It’s a tough market for sellers.
If you are one of the home owners that has been on the market for over 6 months and your listing has expired (at least once), you are probably frustrated with the situation. You’re probably wondering why your agent doesn’t hold an open house. You might be asking about the photos on the property fliers and wondering if a better photo would have brought a buyer.
You may be considering offering an additional commission to the first agent that can sell your overpriced home. You might be wondering why your agent hasn’t called since the last time you expired. You’re probably tired of hearing your listing agent telling you that the market is still falling. You’re probably hoping that something miraculous happens and prices start climbing. You might be hoping the new President will some how bail you out.
Maybe you’re saying, “I don’t need to sell”. Maybe you’re saying, “I’ll just wait for the right buyer”.
You might have better luck holding your breath in this market.
Maybe you are ignoring what the reality is. Maybe you think that a few cosmetic improvements that you’ve made to your home will give you a huge return on your investment. Maybe you don’t understand that properties are still selling, just not the overpriced ones. Maybe you didn’t hear about the record number of defaults that will be hitting the market in the next 12 months.
Today’s buyers are brutal.
These buyers are sitting on the fence ready to jump on any wounded prey. They are ready with their pre-approved loan or cash. They know the market and have been waiting for all of the conditions that we currently have. They haven’t bought an overpriced home yet, and I don’t believe they will.
If there is one thing I need to make sure you understand, it is that this market is being driven by the bank owned, REO, foreclosure and short sale properties. Your home will not sell until you are priced to compete with these homes. We are seeing homes that are priced at market value selling within 7 days, with multiple offers.
Your home is worth more today than it will be tomorrow, so the sooner you get it priced correctly, the better.