It’s all about the price, no matter how the “state of the market” is described. In a sellers’ market, pricing is not as challenging. If a home is underpriced, there will be a bidding war, and whatever dollars could have been left on the table will be secured plus more!
A buyers’ market is quite another scenario. Since pricing is not an exact science, because of opinion, a listing agent should always establish the price range and then, with the seller, decide which end of that range to offer the listing.
If the home is outside of the fair market value range, the sooner the “improved price” is established on the open market, the sooner the home will be pending.
Homeowners must be “in-tuned” with the current state of their market. This may require an additional market analysis with every similar home that closes.
For a listing agent to allow a home to linger on the market is poor representation of that homeowner client. The function of a listing agent is to “update the client” and “make adjustments that reflect the most current updates in price.”
After two weeks of “proper exposure” there should be sufficient activity at the home. If buyer agents are not writing offers, the home needs an adjustment. It’s overpriced. Every factor one could think of for an excuse for a buyer to not buy reverts back to price.
Locational obsolescence, functional obsolescence, cosmetics and many other factors must all be reflected in the price.
In the business of listing property, it’s “ALL ABOUT THE PRICE.”
MLS is the most powerful marketing source in existence. Listing agents should be providing every document needed by a buyer’s agent to enable that agent to provide the “full picture” of the property and help his/her client make decisions to buy.
To provide anything less is poor seller representation. Period.
Just a thought for the moment….but there is more coming today!!! I’m cranked.