Something I wish sellers understood

It happens a lot with sellers.

They have a house that isn’t getting much attention from buyers.  It could be due to price, an odd feature of the house, the time of year, competition from new construction, or anything really.  They get a lot of showings and all of the feedback is the same, resulting in no offers.

Then all of the sudden they start getting more and more showings.  Buyers seem more interested in the house than they have been, but still no offers.

The seller finds this time exciting.  They are thinking “Wow, with all these new showings and better feedback, surely my house is about to sell!!!!!

Sellers assume this will last forever but it is a temporary thing.  It lasts until other sellers with better houses put their homes on the market.

And here is the lesson to be learned:  The market changes every time a house sells and every time there is a new listing.  Once the best house in it’s price range sells, it makes every other house look just a little bit better.  That is why your house that hasn’t been that interesting to buyers is all the sudden on their radar.  Once a new listing hits the market, it has to fit into the hierarchy of all the houses available.   If you have one of the better houses for sale, then a house better than your house hits the market, it makes buyers less interested in your house.

When you find the market has it’s eye on your house and you still haven’t gotten any offers, the best thing to do is reduce the price while you have the attention.  If you wait, most likely what is going to happen is the market will move on to other houses and you will be right back where you were.

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