Back to basics. With all the gloom and doom reported, our successful sale stories are being pushed aside by national reports of overstocked inventories and reluctant buyers. Blaming slow sales on "the market" is just an excuse. There is only one reason that homes remain unsold: they are overpriced.
For many sellers, this lesson is only learned after it's too late, resulting in frustration and finger pointing. Let's try to set the record straight. Many markets experienced extremely high levels of activity over the last few years - especially ours. Inventories adjust as the number of eager and willing buyers drops off. Buyers are simply becoming choosier.
Sellers must look around them and take note of homes currently for sale, homes that have recently sold, and homes that have languished on the market or expired. In other words, we have to convince them to learn from the experiences of those who have gone before them!
A primary rule of Real Estate 101 is that a a home's value is determined by the BUYER, not the Seller. That means today's Buyer, not yesterday's and not tomorrow's.
I think buyers are in fact plentiful, but they're just as tuned into the media's scare tactics as Sellers are. It is our job to make sure Sellers understand that proper pricing from the onset of the listing is critical.
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