Let's face it. The market is not what it once was.
Many sellers have no idea that prices have fallen. Many others have heard news reports about an ailing housing market, but don't have a real feel for how this affects them.
Still other sellers feel disheartened by the state of both the economy and housing? They wonder if they can still sell in today's market.
It is your job as a real estate agent to not only educate sellers on current market conditions, but also to comfort them when things are not what they expected.
In order to comfort sellers, its important to show them they're not alone. There are other homeowners who currently need or want to sell. There are millions in fact. And the fact is that homes are still selling. People are still buying, just not at the pace they were in 2005.
Sellers also need to know what their home is worth in the current market. Be sure to have plenty of comparables available to show at listing presentations. Chances are you'll have some sellers who expect the worst (and will be surprised their home is still valuable) and those that still expect pre-recession pricing.
You can also use comparables to show homeowners what they need to do in order to be competitive. Many sellers have a dollar amount in mind when they decide to list their home for sale. They need to know that this price may be possible if they are willing to make some updates and changes to their home.
For example, a couple may want to sell their home for $250,000, but comparables in their neighborhood going for that price have updated kitchens. You can help guide your sellers in the best direction for them. Would they rather reduce their pricing expectations or do some improvements to their home?
Sellers should also be prepared for market time. This has increased in recent years as inventories has begun to outweigh demand.
You can calm a lot of nerves by telling sellers upfront how long homes are taking to sell. This can help with planning as well. If market time is several months or more, your sellers may wish to wait to start looking for a new home. Give them tips and tricks that will help the home sell quicker, such as staging and showing tips.
Speaking of new homes, sellers should be reminded that while they may get less for their home than they could have a few years back, they will most likely also be able to buy a home for less money.
It is still a good time to make a move. Do your part to comfort sellers in today's market.