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Monday, July 08, 2013

If the real estate market has changed then why has my house not sold?

I received a call from someone this past week who had read an article I posted a few weeks ago about multiple offers and the changing Brevard County, Florida real estate market.

They have had their home listed for several months with no offers.  And the listing was about to expire.  They were frustrated.  They wanted me to tell them why their house had not sold yet.

So I take out my crystal ball and see what I can visualize....

The obvious issue is price.  I know it but the underlying problem in this case is one of "expectations."

Somehow this hopeful seller had drifted down a primrose path that was not grounded in reality.  She was hopeful...overly hopeful. 

The problem here was the seller's expectations were not established and clarified at the onset (several months ago) when the list agent agreed to a higher than market price.

I am not completely opposed to a seller listing at an optimistic price. 

However in such cases I clarify the seller's expectations.  And then I set the stage at the time of listing for any future price change this way... 
"if we don't have at least 10 showings and 1 serious offer within 30 days then we will need to talk about the price."
The above I call my "30-10-1 rule."   It gets the seller's attention.  And, if we need a price adjustment after the first month, they know it is coming.

Working together we will get the job done so my seller does not call another real estate agent to ask them why their home has not sold!

When you are ready to sell your Viera, Suntree or Rockledge, Florida home, give me a call at 321-693-3850.  Want a free market analysis? Just ask.

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