NOW Isn't a Good Time To Sell Your Home!

By
Real Estate Agent with RE/MAX Elite 513.265.3004 www.LizTour.com SAL.2002007747

NOW Isn't a Good Time To Sell Your Home!Time

It's something we sometimes find ourselves telling our Warren County prospective sellers.  NOT something you'd expect from someone who makes their living off commissions, is it?  But here's the thing, we REALLY make our living off of creating satisfied clients AND getting them to the point of having a SOLD sign in their yard.

And how do we create satisfied clients?

  • By NOT creating false hope.  No smoke and mirrors about what their home should sell for.
  • By NOT setting them up for disappointment or an unexpected need to write a check to close the sale.
  • By NOT underpricing their home just to get a quick sale (unless a quick sale is there biggest need).
  • By ALWAYS being honest with them regarding the market, their home, and what we can and can't do for them.
  • By LISTENING to them and their needs from the start.

An agent COULD place any home on the market at ANY price, but that's not the way we do business.  If we tell you a price too high, you're going to be disappointed when almost no one shows up to see your home, and even more disappointed by the lack of an offer.  It's FAR better for all of us to wait until the time is better suited to your needs.

If your need is to leave your home without having to write a check, you may very well hear from us, "NOW isn't a good time to sell your home!". It's a common situation for people who bought their homes since 2009 in our area. We'd love to list your home, but it may be next year, or the year after before your needs are met.  In the interim, we can tell you the best things that will help your home sell.  We can set up an MLS neighborhood search so you can watch and know when the time is right to list your home.  We can help you be ready for when it IS time to put that sign in the yard!

So if you just want someone to say, "SURE we can list for that price and put a sign in the yard TODAY!", well, we just may not be the Warren County REALTOR® team for you.  We'll give it to you straight.  If we can't give you what you want, we'll tell you.  And if we can?  Well let's get started! So ready to sit down and have a chat with us?

Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz

Posted by

REALTORS(S) Serving Warren County Ohio & Adjacent Areas

The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Liz direct:  513-265-3004
Bill direct: 513-520-5305     
Fax: 866-302-8418

MailTo:  LizSpear@Go-Concepts.com

Our Website:  www.LizTour.com

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Brenda Mullen 05/15/2011 09:52 AM
  2. Jeff Dowler CRS 05/15/2011 10:39 AM
  3. Rosemary Brooks 05/15/2011 10:59 AM
  4. Cory Barbee 05/16/2011 11:41 AM
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Rainer
48,091
Gordon W. Miller
Green Mountain Real Estate - Burlington, VT

Great post. I've had several clients decide that now, for them, is not the best time to sell and they are appreicative of the recommendation as other agents had pushed them hard to get them to list their home.

As for the remarks that "what if the market goes lower". As agents we have to react to current market conditions and should not be fortune tellers. My "crystal ball" is just a "foggy" as the next person's. The "List now before the market goes down" argument seems to be just a sleasy listing tactic that responsible agents would not engage in.

May 16, 2011 01:14 PM #71
Rainmaker
183,678
Kate McQueen, SRS
KELLER WILLIAMS REALTY CLEAR LAKE NASA - League City, TX
Houston Bay Area Real Estate, League City-Bay Area

If only everyone approached their business with this much honesty and realism!

May 16, 2011 01:36 PM #72
Rainmaker
161,200
Ryan Case
SCA Real Estate - Anaheim, CA
877-828-0710

I would just get the seller to list at a reasonable price before I refused the listing

May 16, 2011 01:45 PM #73
Rainmaker
839,531
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Bravo!  I've done that a few times in the last two years, and it felt good.  I knew the seller was going to take a hit.  So, for the sake of honesty, I encouraged them not to sell.  Good post!!

May 16, 2011 01:58 PM #74
Rainmaker
853,012
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

@Ken #30- we really don't know what the future holds. In 5 years, prices may not be much better, but loans can be amortized significantly. 

May 16, 2011 02:42 PM #75
Rainmaker
191,418
Gregory Bain
Mezzina Real Estate & Insurance - Little Egg Harbor, NJ
For Homes on the Jersey Shore

My crystal ball says, "Now is a better time than next year." Inventory is going to go up and prices are going to come tumbling down. Better to get rid of it today before it pulls you down with it.

May 16, 2011 02:52 PM #76
Rainer
136,783
Adam Mallory
eBroker Real Estate 619-566-ADAM - San Diego, CA
Broker, ABR, e-Pro

Bliz, excellent points!  Sure doesn't do the agent (or the seller) any good to have a listing sitting there going stale.

May 16, 2011 03:26 PM #77
Ambassador
1,549,855
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Sandi, Love to keep it straight to the point! :)

Pamela, Can totally relate on the being behind on the reading.  With the spring busy season, something has to give!

Gordon, For some markets, list now may be valid, if you can truthfully anticipate the market is still dropping.  On the other hand, if just said to force a listing, there can be regret with that decision later.

