Here’s a scenario: Seller to Agent: I want to sell my home and place it on the market.
Agent: Here’s your market analysis and he/she offers suggestions and aids in the listing price and educates the seller about the current reality of the local real estate.
Seller: I understand all that, but here is what I want to list my home at (an unrealistic price- that is sure to linger on the market). Months go by….
Buyer’s Agent: My client is really interested in the home and here is their offer for the seller’s home (a very lowball offer- that I can bet will be rejected).
Seller: I won’t and can’t accept that offer for my house, This house is top blah, blah, blah and is the best in the neighborhood!! (I know it’s a personal issue seller syndrome).
Agent: We discuss the offer and arrive at a counteroffer (that is still too much of an asking price).
Buyer’s Agent: My buyer will not go any higher and now, with all the homes on the market, they are going to wait.
Agent: Wait till when?
Buyer’s Agent: They said till next spring or will sit back to see how low the homes will go.
So, there you have it….people. I see two things happening. Either realtors have to wait out this market- which maybe a long time. (I hear the last time we went through a similar downturn was in 1989). Or, realtors need to devise a better strategy of how to educate or convince the seller that their home is not as much as they think. (Which I know takes some convincing, risk-taking and delicate verbal massaging).
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