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What Sells a Home ? Location, Location, Location ? Noper... Excitement Does !

When a home is put up on the market... there is always a normal amount of excitement.  Sure, location sells a property.  So does condition.  So does pricing, and other things as well. 

BUT... what sells a home for a really GOOD price ?  Excitement !

If it is priced properly... and I do not mean below market... but priced where it shoud be, as per the comparables, there is always an air of excitement when it hits the market... and hits the MLS. 

Especially when an agent sees it, or a buyer who has been driving that neighborhood for weeks and weeks waiting for a home to finally come up for sale.

Well... finally... a sign appears.  And then... ya find out the price is really way off base. 

Phwoooossshhhh.  There goes the air... right out of that "excitement balloon."  And the home sits, and sits... and sits... until the seller finally "gets the hint"... calls their agent... and finally lowers the price to where it should be.

But... guess what ?  The excitement is all gone.  All of it.  The home has become "shopworn."  It's "old hat."  Now when agents see it... they say... "oh, they finally dropped the price, huh ?"

Bye bye excitement.  Bye bye selling at full "market price."  Hello frustrated seller... and hello again... frustrated agent.

And it sits, and it sits... and it sits.

End of story.  <smile>

Ever had that happen to one of YOUR sellers ?

Comment balloon 17 commentsKaren Anne Stone • November 07 2010 07:01PM

Comments

When the Momentum is lost, it is hard to get it back. 

Posted by Fred Griffin, on leave of absence from ActiveRain, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) almost 9 years ago

Hi Karen Anne, such a sad tale about a house that is also tired chasing the market down. Sad but buyers lose excitement over a home when it sits and sits. They want to know whats wrong with it. Such a good post on the realities of proper pricing when the house FIRST hits the market.

Posted by Cindy Westfall, ABR,GRI Your Tualatin & Portland Metro Real Estate (Premiere Property Group,LLC Portland Metro & Suburbs Oregon) almost 9 years ago

Its so tough to get  seller to do the right thing.  They just don't want to let go of the "dream price."

Posted by Ruthmarie Hicks (Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605) almost 9 years ago

You're right, Karen Anne. Once the sellers lose that window of opportunity...once everyone has seen the listing, realized the house is overpriced...the excitement is gone. And, since everyone sees the house online almost as soon as it is listed that "window" closes very quickly.

Posted by Nina Rogoff, Sells Real Estate! (RE/MAX Executive Realty) almost 9 years ago

I agree with you all the way. It's almost as bad when the seller rejects the first offer that comes in right away because they want to wait and see if something better comes in.

Posted by Ellie McIntire, Luxury service in Howard County & Catonsville (Ellicott City Clarksville Howard County Maryland Real Estate) almost 9 years ago

Hi Karen Anne,  THat is so true, get the contarct while the excitement is still there.

Posted by Ricki Eichler McCallum, Broker,GRI,ABR, e-Pro, TAHS (CastNet Realty) almost 9 years ago

I can see that "excitment balloon" losing the air Karen Anne.............Bob Barker had it all along, "The Price is Right".............and it was exciting............no matter what the product.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) almost 9 years ago

Karen,

You are so right; this is a timeless truth.  In this market buyers are "over exposed" to choices, to begin with. 

Steve

Posted by Steve, Joel & Steve A. Chain (Chain Real Estate Investments & Mortgage, Steve & Joel Chain) almost 9 years ago

Ahhhh, no , um, uh ah, not here.  We price all our correctly...yeah right, we just want some wiggle room!

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) almost 9 years ago

Evelyn:  Tell your sellers that the only place you get "wiggle room" is if you live in Hawaii, and are a "certified professional Hula dancer."  <ducking>

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) almost 9 years ago

I remember a listing in my 'hood that was waaaaay overpriced.  Like about $40,000 over.  I showed it to some potential buyers because they really loved the area and the house itself.  When I called the listing agent he said "yeah, it's overpriced, but that includes some 'wiggle' room to negotiate."

And how!  My buyers didn't go for that one.  In fact, no one went for it at that price and it sat there for about 9 months before it finally sold.  For about $40,000 less than their original price.

Posted by Jennifer Prestwich, Madison & Co Properties (Henderson, Thornton, Broomfield and Westminster) almost 9 years ago

I lost a property in a bidding war with a great location, it closed $100,000 over asking, go figure in this market

Posted by Steven Nickens, R(S)GRI ABR, Maui Real Estate Hawaii (Elite Pacific Properties Maui) almost 9 years ago

On the flipside, when the excitement IS there, it's awesome!  My last two sales both involved buyers who were excited and stayed that way through closing.  Nice work if you can get it..

Posted by Eric Kodner, CRS, Madeline Island Realty, LaPointe, WI 54850 - (Madeline Island Realty) almost 9 years ago

Karen, I am sure it happens to lots of sellers, only if they would listen.

Posted by Rita Fong, Realtor - Marion Arkansas Homes for Sale (RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 ) almost 9 years ago

Karen Anne, I'd love to say that the excitement remains with all of my listings, but alas, I cannot. Working on that, though...

Posted by William James Walton Sr., Greater Waterbury Real Estate (WEICHERT, REALTORS® - Briotti Group) almost 9 years ago

Good morning Karen Anne,

You are right..it's when the home first comes on the market..excitement is in the air!! That's when correct pricing and condition are crucial..its when it means the most!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.750.6899) over 8 years ago

Hi Karen Anne - you are absolutely right on with this post.  I know I am very excited when I get a new listing that is well-priced, well-presented and well-located.  The first open house is typically filled with lots of enthusiastic buyers and/or agents.  If any of those previously mentioned factors are not in place and the property lingers on the market - enthusiasm naturally begins to fade - I love to tell clients - you have but one chance to make a first impression - do it right in the beginning!   This is for both sellers and buyers(when writing offers).  Thanks for the great post!

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 over 8 years ago

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