I can’t think of a good title but it’s still worth reading

It’s been a good week.

As most of you know, I only work with people who find me in one of 3 ways: I have to know you. You have to have been referred to me by somebody I know. You have to have told me you found this blog. I don’t advertise. I don’t offer my services to anybody else.

That means that my “Job” feels more like I am just getting to see cool people and helping them make good choices.

This past week, I have been working with a buyer and a seller that I know well.

I am listing a really amazing ranch in Versailles for a couple I have known for over 20 years. I think it will sell fast, even this time of the year which is historically slow. It has a great floor plan, great location, a large and flat backyard, a sunroom and great outdoor space.

This couple has recommended me to several people over the years. I will miss them. They knew me before I became The LEXpert. Back then I was just a goofy guy who wore sandals and always had on my favorite yellow shirt.

The buyers I am working with is one of those situations where I have worked with multiple generations of the same family. This one is especially unique because I have worked with the family of both the husband and the wife before they married…..so they are the overlapping part of a Venn Diagram. I have know the husband since he was a little kid. We once went on a vacation with his family back in the same yellow shirt guy days I mentioned above.

The best thing about working with people who find me in one of those three ways is that I already have their trust. That sure makes it much less stressful for my clients.

Reading the tea leaves when your house isn’t selling

House not selling? Wondering how to interpret what is going on? Here are a few of my thoughts on some common situations. The following assumes your house is being presented well online with plenty of good pictures and marketing remarks that describe it with more than trendy generic AI generated verbiage.

The house that gets lots of showings but no offers

Assuming that you don’t have some negative that wasn’t obvious like backing to a highway, apartments, or having an Eiffel Tower looking electrical thing in your yard, this situation simply means that the house doesn’t live up to what buyers expected. The good news with this one is that buyers think the price for what they thought the house would be is okay or else they wouldn’t come at all. The solution here is to either lower the price or improve the house so that it meets the expectations buyers have. Whichever is easiest.

I once had a condo that got tons of showings. I kept encouraging the seller to paint. Once we did, it sold. I recently had another listing that was getting tons of showings. It was a nice place, but just felt like a 15 year old house that needed a fresh vibe. The seller did some painting and replaced the flooring in all the bathrooms. As soon as it was done, it sold. Both of these places looked great online, and just needed to match what buyers thought they were getting. Both were improved for far less than the price reduction we would have needed, so both sellers actually came out better by going that route.

The house that gets no showings

This one is easy, but hard for sellers to accept. The price is too high. If a house is presented well on the MLS, and still nobody comes to see it, all you can do is lower the price. Real estate is all about price, location, and condition. You can’t change the location, but the other two you have some control over.

Also something to think about is this: If you have a $400k house and you’re asking $475k for it, buyers are comparing it to other houses that are really worth the asking price. The buyers who are going to spend what your house is really worth aren’t even going to see it since the list price is over their budget.

The house that gets the same bad feedback over and over

This is the least fun thing that can happen to a seller. I mean, they get kicked out of their house for showing after showing with no offers AND get to hear what people hate about their house.

Several years ago I had this really cool older house that had been mostly remodeled. It had the smallest living room I have ever seen……must have been the smallest anybody had ever seen since that is all I kept hearing after the showings. I’d ask for feedback and the buyer’s realtor would go on and on about how beautiful the place was, how unexpected it was to have walk-in closets in such an old house….then they would say their client wasn’t going to buy it since the living room was so small.

We tried putting in smaller scale furniture, but that didn’t help. After that, all we could do was drop the price. A price reduction opens the house up to a larger pool of buyers as well as enticing them to overlook a shortcoming if they are getting a better deal. We got that one sold too.

If you have a situation that doesn’t fit into these scenarios, give me a shout and I’ll let you know what to do.