Home Sellers in this Economy Needs Tough Love

truth-loveEvery day in the Raleigh  area I meet with perspective home sellers.  However, in the current real estate market I find myself practicing “tough love” and being more of a counselor and consultant. I try to educate my home sellers to make sure they have realistic expectations so they do not end up with regrets in the end. Many times during the initial consultation I talk sellers out of putting their homes on the market and encourage them to wait until a better time. I show Raleigh area sellers the absorption rates for their location, age, square feet, architectural style, features and price range. I explain experimenting just to see what happens in a buyers market is another real estate listing about to fail.

What!!!! You Are a REALTOR and You Talk Some People Out of Selling Their Home?

As I type this blog post 8 out of 10 property listings currently on the market are failing to sell.  Every home seller in the Greater Raleigh Area is in a beauty contest and a pricing war.

As I met with one such home seller who lived in Bedford at Falls River, I showed him all the homes for sale in Bedford, days on market, staging and upgrades his competition had made to prepare for a sale. I also showed him list price to final sales price and what how many seller’s paid buyer mortgage closing cost to consummate the sale.  He said: “Boy what you are showing me and saying to me is a lot more negative than the other REALTORS  I’ve talked to”.

My answer was: “Sometimes it’s hard for people to tell the truth when they know the truth is going to  hurt.  And, sometimes REALTORS  lack experience with listing and marketing homes so they do not know the truth”.

My “tough love” advice comes from experiencing four down markets in my 24 year real estate career and from constantly carrying a large listing inventory.

Before You List Your Home For Sale Make Sure You Are Getting All of the Facts

No one can make a good business decision with bad information. Every home seller needs to know what they are getting into upfront to avoid costly surprises. After carefully reviewing all the data from multiple angles if the numbers work for you to sell now then list your property. But, if the numbers make no sense and you do not really need to sell your home don’t list now–wait to a better time. Real Estate changes almost everyday.

Every home seller feels their home is special because it is. Your life and emotion has been experienced in it. Because of this many real estate owners have unrealistic home selling expectations and say: “Well let’s just try my price  and see what happens” and many REALTORS will say “ok” to get a listing. Do you want your home listed or do you want your home sold? If you want your home sold focus on sold and closed properties not what your neighbors home is listed for.  If your price is not a good value to the buyer all you are are doing is wasting your time and energy, stagnating your home on the market and helping your competition sell.  The only home that is going to sell right now in the Greater Raleigh real estate market is the home that is priced right and in excellent condition. In this current buyers market everything matters. Staging, marketing, pricing, follow up and watching your competition daily to make sure your home is in the best position possible to attract the next buyer.

Quick Advice About Hiring The Right REALTOR To Sell Your Home

If you are talking to REALTORS who are scared to practice “tough love” beware. Selling a home in a buyers market takes skills, analysis and truth.  As you interview local real estate agents ask how many homes they have listed for sale now and how many they have listed, sold and closed in the past 12 months. REALTORS that specialize in working with sellers have experience from all of their previous listings to guide you through a down market to a successful sale.

Linda

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