Seller's Emotional Attachments in the Buyers Market.
I know well how hard it is to accept certain facts, especially if those facts have a deep impact on our personal lives and sometimes can affect our future.
As a Realtor, I meet with people on both sides of the table. The Sellers who still desperately try to hold onto the slowly slipping values of their homes and the Buyers who happily go along in their search for great deals, sometimes demanding impossibility from already stressed out Sellers.
How do Sellers detach themselves from the emotions tearing them apart when time comes to sell in this new market reality? How do they handle those demands from the Buyers that often times seam outrageous?
As painful as it may be, the Sellers today MUST step up and educate themselves about what is happening in their Real Estate market. Regretfully, statistical information tells us one thing and now is the time to accept the facts. The days of selling in a week for more than an asking price are long gone
If you have a home that you purchased from a builder just 7 years ago for $170K do not list it for 300K is not a smart move, it is just greedy, especially if your financial situation forces you to sell now.
This is not the time to test the waters or be greedy! In fact, if you choose to go that way, just couple of months from today you will be reaping your "rewards".
Ask yourself where did that number come from. Did you just pulled it out of your sleeve? It may have come from the perceived value that you as the owner have about the work that you put into that home.
But the point is that is not really relevant nowadays, in this Buyers market. You may think that the pool in the back yard is actually worth that $25,000 that you spend on it. Well, in truth, to the Buyer often times it is a BONUS worth nowhere near the money you sunk into it. That is the new reality.
If you chose to do things the old way, and list the home at an inflated price, you will be chasing the market down, because the house will not sell for 300K.
Why not? Because, right there in your own neighborhood, on your street there are 20 other homes, just like yours. And guess what? Those are listed 20K-40K below your asking price. I wonder which house, those deal seeking buyers will go for?
The true Market Value is determined by a willing buyer. Especially so in the buyers market. Your home is only worth whatever that willing buyer is willing to spend on it. That is a simple truth.
All you can do is to be honest with yourself, be open to innovative solutions offered by your Realtor, and follow the instructions and guidance to make your home easy to showcase, considering the way that it looks online, because it you can't dazzle the Buyer looking for a home on MLS they will never choose to see your home.
Only then, you have a chance to successfully sell your home in reasonable amount of time, for the price close to the true value of your home.
Consider those simple truths of today's buyers market reality and if you need to sell in this buyers market, detach yourself from those emotional reasons that should not guide you through the sale and marketing of your home.
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