The biggest challenge in maintaining an open mind revolves around issues of emotion.  Discussions centered on the Presidential election have brought this to the forefront of my mind.  I have listened to political dialogue regarding the more suitable candidate for Commander in Chief during no less than ten different election cycles, spanning a forty year time period.  Not once in all those years have I observed someone who changed their perspective on for whom they would vote or which political party would best serve their interest as a result of the aforementioned discussion.

Home Ownership

There aren’t too many more emotional experiences than selling one’s home.  As someone who has sold their own home more than once, I can say unequivocally that it was an experience that was very trying emotionally, despite the fact that each one sold within 30 days – well below the average in Fairfield County, Ct. at the time.  I can only imagine what it must feel like for anyone whose home has lingered on the market for months on end.  Thus the conundrum continues.  Does a homeowner continue to fight it out and hope to find that one right buyer?  Or is the appropriate course of action to adjust the price?   Adjusting the price can be as emotionally difficult as any part of the home selling process.

A Common Misconception

A Realtor can make this aspect of the experience a bit less daunting by clarifying a common misconception.  A price adjustment of “X” does not necessarily mean that your home is worth “X” less.  No one is certain of the value of a home until it sells.  It is worth what a ready, willing and able buyer is prepared to pay for it.  The price change is merely a wise attempt to procure more buyers who, up until this point, have been searching for homes at a different price point.  We have actually sold homes for a higher price than the original list price after lowering it.  Figure that one out!  It all comes down to emotion and appealing to the greatest number of buyers.

Unfortunate Results

Failure to understand this concept leads to unfortunate results.  At times a homeowner will lower the asking price of their home minimally to, “soften the blow,” thinking that they can’t logistically sell their home below a certain price.  For instance, they may reduce the list price of their home from $1.595K to $1.575K.  No one in the world who would view the home at the lower price wouldn’t have also viewed it at the higher price. The price adjustment wasn’t steep enough and the homeowner may as well not have lowered the price at all. 

Thus the number of showings don’t increase, buyers remain indifferent about the offering and the homeowner mistakenly thinks that price adjustments don’t work. 

Realtor and Client

It is imperative that the Realtor offer this perspective to their client.  While it may be as difficult to encourage a home seller to maintain an open mind about this concept as it is to convince someone to do the same regarding their political inclination, it remains a responsibility that is paramount to the Realtor’s fiduciary relationship with their client.

Have you ever had such a discussion with your client?

How well was it received?

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