The Price Is Right

In only the past four months, inventory has increased significantly in the market, so now it's time to plot out the best strategy for selling at while inventory is abundant. As an agent, it's up to you to encourage sellers to price their properties for selling, so you can start moving this inventory off the market.

It's important for an agent to perform a detailed market analysis for each seller, showing them real comparisons in their neighborhood. Really show them apples to apples. Remember that selling a home is an emotional decision, and some sellers will likely tell you that their neighbor got "x,y,and z" amount only a year ago, and that seller's home "is so much nicer." They must gently be reminded of the reality of the market, and about competing homes in their area. Taking your sellers for a drive and giving them a personal neighborhood tour so they can see other listings for themselves is an excellent way to familiarize them with the market and begin to look more objectively at pricing. Taking this one-on-one time also instills confidence in the seller, letting them know that you are, indeed, on their side and wanting to help them as much as possible. A successful sale of their property is your goal as well as theirs, and by determining the right listing price you are that much closer to your goal. This is really the main way to set the right listing price, by always analyzing the marketplace and comparable properties first-hand.

One more important thing for your seller to remember is that any dollar amount they may forgo on selling in this "buyers' market", they will most likely make up for in their next property purchase. The good news is that as sellers become more realistic in their listing prices, sales will continue to improve. Ultimately, the price will be right, without question.