I was asked a question along these lines just last week. Yes, I know what you’re about to say….“I bet he’ll talk about supply and demand”. Well…obviously – yes, but I do think that this needs some clarification.
I was asked a question along these lines just last week. Yes, I know what you’re about to say….“I bet he’ll talk about supply and demand”. Well…obviously – yes, but I do think that this needs some clarification. Clearly, when there are lots of buyers ready, willing and able to make the decision to do so … many sales will take place. Those units unable to sell under this scenario are, very likely, overpriced relative to their location, condition etc – read “the seller has unrealistic expectations” (or just isn’t that committed to selling). Remember: willing seller, willing buyer.
What can the serious (and I’m not implying desperate) seller do to ensure a successful marketing of their property? A check-list would include the following: (i) employing the services of an experienced Realtor; someone who has been the “tough sell” times as well as the “boom periods”. The ‘sister’s son/daughter who is “learning the ropes” with a 4 month old license may be a mistake – the success of this venture is serious business. Intelligent exposure of the property for sale and its unique selling features is imperative – [again, ‘experienced Realtor] (ii) making sure the property really shows well. I have heard the analogy of the ‘beauty pageant’ – where it is necessary to be well presented and, for example, the “prettiest $875,000 home in the specific geographic location” to be chosen for negotiations to commence. (iii) based on your research, and, tempered with the advice you receive [see (i)] the asking price is the single most important factor in this exercise. With increased competition from a possibly swelling inventory of properties for sale, it is imperative to be correctly priced. (iv) [this may seem an unusual checklist item, but I believe it has serious ‘consideration’ value here] if time is passing and you are not having to sell; with the flexibility to defer your “rehousing” plans, you may be well advised to cease marketing and return to the exercise at a future time. Bear in mind, no one knows what the market in six months (or a year or so) will be, but if you have some faith [not just hope ;)] that it will be better, deferral could be your best strategy.
Note: an important corollary here is the message that the buyer can take from the “slower market”. That is to seriously consider the “rightness” of the time for acquiring a home. Higher supply – lower demand and clearly an opportunity for advantageous negotiation. Again, the need for the experienced and skilled negotiator.