Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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Dear Seller(s) - It Really Is Just That Simple

Dear Seller(s),

 

I know you hate hearing the dreaded "P" word.

 

It means less money in your pocket when all is said and done, or perhaps even means a Short Sale.

 

 

 

But it all comes down to PRICE, every time.

 

Every home will sell, for a price the market is willing to pay.

 

 

The market factors in things you cannot change, such as location, type of property, and a myriad of other factors that your only opportunity to be different was when you purchased (or built) the house.

 

The things you cannot change, are not going to change, at least not in an amount of time to make a difference to the price the market will pay.

 

The market factors in things you can control, such as condition, updates, property preparation, and many other perhaps small but important touches, like the appearance of the front door, does the lock work properly, does the handle work properly, does it open and close easily and soundlessly?  This is the first thing and the last thing a prospective Buyer will see once they have chosen to preview your property in person.

 

So, you have done all you can to prepare the property - decluttered, thorough deep cleaning, maintenance and repairs as needed, it is "Ready for Showtime", the professional photographer arrives and takes top notch photographs to showcase your property, and creates a compelling virtual tour.

 

Your listing agent has thoroughly reviewed every feature of the property you want highlighted in the marketing materials (electronic or print), prepared compelling text to showcase those features, and you have reviewed and signed off on it.

 

 

Everything is a perfect 10! 

 

The listing goes Active in the MLS.

 

You wait for showings to occur.

 

They are few and far between.

 

Every agent who provides feedback states that the listing is priced too high, so high in fact that their Buyer won't even consider making an offer at the fair market value of the property because they believe (rightly or wrongly) that it will be so much lower than your list price that you will discard it out of hand.

 

 

A waste of their time.

 

They have moved on.

 

More than 1,500 prospective Buyers have toured your property.

 

Online.

 

In two months.

 

Only 4 have shown up in person.

 

All 4 have provided feedback.

 

It's consistent.

 

The property is overpriced!

 

Try to remove the emotion for a moment.

 

Do you remember when your listing Broker shared the market stats with you before you insisted on the current list price?

 

Do you remember saying that you thought price per square foot in a subdivision of several hundred properties with many having the same floor plan and features as yours was "irrelevant"?

 

Do you remember stating with confidence that you were certain you would have an acceptable offer within the first 60 days of the listing, and that if you didn't, you would agree to a list price adjustment to bring it in line with the market?

 

Do you remember your listing Broker cautioning you that this approach would delay the sale of your home, and potentially lower the price you would get for the property?

 

Are you having "deja vu" given this is your second attempt in as many years to sell the property, and nobody has made you an offer?

 

Do you realize that being under contract and closed by the middle of December is no longer a possibility?

 

Do you really want to sell your home?

 

No - it's not optional to equivocate here.

 

Do you want to sell it - or not?

 

Do you have to sell it - or not?

 

If the answer is, you really want to sell, or you really have to sell, then it's time to wake up and recognize that the market will buy your house - for "market price".

 

At the current list price, 99%+ of those who see it online, decline to put it on their "let's go see it list".

 

Of those that show up, all tell you the current list price is so high, it's not even worth their time and effort putting together an offer that they believe you won't accept, which means you have failed to sell it to a Buyer.

 

If the Buyer is using financing, then a slew of other "players" enter the arena, and you have to sell it to all of them, or no deal.

 

The Appraiser, and depending on the type of loan, the Appraiser may even stipulate certain "repairs" before it can move forward!

 

The Lender.

 

The Underwriter.

 

It's a simple choice.

 

Really.

 

 

You can price the property where the market has demonstrated an interest in other similar properties, get it under contract, and move towards a smooth closing, allowing you to move forward with your goals that were/are dependent on the sale.

 

Or, you can wait for the market to "appreciate" to the point your list price is now in line with the market.

 

How many years will that take?

 

Will it ever happen?

 

Why not accumulate the equity in a new home where you want to be, rather than wait and hope to accumulate equity in the current house?

 

If you want to Sell - then Sell.

 

If you you have any equivocation at all about some sort of rationale that means you "should" get more than the market will bear, then don't bother trying.

 

It isn't going to happen.

 

Really.

 

It's just that simple.

 

 

 

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All images purchased and  licensed from Shutterstock , shared from YouTube, sourced from Vectortoons, or were taken by the author unless otherwise noted.

About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Executive Officer - Haven Express @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - Haven Express @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
Haven Express
Keller Williams Arizona Realty
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