Paula Henry

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Please Don’t Put Your Home on the Market!

September 21st, 2008 categories: Indianapolis Real Estate News, Indy Home Sellers

Put it ‘in” the Market

Really, I mean that! Probably not the way you think I do, though! See, there’s a huge difference between putting your home on the market and placing it “in” the market.

I’ve written before, not too long ago, actually, about pricing your Indianapolis home to sell. I honestly admit I do allow my clients to test the market “for a time”, especially if there are not enough comparable sales in their neighborhood or if they have an outstanding or unique home. I also let them know we must be ready to adjust the price based on activty, feedback and lack of offers. It rarely earns me bonus points, but I prefer honesty above all else and have walked away from listings I knew I had no chance of selling when the homeowner is stuck on their price.

A Current Example

So, why do I write this again? I have to tell this story; it is exactly the type of homeseller who needs to take their home off the market.

This particular seller is wasting their time and their agents time! It is a home I was personally interested in buying. I made an appointment, but was turned down because it was an inconvenient time. Hmmm……in this market, if you can possibly accomodate a buyer, you really should.

At the time, the home had been on the market for almost one year and they were on their second agent. So let’s look at the history:

Agent #1 had the home listed at $###,###. for 4 months. The information provided was accurate. The pictures used to market the home were just okay. The agent didn’t use a wide angle camera, which failed to capture the true beauty of the home.

Agent #2 did a fabulous job capturing the beauty of this home with professional photography which made you want to make an appointment to see the home. It made me want to go see it! It was originally priced at $###,### with agent #2 and reduced by $15,000 over the next six months it was listed. $15,000 represented less than 4% of the original listing price.

And…………………………..it expired last week without selling.

This week it came back on the market, listed with another agent, who is only marketing with 6 outside pictures, nothing impressive and here’s the big difference – they raised the price $10,000 more than the price it was originally listed for with agent #1, which is $35,000 more than the price when it expired with the last agent.

It Still Won’t Sell

If they really wanted to sell, this is NOT the way to do it. They should just take it off the market, because they are not “in” the market.

Raising their price will not sell this home. Now, though, it has been on the market for over a year, which makes homebuyers wonder what is wrong with the home. It also tells me they are stubborn about their price. This homebuyer – that’s me, will not look at a home where it is apparent the sellers are stubborn AND overpriced.

 

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This entry was posted on Sunday, September 21st, 2008 at 5:20 pm and is filed under Indianapolis Real Estate News, Indy Home Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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