How many times have you heard that said in this new market reality?
The problem is that the alternative is to continue to own it, and when that is no longer a desirable reality what do you do? Many go ahead and list their home at a price that is not realistic and set themselves up for a scenario that leaves them chasing the market.
I recently spoke with a gentleman that listed a property 2 years earlier for $900,000.00 and now finds himself in a situation where he cannot sell it for $500,000.00. He readily acknowledged that had he originally offered it at a price of $800,000.00 we would not be having this conversation. It is so difficult to convey the understanding that the initial offering price is so critical and it must be competitive or it will not attract buyers.
With the abundance of information available to buyers, there are no secrets. If a home does not provide value then the buyers will look right past it and it will cease to have any impact until the price has been lowered significantly enough to again elicit interest.
Every home has unique characteristics and they must be factored in whether they are positive or negative but the bottom line is that the perceived value of your home must be higher that the others it is competing against. One always wonders if money was left on the table but I would much rather be having that conversation than the “Why didn’t it sell” conversation.
What do you think?