Seller's Reality Check

In this price-driven market most Buyers aren't letting their emotions interfere when they decide to purchase a home--they're looking with their pocketbooks, not their hearts. A Seller's
reality check may come only after the listing has languished on the market for several months without a nibble. Losing a home sale to a competing and lower priced home down the street can be an eye-opening experience for many Sellers who may then decide to cut their price. Unfortunately, most Seller's tend to like incremental price cuts (which only serve to make them look desperate) rather than one big decrease that will generate more interest.

Your first three weeks on the market are important. That is when you'll have your most showings with the most potential. Qualified Buyers are out there and they know the market! If a house is overpriced and in poor condition, chances are it won't make a Buyer's "showing cut"! Buyers keep abreast of the real estate market in their areas of interest via the Internet where they can view photos and compare similarly priced homes. Houses that haven't kept up with the times can't compete with those in the same price range that have been updated (kitchens, baths) and freshly painted.

The days of multiple offers are long gone. Sellers who offer a desirable product at a competitive price will reap the benefits of today's ever-changing marketplace.