It’s a very stressful time for a seller when the listing agent says
It’s time to lower your price. We are doing everything else that we can.
As a seller it’s easy for your emotions to take the lead and remind you what the comparable properties sold for, what your neighbors house sold for, what the house across the street is listed for, and why all these factors prove that your house is priced right, it just isn’t being found by the right buyer.
This is one of the times that, as a seller, it is easy to forget that when it is on the market your house is no longer your home, but a product. Good products sell only when they are marketed properly and priced right. How many times have you seen a product you adore, but you didn’t buy it because you felt it was priced too high?
Do you know that 90% of buyers search for their home online? That means if your home is easy to find online, i.e. it is being marketed properly, then you might need to adjust the price if you want to find a buyer quick (or at all in some cases).
Let’s consider fashion as an example. I bet most people have seen a fashion item that they would buy in a heartbeat, if only the price fit their budget.
Here’s the story of Trey, he’s an up and coming fashion designer.
He has his personal look down.
He has a great breakthrough collection for the year, that compliments his personal style yet can be easily taken from the runway to the streets. As a new designer it’s very important to Trey that his first major collection is a hit, kick-starts his fan base, and leaves the public eager for more of his brand in the next seasons.
As the season passes Trey’s collection is selling fast.
Unfortunately, he has one problem jacket. If Trey can’t get this jacket moved off the racks it might be doomed to the outlet stores as overstock. If he wants to compete with the likes of household names such as Gucci and Chanel he needs to make sure his merchandise is only found in the same stores as those designers and not in the outlet stores. By the end of the season, if the stores still have too much inventory of this jacket guess where they will put it? On the sales rack, making it affordable to a new group of people and getting it sold so it can avoid becoming overstock.
Real estate works in much the same way. When a good home is being marketed properly, but the buyers are not making offers it’s time to put it on the sales rack. Lower the price so it will be available to more people. In Chicago’s current market homes that are priced right are often getting multiple offers. This can lead to the property being sold for more than the asking price.
It can be very difficult to keep your emotions from driving your actions when your home becomes a product. However, if you can focus on it as simply an expensive item that needs to be sold, like a car or antique, you will be able to let your emotions rest and get the home sold quickly so you can move on to the next chapter that awaits you.
Images from freedigitalphotos.net