Paraphrasing (poorly) Danny DeVito in War of the Roses … When someone whose livelihood depends on home owners selling their homes tells you why you shouldn’t have your home on the market, it’s worth listening
1) You’re still living in 2005. Market mechanics never change – a home only is worth what someone is willing to pay. Yet too many homeowners are looking over their shoulders at what someone might have been willing to pay two years ago and can’t accept the reality that the market’s in decline. If you’re still thinking about what you may have sold for once upon a time, you’re not ready to do what’s needed to sell now.
2) Your neighbors are more motivated than you. Pricing a home to sell is not a one-time exercise. Sellers must be prepared to react to changes in the market, primarily the most recent sales in your area and your neighbor’s price reductions. Nothing is lost or gained until the house actually sells – all the rest are paper gains and losses. If you’re less inclined to react to changes in the market – or, better yet, to be the cause for the change in the market, you shouldn’t have your home on the market.
3) You’re in no hurry to sell. Simply put, many of your neighbors are. So are the builders in your community. If you’re in no hurry to sell, don’t even try it until either the inventory has been reduced or until you’re motivated to move.
4) You can explain to the penny what you spent on every upgrade. It’s tremendous that you know. It will look great in a listing. And buyers will not care. You will see pennies on the dollars for the vast majority of your upgrades under current market conditions. If you are expecting to see dollar for dollar, or even 75 cents on the dollar for your travertine floors and granite countertops, you’re not ready to sell in the current market.
5) You know you can sell without an agent. In a word, go for it. When the ink on your sign has faded in the sun to the point the phone number is illegible (laugh if you will – I’ve seen it and recently), rethink your marketing plan and jump into the real pool of sellers.
[tags]real estate marketing, Phoenix real estate[/tags]