Seller Strageties For A Buyer's Market
I often wonder what sellers are thinking in our current market.
Likewise for many listing agents.
I previewed 20 homes a couple of weeks ago as I prepared to work with two buyers.
Of the 20 homes I previewed, 16 were overpriced, in poor condition, or just plain filthy.
The result was that I eliminated 80% of the homes I previewed without showing them to my buyers.
One in particular was so disgusting that I spent less than 30 seconds inside.
It offered motor oil stains in the carpets, trash in every room, a weedy yard, and cigarette stench that would make Mr. Clean gag.
I simply do not get it!
Why do sellers put their homes on the market in poor condition and overprice them?
And, why do listing agents even bother to list homes that are in deplorable condition and overpriced?
If you’re a seller in this market, you must price your home below recent comparable sales to ensure that your home will be the next one sold in your neighborhood.
If you don’t, you will continue to chase the market down and end up selling for even less.
Pricing your home based upon six-month old comps is a flawed strategy in a declining market.
Three-month old comps aren’t even a valid measure of market value these days.
Your home is worth what a buyer will pay for it ~ pure and simple!
And, if you are unwilling to face the realities of our current market, or don’t need to sell, you shouldn’t have your home on the market.
There were 324 Ada County home sales closed in January vs. 4,249 homes for sale.
If you’re a seller, that means you have a 1-in-13 (7.7%) chance of selling.
If you are a buyer, give me a call – I know where the deals are!
February 7th, 2008 Posted in Uncategorized
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