This is the time of year when many home sellers whose homes have not sold are looking for answers. The three most common options they consider, not necessarily in this order, are:
- Renting their home instead
- Renovating
- Adjusting the Price
Adjusting the Price
Incurables are those impediments that most buyers object to but the homeowner cannot change. A major thoroughfare just beyond the property boundary or high tension wires and tower nearby are obvious examples. The savvy homeowner understands that the only way in which to overcome these is with price.
Confusing
Some incurables are somewhat less obvious than others and those are the ones that are often more confusing to home sellers. A property easement can fall into that category. These less obtrusive incurables are often confounding to a realtor also, as their experience might suggest that such an incurable is going to cause a big challenge in getting the home sold. They expect to hear as much when gathering feedback from agent showings, yet they don’t.
Doubting Yourself
The initial reaction by a less experienced or less confident agent could be to doubt themselves. The reality, however, is probably worse than you thought. Lack of feedback regarding the incurable doesn’t necessarily mean that it’s not an issue. It may be that the list price is further off than you or, especially the homeowner, anticipated.
Cold Reality
In actuality there are instances when the incurable doesn’t come into play until the price is more realistic. Due to issues with pricing, many buyers will not even considering the property and thus are not focused enough or motivated to give accurate feedback much consideration. They would prefer to turn their attention on the homes that they are seriously considering.
Ironically enough, it’s at the point when the seller’s pricing becomes more realistic that feedback regarding the incurable is heard on a more consistent basis. If the quality of showings increases but you continue to receive no offers, another 5% adjustment in price may be necessary to offset the issue of the incurable.
How do you deliver the incurable message to your client?
How do you determine the price adjustment that needs to be made to overcome them?
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[...] yesterday’s blog post I wrote about the frustration that certain home sellers, whose homes are not selling, are [...]