It's true, the real estate market could be better. But still, have you seen reports that say, "No homes sold this month!"? Of course you haven't, because people still need to buy and houses still sell. So why are some homes still stuck in real estate limbo, unsold and seldom shown?
It's not because they don't have the glossiest brochure, fanciest website or open houses every weekend. Yes, on rare occasion homes do sell because these items caught the buyer's attention....first. But would they still have seen the home? In the vast majority of cases, that's another big
yes, and here's why.
The buyer tells their Realtor they want home type A, in neighborhood type B at price range C. (It's really that simple, folks!) Their
loyal (it says so in the agency contract, you know) Realtor searches the MLS (multi-list of all homes for sale) and finds every home that fits that parameter...and maybe more. Bingo! Odds are great they've also found that place with the balloons and flags out front because they are ALL in the MLS.
Unless it's a FSBO. That's For Sale By Owner, but it's more fun to say, "Fis-bo"! And we all do. Don't worry though, your Realtor will spot those, too. When they take through the neighborhood to see other homes, or perhaps, if they have time (they're human too, remember) before then. Believe me, if a home is for sale and it fits the Buyer's criteria, odds are excellent buyers will see it. But will they
buy it?
Let's say your house has been on the market for six months, you've had countless showings and your Realtor has been able to get feedback from about half the agents who showed it (not a bad average, actually).
"Great neighborhood," "nice floorplan," but....the exterior needs paint, the carpet is old, the kitchen is dated...do they water the back yard? You're agent doesn't want to discourage you, but they'd like to sell the house, too. After all, they don't make a dime until it sells (really!). Depending on their style they either ease into the unfortunate facts, or they bluntly lay them out. Then what? Well, if experience is any teacher you'll point out that you just had the house painted (five years ago), the carpet only needs cleaning (you're sure it will perk up the matted sections where the dog always sleeps) and you love your kitchen--that's why you bought the place originally (ten years ago!).
Excuse me, you wanted feedback, right? So-take it and run with it! Buyers don't care about the back story, they only care that the paint is pealing on the exterior trim, that the faucets have seen better days and the windows are fogged from broken seals. If you don't want to fix these things, that's okay, but don't ask your agent to price it the same as the folks down the block who put in new carpet, cabinets, granite countertops, triple pane windows, a 50 year roof and re-stained the deck after they touched up the trim, fixed the wobbly railing on the back porch, mud-jacked the driveway and re-sodded where the new puppy dug. And don't complain when you don't get an offer for six months.
Fill a room with a thousand Realtors and tell them you've got a house that won't sell and ask them why. Five hundred will say it's the price, and five hundred with say it's the condition of the property. And they'll all be right. Homes that get top dollar are in top condition. If it's dated, in need of repairs (they call that "deferred maintenance" and it's not a good sign), or unclean (
clean is the first thing you should do!) you have two choices. Fix the problems or lower the price. That's it! And don't shoot the poor Realtor who's just the messenger trying to explain the cold hard truth.
As Realtors, we are obligated to look out for our client's best interests-it's in the contract, for heaven's sake, and we take an oath, too! It's not like we want you to get a lousy deal, we just want you to be realistic-particularly in this market. No Realtor enjoys defending the obviously indefensible, so don't put your Realtor in the position of defending an over-priced house. Remember, they really are on your side-you all want the house to sell for a good price, so be honest, be fair, and hey, be nice!