Homeowners often feel that marketing sells property, but is that true? We will always ask the question - "How much are you willing to overpay for a property because it is featured on a glossy magazine?" Price, Location & Condition sells a property....but mainly price. The difference is the Range of pricing that you get can be determined by the agent you choose.
You've heard the old saying - "Location, location, location."
The real truth is "Location, condition, and price." And price trumps every other factor.
Location affects the value of a home, but it's price that sells a home.
Oceanfront, Golf Course view, or penthouse, the most desirable location in the world won't sell at the wrong price.
Every property has a potential buyer, but like rock, paper, scissors, it's sometimes hard to know which factor is going to win the showdown.
A good location will sell at a fair price. A bad location will sell at a fair price, too. It just won't be as a high as it would be for a good location.
A home in good condition will sell for a fair price. A home in poor condition will also sell at a fair price. Again, it won't be as high as a comparable home in better condition.
But neither location or condition will sell any house. Only one thing does that - price. If you are completely forthright with yourself you also wouldn't overpay for a property if you are on the Buyer-side of things.
So if you're a seller waiting for that "special buyer" who will appreciate your faded pink and black bathroom tile, your vintage orange shag carpet and is willing to help you put your kids through college because of your real estate prowess, you're going to have a long wait.
So if your home is represented by an agent, and it's been on the market for a long time, chances are it's your own fault. I know that sounds brutal, but honesty is a vital ingredient in a seller/agent relationship.
When you selected the agent you are working with there should have been some connection that allowed you to trust them enough to take their pricing guidance. If your agent hasn't been forceful with you to better position a property that is failing to sell, it may be time to find a pro. Maybe you didn't listen to your agent when they said you're pricing your home above the market. Maybe you got mad at the first few folks who looked at your home and didn't make offers.
When the showings stopped completely, maybe you accused your agent of not doing a good enough job, but marketing doesn't sell property.
You put the blame on everyone except where it belongs - on you. It's not about you, what you want, or how much you need for your retirement.
It's about the price and at the end of the day, if you cannot bear the market price for your property today then your plan should be to keep it...for a while. The market is established by Buyer's & Seller's and what properties actually transact for on any given day. Every property has a market range and the best agents can get you the top pricing for that range, but only through hard work in the traditional sense.
If you can, remove the emotion of it all, discuss the true market with your agent and make the changes to either get it sold or get it off the market.
Here's to a continued Healthy Real Estate Market!