Thursday, March 1, 2012

tough love for home sellers

In a way, I love the home sellers that grant me the privilege to guide them through such important transitions in their lives. If fact, I love them enough that I sometimes have to beat them up a little; tough love if you will.

Any of my colleagues can certainly attest to the fact that we simply have more prospective buyers than available properties for them. Sounds like a farce, right? After all, you've had your home on the market for months with agent Joe Smith without a single offer. Where are all of these alleged buyers?, you might be thinking. "And don't tell me that I'm overpriced!" Well.....maybe you are and maybe you're not. But rest assured that in a commodity market such as real estate, if you have your home on the market (especially in Miami Lakes!) and it's simply not selling it's because of one thing, and one thing only: There is NO perception of value for your property. Furthermore, perception of value has nothing to do with condition, upgrades, location, amenities, or other "stuff". Simply put, the value proposition that you're making to the prospective buyer pool is being overlooked, and passed up for other more attractive value propositions.

Your neighborhood is selling. Your competition is moving on with their lives and taking advantage of the "low prices" and "low interest rates". So what's holding you back Mr. Seller?

While it's difficult to pinpoint the problem or suggest a solution without knowing the particulars of a situation, one can be absolutely certain that market conditions have nothing to do with it.

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