Home Sellers: Do You Need a Reality Check?

Posted by: Marc Rasmussen on July 14th, 2011

Have you been trying to sell your home with no success? Are the number of showings dwindling? Is your listing becoming stale among the Realtor community? You may need a reality check.

Most sellers will blame the lack of a successful sale on their Realtor. “They did not do enough open houses.” “I never saw any advertising.” “Their brochure was no good.” “The photos were blurry.” While any or all of this may be true most of the time the real reason the home did not sell was because of the unrealistic asking price. A nice home properly priced on the MLS system stands a very good chance of selling even if there are no open houses, blurry photos, bad brochures or little advertising. Realtors and buyers can eventually sniff out a good buy.

Certainly, there are times when bad marketing can affect a sale or the sale price. There is no doubt about it. Don’t hire a Realtor that does a poor job of marketing. There are too many great agents out there who do a fantastic job and they generally do not cost you any more money. If they do cost more money it is usually negligible and worth it.

Here are some signs that you may need to be punched with a reality check.

  1. You have the best house no matter what
  2. Despite all of the other competing homes on the market you just know that your home is the best. It does not matter that the other homes are newer, bigger, more updated, have better views or are in better locations.

  3. The price is right
  4. Despite plenty of showings with no offers and feedback from buyers and Realtors saying that your home is overpriced you still firmly believe that your house is what you are asking. Probably more. They are wrong and you are right.

  5. Ignoring recently sold similar homes
  6. It does not matter to you what those other 3 similar home sold for in your neighborhood. Your house is simply just better. You most likely believe that those sellers were desperate.

  7. More advertising is what is needed
  8. You believe more advertising is all that is needed. The other competing homes for sale don’t matter, your price is good and the recently sold homes were distressed sales. “It only takes one buyer” is what you keep telling yourself. More advertising will uncover that one buyer.

  9. You expect to get too much for improvements
  10. “Let’s see, we spent $75,000 on improvements. We deserve $125,000 more for our home!” Most of the time it does not work that way. You don’t always get dollar for dollar on home improvements. Sometimes you only get 50 cents on the dollar.

  11. Your Realtor is an idiot
  12. Despite only selling 3 or 4 homes in your lifetime you know more than your Realtor who probably has sold hundreds of homes. You are more in tune with the market than your Realtor who deals in it day in and day out.

If any of the above sounds like you, then you might be out of touch with the market. Remember, the market dictates what your home is worth.



6 Comments on “Home Sellers: Do You Need a Reality Check?”

Atlantis Mortgage

Great article. It is important that home sellers pay attention to all the red flags that shows that their home is overpriced. If your Realtor says your home is overpriced and the similar homes in your neighborhood sold for significantly less, then there is a good chance your home is not worth what you think it is worth.

Atlantis Mortgage

Great article. It is important that home sellers pay attention to all the red flags that shows that their home is overpriced. The statement “the market dictates what your home is worth” is truthful and a lot of home sellers do not understand it.

Listing Agent in Beaumont CA

Oh man… This article really brings to light my professional frustrations. My last seller like this actually had defaulted on a hard money loan but would not drop his selling price because he was trying to milk the property for every last dollar. I brought him three offers, and he actually let a deal go over five thousand dollars on a 400K sale! Ridiculous!!

Mark Brian

So very true but sadly reality and realty do not always go hand in hand with some buyers and sellers. It is the real estate professionals to give honest unbiased advice, if the buyer/seller cannot or will not listen, the agent may need to refer them to their least favorite competitor….

Singapore Property Agent

In real estate, there is a top down hierarchy of perceived value and it always has been that way. Thanks for this wonderful article.

property agents in singapore

Great guide, I can use this, thanks for this info.

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