The five or six years have been a great time for people selling their homes. The biggest issue sellers seemed to face was simply the decision as to the best time to sell. Once that decision was made, one could practically ask for anything and get offers rolling in. Sellers had all the leverage. Buyers regularly worried about losing out on properties and would happily pay a premium for just about any home. With appreciation rates skyrocketing and interest rates at historic lows, buyers just figured they would make money anyways.
As the home market cools, the leverage is the buy-sell process is switching to the buyers. Sellers can no longer ask outrageous amounts for their homes and expect to get flooded with offers. For sellers, this is a sad, but true development.
While things may favor buyers at the moment, many sellers are having problems changing their mentality. They are still acting like the market is hot. They figure out the value of their home compared to others in the neighborhood and then list their property for something much higher. After the last five years, it comes as a shock when the home just sits and sits with no offers coming in. If you are having this problem, you need to reset your thought process on how to go about selling your home. Yes, you are actually going to have to work at it.
The most important thing to consider is the price you are both listing the home for and willing to accept. If you try to sell at the top of the market for homes in your area, you are going to have problems. Home values are trending down, not up. Buyers also know they should never buy the most expensive home in a neighborhood since it limits their potential appreciation. If your home is priced at the top of the market, you are throwing your bait out to high above the buyers. This is not necessarily a mistake if you are willing to wait and wait for an offer. If you want to sell now, however, you need to aim for the middle of the market. Get an analysis of comparable homes in your area and their prices. Compare your homes to the field and price accordingly.
The legendary real estate market of the early decade is finished. As a seller, you need to adjust accordingly.
