I see this all too frequently in my market area. The same house listed on the market for long periods of time, off and on again with a different Real Estate Agency, at the same or almost the same asking price as the Agency that had it listed before. I call this the “Magic Ball Effect”; “the magic ball, goes round and round”…. This leaves Seller’s wondering what is wrong, is it my house?; is it the Realtor?, etc. But even more troubling is that is leaves potential Buyer’s wondering “what is wrong with the house if it hasn’t sold by now, must be something serious” and potentially, these Buyer’s will never go look at your house.
I will explain why I believe this happens shortly, but first let me explain how the large majority of today’s typical home buyers locate their potential new home…..the Internet. Everything a Buyer needs to know can be found online; The actual home listing, tax records, deeds, liens, prior sales, renovation and permitting information, how much similar properties have sold for, etc., and they can located this all for free before even contacting a Realtor. Only 10-15 years ago a potential Buyer had to contact a Realtor to help them find listings….this is no longer the case. So what does this all mean? It means that most of the time the Realtor doesn’t have a buyer already lined up in their pocket looking to buy your house. It means the Realtor is hoping a serious buyer will see your house online and contact them to view it. So, now you know how the majority of Buyer’s navigate the real estate market today. Those same Buyer’s also know that your home has been bouncing from Realtor to Realtor with little or no reduction in price…..and they aren’t biting.
So now, how do we fix this problem? Nine out of ten times the original problem is pricing. We love our home…we think OUR home is the BEST home on the block….much better than Fred’s next door. I have new purple shag carpeting….I LOVE purple…and shag….who doesn’t? You need to ask yourself “do I really want to sell my home or am I just testing the market?”. If you really want to sell your home then let your realtor (preferably me) do an accurate Market Analysis. Separate your feelings from the equation; you may have spent money on improvements on flooring, cabinets, paint, etc. and those can add value, but not always “dollar for dollar”. Listen to your Realtor (again, preferably me) and try to come to a compromise on pricing….everyone involved on the selling side of the table wants to get the most money possible for the house. Don’t fall into the “magic ball” trap because more often than not in the end the house ends up selling for less than you could have sold it for originally if it was listed at a more realistic price from the beginning. Call me anytime for a complimentary accurate market analysis on your home!
Happy Selling…..Debbie 🙂