Kate, In a perfect world, our approach aligns with the seller and we get a client today....or maybe much later :)

 

May 16, 2011 03:35 PM #78
Ambassador
1,549,855
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Tom, We're not so much refusing the listing as recommending the seller wait until they have the ability to go to closing and write the check, or be willing and able to go to short sale.  It's not so much a pricing issue as a lack of funds issue.  No money, no point in listing.

Mike, We'd rather have a client in a year or more, than have someone listed today that we can't honestly help.

Phil, So many variables, so much variation market to market.  But as that loan gets paid down, hopefully the sellers flexibility increases.

Greg, That may fit your market, but not seeing the same here.  We appear to have stabilized.

Adam, Under "normal" circumstances here, we can expect our rural listings to take 6 months or more to sell unless they're priced on the extreme low side.  The developments, it all depends on the what they have and where they are.  Some of those are pretty slow too.  In some ways, MOST listings are stale.

 

 

May 16, 2011 03:40 PM #79
Rainmaker
297,151
Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
Luxury Home Specialists

Every time I read one of your posts I wish you guys worked in our market as we could use more agents like you here. It's always refreshing to hear about agents who look out for their clients first and I'm sure they appreciate it.

May 16, 2011 04:22 PM #80
Rainmaker
653,653
Barbara Altieri
RealtyQuest, Fairfield and New Haven County CT Real Estate - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

The MLS neighborhood search is a great way to educate the seller on the market. Numbers don't lie. They'll see what is going on, what's selling, what's not.  Eventually, reality will set in and guide their decision.

May 16, 2011 06:06 PM #81
Ambassador
1,549,855
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Dan, It's the only way we would want to work!  Working towards the long term success :)  And I think it's a WEE bit colder in your corner of Ohio :)

Barbara, It's one of the best tools we have.  We get more sellers adjusting their price without pressure from us as the neighborhood data shifts.

May 16, 2011 07:43 PM #82
Rainmaker
351,634
Michael Eisenberg
eXp Realty - Bellingham, WA
Bellingham Real Estate Broker

Getting sellers to the reality of the market is not always easy, but worthwhile, I like to take them to see the competition if 
I can.

 

May 16, 2011 08:18 PM #83
Rainer
54,884
Natalie Tarrant
RE/MAX Little Oak Realty - Langley, BC

Completely agree! I had this conversatiion with my then Broker when our market was soft. He said "just get the listing". I said why would I do that? When it doesn't sell at the price the seller wants, the seller will see it as my fault and I will lose the client. I would prefer to be straight up with a seller and either list at a reasonable price, or wait until the market improves. In some cases, the seller is in a must sell situation and I have agreed to list at their price for a specific period of time with a pre signed and dated price reduction to be submitted if (when) it does not sell.

May 16, 2011 09:38 PM #84
Ambassador
1,549,855
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Michael, For some of the subdivision folks, they've already been inside the competition.  Makes it even easier to set pricing.

Natalie, While we haven't done the presigned price reduction, we've done similar listings for the must sell group with the understanding if the price they wanted doesn't work, they've got to come to our recommended price range.  Would love to be wrong to their benefit, but it's a rare occurrence to be that out of whack with the market indicators.

May 16, 2011 09:48 PM #85
Rainmaker
1,030,806
Michael J. Perry
RE/MAX Associates of Lancaster, PA. - Lancaster, PA
Lancaster Relo Specialist

I totally agree with your approach and do likewise. Market Value and Market price will probably not be the same !

May 16, 2011 10:56 PM #86
Ambassador
1,549,855
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Michael, It's delicate finding just the right balance, but it's there!

May 16, 2011 11:01 PM #87
Rainmaker
125,008
Will Handley
Progressive Inspection Service - Dana Point, CA
Certified Master Inspection Services

It would appear our industry is in for some very stormy weather ahead.  One could argue the worst maybe yet to come.  Every ones got a different pain threshold.  I'm with Bill on this one, it would appear the decision to sell or not to sell is quite subjective.  Timing is as they say... Everything!

May 17, 2011 12:47 AM #88
Rainmaker
142,365
Mike Mayer
Mike Mayer, Broker/Owner - i List For Less Realty, LLC - Lafayette, LA

Such economic hardships are difficult to weather, there's no contesting that fact. It's one of the reasons i List For Less Realty developed a flat-fee business model. We understand and when a homeowner must sell their home, they can do so knowing they'll receive direct, honest and transparent representation without having to breakthe piggy bank. Let's hope the market rebounds soon, for all our sake.

May 17, 2011 02:28 AM #89
Ambassador
1,549,855
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Will, I think for my area, the worst is over.  We're stable to a slight incline in prices.  Only time will tell for sure.

Mike, I think it is rebounding.  And in some cases we've seen, even with a flat fee listing the sellers just wouldn't be able to make that move yet. Need more equity developed one way or another.

May 17, 2011 07:45 AM #90
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