Most sellers think that as long as their property is on the market, buyers are going to look at it. They neglect the fact that many buyers make the decision if they want to see the home before they actually go out to it in person. With so much information available online, buyers are quick to dismiss the properties that miss the mark in one way or another.
And it is not that they aren’t seeing all of the listings. Unless the buyer lives in the Osama Bin Laden compound with no internet access (sorry, had to throw that in), they are going to find out about your property if they are looking for something like it – price range, beds, baths, location, etc.
I hear a lot of sellers say, “If we could just get some buyers to look at it, maybe then we would get some more feedback on the property & price.” If buyers are not looking at your home in person, it is safe to say buyers and agents are not agreeing with the asking price for what is being offered. They made a conscious decision to pass on it. They don’t need to see it in person to be sure, their actions speak loud enough.
In order to get the buyers in the door, and offers coming in, the asking price must be in line with current buyer expectations and market conditions. So many seller miss this crucial step in the beginning, and then wonder why they don’t have any activity, showings, & offers.
Tyler, great analogy on the chicken or the egg. I have seen a lot of buyers look at homes they really liked felt were priced way too high and never make an offer because they think the seller will never consider the offer….but they might have. And most buyers are not in the game to ‘educate’ the seller on what a properly priced home is.
Properly pricing that home from day one is critical to the start of selling a home.
Love your site as well…great info.
Cheers! Thanks Brad.