I am blogging today on behalf of my sellers – and sellers everywhere. These are trying times in real estate. I don’t have to tell anyone that. But I have a strange gift of being able to see the ‘big picture.’ I see the minutiae, but it does not mean as much to me as the whole scene in context. Because of this, I tend to be a very patient person – I would rather take the time to wait for what is right than to settle for something less than right. What does this have to do with real estate, you ask? Everything!
There is an article in this month’s Ohio Association of Realtors (OAR) magazine about price reductions, and what it takes to get a house SOLD these days. I am always getting the question from my sellers, “what are you doing to sell my house?” A very valid question, mind you. The typical scenario that happens if a house is not selling is the agent will have that difficult talk with the seller about reducing the price. It must be the price, right!? Maybe not.
Patience can be the most important factor for a seller – especially if a seller is lucky enough to have time on their side. What if there is no buyer in the market at a particular time for your house? What good will lowering the price do? The most important thing is to have great photos of your house and get them out there on every real estate website imaginable (and there are lots!). Almost all buyers look online well before they start looking at houses in person. A good agent will make your house look good and inviting to the world. A ‘well packaged’ and appropriately priced listing will make the right buyer want to see the house in person. It’s that simple. There are no secret tricks to get a house sold.
I was glad to see the OAR article reinforce what I have been thinking all along. As long as you are priced appropriately for the market (which requires constant surveillance), and have room to negotiate an offer within that price, a price reduction may not be the magic bullet. In the big picture, it’s in everyone’s best interest for you to get fair market value for your home. Sometimes you just have to wait for it to happen.