11/26/2024
✨ Stay the Course!!! 161 Days on Market!!! ✨
- For all you frustrated sellers, real estate agents who have homes that won’t or are not moving, for more than one reason; stay the course! It’s obviously not a brag post about being a 161 days on market for a repeat client that I have no explanation or reason why it didn’t sell the first week but, it also didn’t make me a bad agent of something I’ve been doing 20 plus year either. But, we stayed the course, continued to advertise, market, send out to other markets of folks moving into the area and all the things we would do for any of our clients but, in the end it did sell and the seller got her number! But, let’s take a look at what is really going on…
- This condo was in University City and was super nice. It had new carpet, granite, paint, appliances, and a rare garage. It was 2 beds 2 baths and ground level looking out towards the pool. You would think it should have sold in a week. Me too! It wasn’t over priced, and it was the nicest unit in the complex for sale. We had no real negative feedback either. So what was the problem?
- There are other options! Inventory is back for a lot of folks who were in the market and didn’t buy in the last year or so and now are back in the market to purchase. Buyers weren’t dead set on location (although we made location selling point) and they now would venture out of the area they normally would to get a better deal, bigger property or newer property. Interest rates, coupled with HOA dues had folks on the fence of being able to qualify and since a lot of buyers were first timers, cost mattered
- Bottom line is this…it’s a tough market compared to what everyone has had the fortune of watching the last couple years. Those days are gone! At least for now. It doesn’t mean you still can’t get asking or above but, you will be an anomaly for sure! It’s actually a corrective market. And that’s not a bad thing. Lets look at why…
- Buyers get to negotiate!
- Sellers actually have to prep and get their property ready if they want the highest and best price (and yes that means spending money to do so unless it’s 100% walk-in ready for new owners to walk into), price properties according to condition (you know if your house needs work)
- If you are selling to purchase, you will also have the same negotiating power when you buy next (depending on the market of course). Which in the end could possibly mean you’d get a better deal than when folks were buying As-Is with no negotiations and paying way above asking price and are now stuck with issues and houses they are having a hard time breaking out of if they have to sell right now.
- Who you hire matters now more than ever! Choose wisely! True professionals agents will tell you things you need to hear, not want to hear. Good or bad. Remember, you are selling your #1 asset in most cases, you are not selling your high school first car on Craigslist. Being able as an agent to show value other that putting your house on MLS and taking pictures not with your iPhone, is not even the tip of the iceberg. That is standard bullet points that if one of these things happens you should first immediately fire them anyway! But, really hire an agent who really stands out. You should ask each agent you interview, “what makes you different”. If you talk to three agents who all say basically the same thing, they aren’t different and are probably status quo. If you need direction in who to hire in any market, I’d be honored to explain my value and share how I’m different! It’s a wild market!
Paul Lindemann
Real Broker, LLC
803 524 7792
www.prlconsultinggroup.llc
