When inventory of available houses is near ZERO . . .
Many Home Sellers get a little cocky.
Some might even have the delusional thinking that this market is like shooting fish in a barrel.
These unfortunate, misguided (or NOT guided) folks actually believe that they’ve got the Buyers by the horns and that they can throw the house on the market under-conditioned and over-priced, and SHAZAM – The Buyers will come running and participate in the ensuing Piranha frenzy resulting in multiple offers regardless of any and all defects (Obvious or latent).
Well . . . That may work for some, but not most.
Some of these houses DON’T sell quickly and end up lingering on the market thereby chasing the market DOWN (reducing the price – “New and improved pricing”) and end up selling for much less than they would have had they priced their houses competitively.
When the Buyer “WINS”, there’re often MANY condition issues discovered during the home inspection which invariably lead to cash concessions or contract termination . . . which means going back on the market “MARKED” by that label “Back on Market” which often causes many buyers not to consider because: “If it’s stale, there’s gotta be SOMETHING tragically wrong with the house.”
Listen to your Realtor and be eager to do whatever you Realtor advises you to do WITHOUT cutting any corners (Short of rehabbing the whole house.)
If the list of things to do are overwhelming and/or are not feasible given your financial situation, price the house accordingly and move on.
So . . . In ANY market – Buyer or Seller – Home sellers MUST “Pay the piper” when it comes to condition and/or price.
You are most likely choosing to move for a personal reason . . . Likely a lifestyle change. Don’t delay the turning of this important life page by getting greedy WRT condition and pricing when selling your house.
Published by Barry Owen
Strategist-CEO of Pareto Realty Real estate sales Professional Inviter-Facilitator-Practicer of Open Space Technology Opening safe space for people & organizations to self-organize around issues & opportunities BarryOwen.US Invite-Listen-Love View more posts