Sellers, Wake Up and Smell the Coffee!

By
Real Estate Agent with Lake Keowee Real Estate

No offense Sellers but you just have to get with the program. I was noticing today that the biggest category on our hot sheet for MLS is Expireds.  What that means is most sellers are way overpricing listings.

As a seller, you've got to get this because you are losing money by pricing your home too high.  The longer it sits on the market, the less money you will make.  It's like not expecting a serious discount on an "out of season" coat at Macy's.  Buyers are the ones that decide the value of your house, not you.  If you are not getting showings or if you are getting showings but no one seems to be interested, then 9 times out of 10, it is the price.  Even if your house needs updating or repair, or is in a not so good neighborhood, buyers still dictate the price.  If they aren't looking then you aren't moving.

Whether you know it or not, Realtors spend a lot of time and money to get a property listed.  Between advertising, signs, brochures, and open houses, we are making an investment that this house will sell.  Remember we don't make a dime until we sit at the closing table.  If we run our business like a business, then that would be a bad investment

This is not a "let's test the water" market. So please be very serious about selling your home.  If it isn't priced right, it is a waste of money and time. Some realtors will choose to walk away from an overpriced listing. I am one of them!

Realtors find themselves in constant dialogue with sellers about lowering a listing price. Just lower your price! I've had to explain it so many times, I'm really tired of it.  If the seller gets it, great,  but you still run the risk of getting a lower price because you didn't list it at that price. to start with  If the seller doesn't get it and insists on selling at that price, then I usually give them an option of lowering their price or taking it off the market.  It is not worth it to me!

So please Sellers, when you ask us to do a Market Analysis and we take the time to pull up the appropriate comps for your house and neighborhood, this is the honest to God truth of what your house is worth in this market.  Your house is not the exception to the rule, so get over it!!

Posted by

Trish Magas, Broker

Lake Keowee Real Estate

(864)481-1299

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Rhonda Hollifield 06/04/2011 10:14 AM
Topic:
Home Selling
Tags:
sellers
wake up and smell the coffee

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Ambassador
807,287
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

I am just working on offers on a home that  was testing the waters....and it is a short sale.  Finally, I think we will be able to mark it pending...but they probably could have gotten more if priced appropriately in the first place. 

March 16, 2011 05:08 PM #2
Rainmaker
204,933
Jerri McCombs
Advanced Virtual Assistant - Hendersonville, NC
Advanced Virtual Assistant

So true! What are buyers thinking when they won't listen to the expert they call?

March 16, 2011 05:10 PM #3
Rainmaker
699,352
Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

Great comment: "This is not a let's test the water market!"

March 16, 2011 05:11 PM #4
Rainmaker
564,383
Diane McDermott
RealtorĀ®, GRI, Landis e2 Real Estate, LLC - Charlotte, NC
Charlotte NC Real Estate Market

"If they aren't looking then you aren't moving" - EXACTLY!!! And it's not just about the sold activity - what is on the market today that's competing for the pool of buyers, in the general area and price point.  The solds aren't competition for a seller, the other actives are!

March 16, 2011 05:20 PM #5
Rainmaker
142,919
Rhonda Hollifield
Keller Williams Realty Mountain Partners - Hendersonville, NC
Broker REALTOR CRS, GRI, ABR

Thanks Trish for speaking candidly.  And don't you just love the sellers that think they know more than we do and try to coach us...a good sense of humor is a must!

March 28, 2011 03:23 PM #6
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Rainer
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Trish Magas

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