, GA

Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC the real estate market place will speak to those who listen and reward those who follow its advice.

Jul 25, 2015 02:44 AM

Elizabeth Weintraub Sacramento Realtor Top 1%

RE/MAX Gold - Sacramento, CA

Put 40 years of experience to work for you

Sometimes you can point out the obvious to sellers and explain in very clear terms what's wrong, and it's like they didn't listen to a thing you said. They tune you out. They nod and smile and then think to themselves, why can't this stupid real estate agent sell my damn house? They never once look at their own ridiculous ideas.

Jul 25, 2015 03:42 AM

Tammie White, Broker

Franklin, TN
Tom White

Franklin, TN
Mary Stewart

Wilsonville, OR
Jenna Dixon

Marietta, GA

Kim Stuart that's true!

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents you're right. They cling to that damn listing price like a life raft!

Jul 25, 2015 04:21 AM

Thomas F. Scanlon

Borgida & Company P. C., CPA's - Manchester, CT

CPA, CFP

Jenna Dixon - Well done. Micro, hyper and ultra local. Well said. Unfortunately some sellers don't want to be confused with the facts.

Cheers,

Tom

Jul 25, 2015 07:06 AM

Tammie White, Broker

Franklin Homes Realty LLC - Franklin, TN

Franklin TN Homes for Sale

Jenna, I'm running into a problem right now with a seller. He doesn't care what the market says. He's not going to drop his price.

Jul 25, 2015 07:53 AM

Thomas F. Scanlon those darn facts can be quite inconvenient.

Tammie White I think in that case, they need to stop asking the question, "Why isn't my house selling?" We can market it to death but agents and buyers know that they're reaching.

Jul 25, 2015 01:21 PM

Tammie White, Broker

Franklin, TN

Gay E. Rosen

Julia B. Fee Sotheby's International Realty - Larchmont, NY

As Real as Real Estate Gets!

Hi Jenna- so true... it is not a price reduction but rather a market adjustment.. and people must realize that..

Jul 26, 2015 12:51 AM

Gay E. Rosen thank you for taking the time to follow my blog. You are spot on, the market is moving, you either keep up or get left behind.

Jul 26, 2015 02:12 AM

Tom White

Franklin Homes Realty LLC (615) 495-0752 or www.FranklinHomesRealty.com - Franklin, TN

Franklin Homes Realty LLC, Franklin TN

Excellent post Jenna! Tammie White and I work together and the client she mentioned is driving us batty! I love the comment from Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents ! If they won't listen, there's not a whole lot we can do.

Jul 27, 2015 05:33 AM

Tammie White, Broker

Franklin, TN
Jenna Dixon

Marietta, GA

Tom White thank you! I have similar one and the situation is quickly devolving into something that I am not enjoying. But, the job goes on and in the meantime, I stay busy listing and closing on the homes of the people who do listen.

Jul 27, 2015 05:52 AM

Scott Kimball

Great post Jenna

Scott Kimball- Atlanta Home Inspector

Jul 27, 2015 08:27 AM

Thank you, Scott Kimball

Jul 27, 2015 08:29 AM

Pat Starnes-Front Gate Realty

Front Gate Real Estate - Brandon, MS

601-991-2900 Office; 601-278-4513 Cell

Jenna, this is spot on! Thank you for an excellent post on micro-local market. You nailed it.

Jul 27, 2015 10:14 AM

Les & Sarah Oswald

Realty One Group - Eastvale, CA

Broker, Realtor and Investor

Congratulations on your feature blog. I love the term MICRO-, HYPER-, ULTRA- Local. In my area the range is half a mile and sometime I go as local as homes built by the same builder within a few blocks. I present the market data and the seller sets the price, however, I won't take the listing unless they sign market reductions on the 2 week, 1 month, 2 month and 3 month.

Jul 27, 2015 01:59 PM

Pat Starnes thank you. I think sellers have trouble comprehending just how MICRO local the market can be when it comes to pricing.

Sarah & Les Oswald your area sounds much like mine, the density is very high and rarely, in a good market, do we have to look much further than .5-1 mile from the subject. If we have to look outside the neighborhood, it's only to subdivision across the street or next door. I like your approach of getting the reductions set in writing at the time of the listing.

Jul 27, 2015 09:48 PM

When I recently told a client that the average days on the market is longer in his neighborhood for homes over a certain size, he said "I don't care what the average days show, I want my house sold in less than the average and I expect you to do that." Unfortunately, I can't do that if buyers don't like his price.

Jul 28, 2015 12:37 AM

Tammie White unfortunately the best we can do is analyze the market and make recommendations for our clients. We also cannot control their responses. Ultimately all decisions are made by the seller, sometimes they disappoint themselves.

Jul 28, 2015 04:41 AM

Shhhh! The Market is Telling You Something...

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