Overland Park Home Sellers – What Kind Are You? (Part 2 of a 3 Part Series)
In any real estate market, there are always 3 types of home sellers (especially in Overland Park). The first is – “I’ll sell if I can get my price.” You can read that post here. The second type is – I would like to sell but I’ve got time so I’ll start at my price and may reduce the price over time but I’m willing to hold out. That is the attitude of “Mr. Hurry Up and Wait.”
Is this you? Do you want to sell but want your price more than you want to sell? Are you scaring off buyers because your price is too high for your neighborhood so you don’t get showings? Buyers and their agents think you are going to be hard to negotiate with so they don’t even bother looking at the house. This house sits and sits, accumulating days on the market and misses the boat completely with the ready, willing and able buyers that would be the perfect match. Buyers and Realtors wait for the house to come down in price and over time it does but this house is like a dog chasing a car – it keeps chasing and never catches up to the right price.
The question here is that generally speaking, even if the average days on the market is 180, houses that are on the market for 180 days, may have had as many as 5-6 price reductions. I know, you don’t think that will happen to you, but if you look at the statistics, it happens religiously. The agents send out a “fire sale” message – seller says, “MAKE AN OFFER!” Now, “Mr. Hurry Up and Wait” becomes desperate and ends up selling the house for less than he would have had he priced his home correctly from the beginning.
Don’t let this happen to you. When approximately 17% of the available inventory is closing any given month, you will definitely be in the 83% that doesn’t sell. It makes people wonder what’s wrong with your house. “Why has that house been on the market so long?” It certainly makes people leery – they tend to become suspicious and fearful that there’s something really wrong when in fact, the seller isn’t that motivated to sell it.
Next Monday, I’ll describe the third type of seller – my favorite – “Mr. Let’s Get It Done.”
If you’re wondering how you can sell in this market, call me at (913) 515-3250 or get started here.