"It’s Priced Well"

How many times have you heard agents say these very words?  For me, this phrase is like fingernails on a chalkboard.

Why Don’t I Have Any Offers?

I typically hear this statement from real estate agents who are complaining that their fabulous listing isn’t getting shown, or if it is getting shown why hasn’t anyone made an offer.  What the agents can’t seem to understand is why no offers have come in since their listing is “priced well”…and the comps support the sales price.

Listen Up Real Estate Agents

While I hate to be the bearer of bad news, I have to break it down for you.  If your listing has been on the market for more than 30 days and no buyers seem remotely interested in making an offer, chances are your listing isn’t “priced well”. The comps may indeed show that your listing is “priced well”, but there is something that indicates there is a disconnect between the property and the price.  Here are a couple of things to consider:

Location

Is the property on a busy street?  Is the property in a remote part of town?  Are the other properties on the block well maintained?

Condition

Does the property have awkward spaces?  Does the property have good flow or is it choppy?  Are the rooms small?  Is the property staged?  Is the property in need of updating?

Amenities

Is it close to public transportation?  Does the property have a garage or off street parking?  Does the property have central air conditioning, good storage and closet space, good natural light?

Stop And Listen To The Market

All of these things can be a factor to a potential buyer.  While reviewing the comps is critical, it is equally important to know what those comps looked like so you can help your seller make an informed decision on their sales price or adjusted sales price.  We have to stop telling our sellers and ourselves that a property is “priced well” until we hear what the market has to say. Be prosperous!

Enjoy less stress by having smoother transactions by implementing these simple strategies today!

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She is a firm believer in managing expectations.

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