OK--so I'll bet there are more than just two! But these are the two I heard this week, more than once, and from different sources. Ready? Here they are:
"I'm in no hurry to sell my house"
and...
"I'm not going to give my house away!"
The First Phrase: "I'm in no hurry to sell my house." Translation-- I want it priced higher than what is recommended, I want to "test" the market, I think I can get more for my house if I'm willing to wait.
The Reality: Overpricing a house rarely brings in MORE money. Especially in a declining market, the longer a home sits, the LESS it will sell for. And LOTS of overpriced houses are out there, sitting, waiting, and waiting... and expiring.
The Second Phrase: "I'm not going to give my house away!" Translation-- I have an idea in my mind of what my house is worth and it has nothing to do with your silly "comparative market analysis!"
The Reality: Does anyone give their house away, really? Really? Maybe other agents have experienced the "house give-away" but I surely haven't! Your house is only worth what the buyers are going to pay AND what it will appraise for, given the market. It has nothing to do with the love and care you've given it all these years, or what you paid for it. Wouldn't it be wonderful if it did?
Those two "phrases" that make agents cringe do so because they don't help you sell your house for the best price possible. So, what should you be saying if you want TOP DOLLAR for your home?
"What do I need to do to make it show as best as it can and what price would you recommend?"
There it is: the most successful sellers are willing to do what it takes to make the house show well and are willing to be honest about the price and the current market conditions. Successful sellers recognize that the seller controls two of the most important factors in selling a home: price and condition.
When looking for a Realtor to list your home be willing to look at the facts, at the realities of our current market and what that means to you. Look for a Realtor who will tell you the truth and who is not just telling you what you want to hear.
If you want to be assured you'll get the most money possible for your house, invest in a home stager to make sure your home shows at its absolute best. Then, follow the advice of your agent and price it to sell!
Michele Rose is a Realtor and Professional Home Stager in Burlington County, NJ. She has been assisting both buyers and sellers with their real estate needs for the last 5 years. In 2007, she formed Rose-Colored Staging to help sellers market their homes with professional home staging.
So true Michele. Then it's your fault when it doesnt move!
Michele,
It's important to realize that there are successful and unsuccessful sellers, and your are right on with the difference.
Brian
Great points Michele, to bad the sellers aren't on this website. I usually send a brochure from my home stager with my letter to expireds. . .
Michele, You're right, but they don't always listen! Sometimes "I'm not going to give my house away" translates to, I don't want to lose any money. So they sit and sit hoping for a miracle while it doesn't sell and eventually they'll end up selling it for a lower price anyway.
Craig: We do get the blame alot of the time. The best thing we can do is give them the truth up front.
Thanks Brian!
Evelyn: I was brave and made this one public and on my outside blog-- maybe some sellers will be helped by it :-)
Elyse: It is really sad to watch it happen-- especially when we see them have to settle for an even lower price months later.
Thanks for your comments!
Michele....If a potential seller says they are in no hurry to sell, my first reaction is why put it on the market? I agree when a seller says they don't want to give their house away, they really have an inflated opinion of the homes value. In either case, you may be best served to turn down the listing and save yourself alot of headaches.
Hi Michelle, This is the best information you could provide to sellers in any market. I cringe when, after I've given them the comps they say, "we'll just find another agent". When I don't see their listing on the market, I know the other agent told them the same thing.
Michele
Yes, those 2 phrases are red flags and cause to be beware
Ty
Carra: It's so true! When expectations are unreasonably high, it is sometimes best to just walk away.
Thanks Mary! It's frustrating when we do our best to tell them the truth but they just don't accept it. I try to believe that even if they decide not to list now, they will respect our honesty with them and remember us later.
Ty: Beware indeed! Overpriced listings are not in ANYONE'S best interest.
Michele,
Thanks for this post. The one that really gets me is the "we are not going to give our house away". It is usually followed by something like, "we want to price it at what we could have gotten for it 4 years ago". I try to reason with sellers like this, if they dont hear my reasoning....I wish them luck and move on.
Have a great day
Leander
Leander, thanks for your comment! I agree sometimes it's best to move on-- if it's way overpriced, we just won't be able to help them get it sold, which just leads to bad feelings and a missed chance to get the best price now.
Great post! I know if an agent who once gave the sellers the CMA, which of course produced a number that far below what they wanted, and they did not want to list at that number. He then politely gathered his things and proceeded to leave. The sellers stopped him and said that they were the third agent who left after they told the agent that they wanted their number and not the agent's number. He then explained to them why and they ended up listing with him at his number!
I am a little surprised that TWO agents had already walked out and that one of them did not list anyways, hoping for a price reduction later on.
Thanks for posting!
David in Boston
David, it amazes me that so many sellers just don't get it! Sometimes I think they need to hear it from a few different agents to realize the truth of the situation.