(CHEROKEE LAKE REALTY WRITES A WEEKLY COLUMN FOR THE GRAINGER COUNTY JOURNAL NEWSPAPER. THIS WAS A RECENT QUESTION ASKED BY A READER.)
Sadly, yes. We mostly have internet sites to blame for this situation. As an example, Zillow prominently displays how long your listing has been for sale. From the first few hours it’s listed to infinity and beyond. As long as your property is for sale, they will continue counting the days. So, when it doesn’t sell right away, folks that are looking at your listing think, why? Well, the “why”, they believe, is that there is something wrong with your property. That can be the only reason why it hasn’t sold, right? Wrong. Real estate agents have been known to contribute to this thought process. I’ve had listings that have not sold right away and one of the first questions I’m asked by an agent is… what’s wrong with the property Felix? Well, how about the fact that the sellers have had several offers they have turned down? Nothing is wrong with the property, it’s just that the seller was not comfortable with any of the offers. In most instances a buyer needs to finance the purchase of a property. This takes time. And, sometimes after a few months, for whatever reason, their financing falls through and the home is still for sale. Nothing is wrong with the property. I can give you a few more examples. In all of them, the home stays on the market for a while, without there being anything wrong with the property. But here’s the problem, as the saying goes, perception is reality. So, for whatever reason, if a home doesn’t sell in a few weeks, there is something wrong with it. Hogwash.
Can anything be done to offset this? Sometimes. When the property is first listed it will draw the most attention. It’s new and shiny. So, make sure that everything that can be done by the seller, and the real estate agent, shows the home at its best. Great photos, great description, great advertising, and a realistic sales price. As I’ve written in previous columns, if a home is not priced properly to begin with, that home may not sell as quickly. We all want a million dollars, but if the home is priced at a million dollars and an actual appraisal will only value it at $600,000, then it may sit for a while. Nowadays, with all the available research, most folks will know if a property is being priced accurately. This may actually turn off a buyer from making an offer. The thought that let’s list it high and we can always negotiate does not hold true in all cases. The buyer does not know this. So that is one thing you and your agent can control. Make sure the home is priced properly. Remember the clock is ticking.
