Okay, it’s time to return to Real Estate 101. With so much gloom and doom reported, our successful sale stories are being pushed aside by national reports of overstocked inventories and reluctant buyers. Blaming slow sales on “the market” is just an excuse. There is only one reason that homes remain unsold: they are overpriced.
For many sellers, this lesson is only learned after it’s too late, resulting in frustration and finger pointing. Let’s try to put the record straight. Many markets experienced extremely high levels of activity over the last few years. Inventories adjust as the number of eager and willing buyers drops off. Simply put, buyers are becoming choosier.
Sellers must look around them and take note of homes currently for sale, homes that have recently sold, and homes that have languished or expired. In other words, look at those prices and learn from the experiences of those who have gone before you.
A primary rule of Real Estate 101 is that a home’s value is determined by the buyer, not the seller. That means today’s buyer, not yesterday’s and not tomorrow’s.
Buyers are in fact plentiful, but they’re just as tuned in to the media’s scare tactics as sellers are. If you want to sell your home to “today’s” buyer, consult with a professional and price your home competitively against your rivals.
Bennington VT, Selling, Market Outlook