Tuesday, January 23, 2007

Sellers decide to stay put

I've had two sellers in the last two months who decided they were better off waiting for the market to pick up before moving. Both sellers were in the position of wanting, but not needing, to move. Both sellers were planning on buying a larger home once theirs sold. Both sellers had homes which were priced reasonably and showed very well. Both sellers understood that whatever pricing discounts they had to make to sell their current home would be made up for by getting a good price on their next home. And both sellers, not being forced to move, were uncomfortable with making a drastic price reduction to encourage a fast sale; they both felt comfortable waiting for the right buyer, even if it took longer than expected.

However, both sellers had family scenarios which made it challenging to keep the house in model-home, showing-ready condition at all times. After a few months of working very hard to keep the home in perfect condition, and having fewer showings than we had anticipated, both sellers felt emotionally drained by the process.

This brings me to a very important point: when thinking about selling your home, consider how far you're willing to go. How far will you lower your price? How much decorating, cleaning, painting, and yard work are you willing to do? How long are you willing to keep your home in perfect condition? What will your family finances and dynamics allow you to do?

Selling your home is a lot of work, especially in this market, and you need to be prepared to work hard in order to be successful. I don't blame these clients one bit for taking a break - in fact, I think they both made the right choice. The market will pick up, maybe later this year and maybe next year, and they'll be able to try again, only this time with a little more experience under their belts.