I have made some observations these past few weeks which includes taking a good look at the statistics for our market area and listened to several sellers, Realtors, Mortgage lenders and title companies.
My suggestion to all sellers is "Don't spook the buyers this Halloween"
1) Please stop insisting you don't need a home stager because your sister-in-law worked for a furniture company 15 years ago and can stage your home just fine. With all the homes on the market you need to have your home staged more that ever before to set it apart from all of the competition. Home stagers are trained to know what is new year after year and what trends are taking place.
2) When you come home from work tomorrow night park across the street from your home and tell yourself (honestly) what it is you see. Home stager Barb Schwarz wrote about this years ago and it impacted me. When I first read it I came home, parked across the street and immediately didn't like a few things I saw. Remember that the street view of your home either welcomes or turns away potential buyers even though you may think the front of your home is great.
3) Please stop thinking an open house every weekend and print advertising every week is going to bring you a buyer. Buyers are using signs and the internet to shop for homes. You could have an open house every weekend of the year and have it in the newspaper every week and it would not make a difference.
4) Stop thinking that the market is going to get better next month or by the end of the year and you can hold on to the same price you demanded at the listing table. I can't tell you how many eternal optimists told me late last year (2006) that 2007 was going to set records. It set records alright but not the kind of records that are good for homeowners. Optomism is great but numbers don't lie. The overwhelming number of experts agree on one thing; Home prices will continue to dip through at least the 3rd quarter of 2008 and some think the correction will last into 2009.
5) Firing your Realtor is not the answer. If you have had good sign and internet exposure with no results price is the only thing holding you back from attracting buyers. Either keep lowering the price of your home until you attract buyers or be prepared for the same results you have been getting. Going through 6 Realtors in one year is not a solution. Lowering the price of your home is the only solution to get positive activity. Don't spook away buyers with an unrealistic listing price. Talk to your Realtor and make sure you are priced where you are competitive with the market place.
6) Real estate runs in cycles just like the economy or the stock market but has still been the most stable investment over the years hands down. Prices rose in most states from around 1990 through 2005 and even early 2006. That is a long time for anything to appreciate consistently. Anyone buying real estate prior to 2005 saw some handsome returns. Please realize that appreciation took place over those years that you could not have been seen with too many investments. Realize that many of you will still be seeing profits, just not as big a profit as you would have liked.
Don't have the neighborhood "Haunted House" Make it attractive to more and more buyers by taking these tips to heart.
Number 4 hurts but I think your right, prices will probably dip for a few more quarters... the pendulum will swing too far once again... then we will rebound some.
Great information. I liked #2, having the seller park across the street and look at their home as a buyer - this should wake some sellers up!
Also, liked #5 - how true! Nothing is worse than seeing the same property listed for a whole year OR longer and then see how many Realtors(R) they went thru. If they would just price it correctly from the start, and then lower it if need be, we would be fine.
I like #3
Open houses are ok for the market I am in, but most of the time they are not going to buy that home. They will find something else to fit thier needs.
Hi George - some great points you've made here! I've used periodically having the sellers look at their house as a buyer would. But, I have to say I've not had them look at it from across the street. I just may start doing that with houses that have that special need.
You are SO right about not firing their REALTOR - if they'rve gone through that many, clearly there's a problem with the property or maybe even the owners - price, accessibility, condition.
Great post!
Ann
George - great suggestions for sellers in this market. We need to help as much as we can. I have found that taking pictures, or even having sellers take pictures can work wonders. Somehow when you see it preserved on the computer screen it looks different than when you look at it face-to-face, and generally NOT as good so the message is clear. And since most buyers see the home FIRST on-line, if it doesn't show the house well to you and the sellers, imagine how the potential buyers may view it. A little dose of reality...
Jeff
Good post George and really telling it like it is in on how to succeed in this market to day
This is one of those articles that should be turned into a .pdf and either included in a prelisting package or delivered two weeks after the listing so I can start hammering for a reduction.
George...Thank you for accurately assessing the seller's mentality.It is so difficut to break through that mindset. Sellers are emotionally attached to their homes and have difficulty receiving constructive criticism.
George -- Such great points! Sellers are looking for a reason there home is not selling, but so often do not want to hear the truth. . .
Kris - Thank you very, very much and have great day!
Chris Elizabeth - Feel free to print it and use it my friend
Martin - Very, very true my friend
Melanie - You are very welcome and have a great day
Kelly - Gracias! Gracias! Senora!
Donald - Glad you liked it!
Lori - Thanks and have a great day!
Another great job, George -- great article that hits all the points for that stubborn seller Here's my saying for this,
Always face reality as it is; not as it was; and not as you want it to be
George
This is a great article and very well written! I would like to share this information with my clients if you don't mind.
CANDI
Missy - Thank you my friend
Joddie - Thank you so much and I hope all is well
Melissa - Thank you and have a great evening
Michelle - Bless your heart my friend and "Thank You" for the kind comment