It seems so elementary and simple, but it is a fact that is often overlooked. After a property is listed for sale, properly marketed, and has many showings but no offers you step outside the realm of market theory and enter into the world of market reality.
The market is talking. The market is saying that potential home buying consumers have weighed the merits of the property over others in the market area and have chosen not to purchase this particular property.
And when the market speaks, if you are not listening, your chances of a successful sale become more and more remote.
If the market is telling you that you are priced too high, you can throw away that year old appraisal. The market has been to your property and it has spoken.
If the market is telling you to clean up the property and make it look like new, you cannot ignore it.
If the market is telling to replace outdated fixtures and mechanical systems, do not pretend that you cannot hear it speaking.
If the market is telling you that your property smells like pets or cigarette smoke, do not say that will not matter to a purchaser. The market always knows.
If the market is telling you that your property is not competitive in your market in any way, shape or form then it is time to reevaluate your sales strategy.
The market is unfeeling and immutable. But it is a force that must be reckoned with.
And the sooner, the better.
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All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required. Visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park. North Georgia Photos.
Good morning Richard! First, great photo! Do tell, is that kitty yours?
You are so right, the market does speak to us, and we MUST listen. And sellers MUST listen to it to.
Another wonderful post, just like my morning coffee, it has become a ritual for me to read your posts in the morning. Now I can get ready for work. Phone wench this morning you know.
Great post Richard and yes, I also believe that the real estate market talks to you, now more than ever. Realtors need to listen and sellers need to listen. The listing has to be competitive in every way.
This sure did get me laughing, as I could clearly hear the commanding tone in the virtual voice (and the terrifying eyes of that cat!). But it's essential to not personalize the process, but to rather be clear and objective about the talking market! Have a great day, Richard.
Richard when the market speaks, everyone should listen. I heard this on one of the real estate TV programs the other day, "Do you want to chase the market or stay ahead of it". Rings very true.
Richard,
The market is the message and in real estate, it's very unforgiving to those who don't listen.
Rich
Andrea...
The cat belongs to a friend ... I just loved the "huh?" look on his face! Thanks as always my friend, now get on those phones!
Anne...
Once the showings take place, it proves that it's not the marketing. It's something else. Thanks.
Mara...
I was hesitant to use the photo, but I'm glad to hear that the point is taken! Have a great day.
Richard - excellently stated. I have been trying to convey this message for some time, but haven't been able to put it so entertainingly.
Michael...
I think I saw the same show! lol and thanks.
Rich...
VERY unforgiving. THX.
Mike...
I have used this line before with clients ..."The market is speaking to us..." and the seem to appreciate it! Thanks.
Richard, absolutely correct. Usually its an unwilling seller who will not listen to the market, after you put it in black and white, in a good current CMA, after you tour them thru the competition of homes in the area, after you show them realtor feedback and they do not change a thing, I am all for giving up and spending my energies and money elsewhere.
Richard, Sometimes it's just difficult to hear what the market is saying... I'm not sure if the market needs to speak up or we need to clean our ears out. Excellent post as always.
Very good way of putting it..... very competitive market......
Richard,
This is something that both the sellers and their agents need to be listening to. And not with a deaf ear either.
Richard: First of all, what a great picture! Those eyes are fabulous. As for dealing with marketplace feedback, either fix the issues or lower the price.
Denial of what the market wants is certainly not your friend when you're selling a house. You have to give the people what they want, because it's all they will buy.
Hi Richard. I chuckled at the part about throwing away the year old appraisal.
How true!
Ken
Richard - I too feel old apraisals are yesterday's news. Price and appearance are king. Sooner or later if selling the house is important ... the market will tell you what to do (or your agent). Great post.
Richard...sometimes it is the simple things that people just cn't grasp!