Following are ten questions that every property seller whose listing is aging without selling should be asking themselves.
10: What is the best estimate of actual current market value of my property based strictly on recently sold, comparable properties close in size, condition and location to my property? What that number was last summer when you first listed is likely to have changed.
9: Am I asking close to that number and am I willing to sell for close to that estimate or am I praying for a miracle? Like the Florida skunk ape pictured above, the existence of the wealthy uninformed buyer with no internet connection who is willing to pay your price without looking at your competition is still in doubt.
8: What is the supply of similar properties and do I think it's going to increase or decrease? This is especially relevant right now as historically we get a bump of new listings in late spring of properties that were rented to snowbirds during the January through mid-April season.
7: Are there any possible events looming that could affect the value of my property like impending fee or insurance increases or possible expensive repairs or assessments?
6: Does my property show well? Does it smell inviting? You might be surprised at the smells that sellers have become accustomed to that are off-putting to others. Your shy tabby is mighty cute but we could smell her litter box before we came in the door.
5: Is it easy to show my property? You may not realize that your tenant has become difficult or that it is difficult for buyer's agents to get showing instructions or that your listing agent keeps the keys in her office rather than using a lockbox. If your listing agent doesn't answer his phone or his office is closed on weekends, you're missing showings to prospective buyers.
4: Am I offering buyer’s brokers compensation? (Offers to pay buyers’ brokers’ compensation are no longer allowed on the MLS but most sellers in our area are still offering to pay a reasonable buyer’s broker’s commission. Refuse to offer a competitive rate and risk fewer showings and lower offers.) A seller doesn’t have to like or agree with this practice but if the competition is paying it, it is probably prudent to pinch your nose and join the party.
3: Is your listing agent offering suggestions to effect a sale or is she making excuses about the time it’s taking to sell your property? If the comps suggest the listing is over-priced and the agent is not suggesting reconsidering the price, it might be time for a talk with them. You’re not looking for someone to agree with you about your asking price. You’re looking for a sale.
2: How much is it costing me every month that the property isn't sold? In addition to taxes, fees, repairs and interest you have to figure opportunity cost on the equity (if any).
1: And number one; In which direction do I think (based on facts) my property value is headed? If I stick to my pricing guns will I eventually get my price or will I have to settle for less than I might get now if priced competitively?
Activity has been brisk among all price ranges from $120,000 to over a million with 46 condo sellers finding a buyer since March 1st. Would your unit not have been a perfect fit for one of the 46 buyers? Why aren’t you among those who received an acceptable offer?
“Someone had to run the harvesters in the rice and sugarcane fields, check the irrigation canals and robots, install things, fix things. Humans were still not only the cheapest robots around, but also, for many tasks, the only robots that could do the job. They were self-reproducing robots too. They showed up and worked, generation after generation; give them three thousand calories a day and a few amenities, a little time off, and a strong jolt of fear, and you could work them at almost anything. Give them some ameliorative drugs and you had a working class, reified and coglike.” _Kim Stanley Robinson from 2312
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