25 Oct 2019
In working with Sellers today it’s very important to give them options and go through the various choices they have. After many listing presentations and conversations with other agents about their presentations, here are a few questions that every seller should seriously consider.
Most sellers tell us today the same thing… “If I can’t get $_________ for my house, I’ll just wait.” Folks, this is an emotional response to the price in most cases. Selling a home isn’t ONLY about the price. Generally, a decision to sell a home is to satisfy some kind of need (job transfer, bigger family, downsizing, etc.) How many sellers wake up one day and say “Honey, I think the house is worth $_________ so it’s time to sell!” It’s important to keep our minds OPEN to the big picture and needs of the family so we don’t get stuck on just the price.
Now, if you don’t really NEED or really WANT to sell your house, don’t list it! One more overpriced listing is not going to help the market recover. In fact, it does the opposite by keeping larger inventory than we need. Let’s take a look at some questions that may help you in making your decision:
1. “What If” we got a cash offer, close in 2 weeks for your house for the price of $25,000 less than the figure in your mind. Would you take it? “What If” we got a cash offer for $50,000 less, $75,000 less? What is your TRUE threshold? Knowing this helps you be more realistic if you receive an offer that’s less than what you’re asking.
2. “What If” we just cannot get the price you want for the home? What will you and your family do?
3. “What If” you decide to wait out the market? How long could you wait?
4. “What If” it took 5, 6, 7 years to get back to the price you suggest you want for the home? Let’s face it…even if we are at the bottom at the end of 2019, most markets only appreciate at a rate of 2 to 5% per year. Do the math, at 2% a year, how long will it take to get back up to the price you want? How long at 5%? It’s going to be longer than you think.
a. What will it cost you to keep the home for that time frame?
b. What plans will you have to change in order to stay?
c. What sacrifices will you have to make?
5. “What If” we went ahead and got the property SOLD now at a price that makes sense for today’s market value?
a. What will it cost to make the sale happen?
b. What plans could you then move forward with?
c. What sacrifices would you have to make, if any?
Having an agent who will take you through this process to identify your true options is essential to keeping the logic in place and the emotion under control. We know it’s a tough decision…let us help show you the big picture.