unrealistic home sellers
Issue 125 - March 10th, 2023
If you are selling a home in this current real estate market you need to price your home to sell based on RECENT market sales comparables or else you are wasting your time.
Home sellers are a special breed in some circumstances - they think they know everything based on some very limited market knowledge, and they seem to make up a price in their head that covers their costs for owning the home and gets them a nice return after fees - wouldn’t it be great if homes were guaranteed to rise in price? I think that was the reason 2008 happened - housing prices never fall!
It seems we have entered the phase in this current market where you are starting to see the “unrealistic home sellers phenomenon” return to the market.
If you are considering selling your home in this current market environment, you should price it very, very close to recent sales comps right out of the gate. You are not going to see much success with the “price high and negotiate” or “price high and reduce” strategy right now. Buyers are weary and tired especially as rates continue to rise, and you must price appropriately out of the gate to get the most action and momentum to lead to a successful sale.
Don’t waste your time and have greedy unrealistic expectations - the market has shifted a lot in the last 90 days. Deals are still getting done but the strategy to execute a successful sale is changing rapidly and varies neighborhood by neighborhood in markets all over the country.
Happy Spring Selling SZN!
Newsworthy Links To Share
From Idea to IPO: A Behind-the-Scenes Retrospective on Building Trulia
Single-Family Market Share Continues to Shift from Large Population Centers
Country living: Single-family housing starts have dropped most in high-density markets, while rural markets saw positive single-family home building growth rates in Q4. (CRE Daily)
Watercoolers Become RTO Measure as Remote-Work Debate Rages
The volume of water dispensed to office buildings mirrors a nationwide office-occupancy index.
American oil tycoon T Boone Pickens' Texas ranch sells for $60M less
Photos show off the jaw-dropping property located in the Texas Panhandle which includes man-made rivers, a golf course, a 6,000-foot long runway and hangar for airplanes.
These towers could raise bar for North Austin's skyline
This architectural drawing of The Hollis — a proposed multifamily tower — shows how part of North Austin could soar to new heights in the coming years.
Five Things To Watch as Compass Fights to Turn the Corner
Compass’ annual report was full of information about the extent of its layoffs and clues to its next moves.
Compass Losses Exceed $1 Billion Over 2 Years — Resi Rundown
The Real Deal's Hiten Samtani provides key takeaways from residential brokerage Compass' Q4 results and its earnings call.
Tampa "about to explode" as a destination, says Edition hotels founder Ian Schrager: Ian Schrager's hospitality group The Edition has opened the first five-star hotel in Tampa, Florida, which includes a "jungle" lobby and a party room with 350 disco balls.
The Texas Tribune: Nate Paul, real estate investor in Paxton corruption allegations, found in contempt of court, ordered to jail
Hillwood Development Co. Buys Inland Empire Speedway, A 600-Acre Development Site
Hot Dogs Can Explain How Our View of Inflation and Employment Changes With the Seasons (WSJ)
What makes the U.S. real estate market the envy of the world
From accurate, accessible data to fixed-rate mortgages, here’s what makes America a global leader when it comes to buying or selling a home. (Washington Post)