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How Stale is your Listing?

Nov 4, 2008

Sellers that have been chasing the market down for the past year or more need to understand something:

Your listing is stale!

 

It’s definitely stale, and not just to the local Real Estate agents that have no interest in showing it. It is also stale to the buyers that now spend months on the internet searching for the right house. All of these people are bored with your extended listing and unreasonable attempt to sell above the market price.

Now that you have a stale listing, what overcomes the objection?

Price!

As a former retailer a phrase that stands out is:

You can sell anything when you get it to the right price.!

Holding out for a higher price will net you less in the market we are in. Clinging on to some Zillow number or the price that someone on you block has been listed at forever will not force a buyer to purchase your overpriced listing.

It’s all about price.

Until you are ready to compete with the bank owned inventory, stay off the market. The quickest way to turn a Real Estate market around from a buyer’s market to a seller’s market is to get the active listings (inventory) to a level that supports 5 months of sales or less. When buyers have over a years supply (Big Bears current level), the buyers are in charge. So, do yourself and the market a favor, price your home to compete or don’t list.
In Big Bear we have 1098 residential listings today. According to the local MLS we have had 65 residential properties close since 10/1/08.

Sold October 2008

As you can see, the price differential for the closed sales in October show 96.73% of asking price. Don’t build a compromise in your price that keeps buyers from seeing your home as a value. In other words, don’t price at $250,000 hoping to get an offer at $225,000. Yes if you home is worth $250,000 you will get offers at $225,000, but if your house is worth $225,000 and you price it at $250,000 it won’t get shown and that translates to an eventual stale listing.

In this market, price your home just under market value and hope that a qualified buyer sees it before you have to amend the price even lower. 

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com