What is your advice to sellers caught in the real estate dead zone?
I don't need to tell you what the state of the economy is just take a look around. Today, many home owners are frustrated as they watch their home languish on the market.
Looking at market reports for many areas I see the the majority of the home sales are on the lower end of the market. Those with cash or those fortunate enough to qualify for a mortage seem to consider short sales or foreclosures over some of the resales on the market.
So, what advice can you give to a seller caught in the real estate dead zone? By that, I mean having a house priced in a range seeing very little activity.
* The agent has done everything possible to market the property.
* The sellers made price reductions, but, still nothing happens.
* Buyer's incentives as well as agent incentives were made and still nothing happens.
* A market anaylsis was prepared and the price seemed to be in line with other similar properties.
* The owner even obtained an official appraisal and the price seemed to be appropriate.
Would you now advise seller to pack it in? Or, rather would you advise them to just hang in there although you can't see any trends indicating things will get better anytime soon?
I think it all depends on their reason for selling. Is it because the person is moving to another state? In that case I would probably suggest further price reductions because the seller may still be able to buy a home for less in the state he or she is moving to.
If the seller's timeline is longer, I would also suggest hanging in there; but, this would also depend on the seller's personality type. Some people just won't have the patience for this approach.
In any case, I do feel for these sellers. And, as an agent with listings in the dead zone, I can so understand the pain.
Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- firstname.lastname@example.org
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