It’s a challenging market for everyone. I get that. It may be most challenging to the upper middle class who live in upscale and status neighborhoods. Why is it most challenging for them? Ego.
One of the keys roles I play as a real estate professional is to try to help people get a true sense of the value of their homes. I don’t pretend that I have all the answers or that I know exactly what your home is worth, but I can provide market information with comparable sales to provide context and facts to be able to position your home in today’s market.
I find that the biggest challenge is for some in upper bracket neighborhoods to set their egos aside and listen to the advice and counsel of their agent. Many of these sellers are executives in local and national companies and they are used to giving orders and making things happen. I get that. They are successful at what they do and that’s great. However, work success does not automatically translate in to market knowledge about what their home is worth in today’s market. Some are shocked in denial. Some are angry. Some think I’m full of it so they take a pass and find someone else to “sell their home at a higher price.” The house is worth what it’s worth. You can try to fool the market, but that just doesn’t happen today given all the technology and information buyers can access.
We all have egos and in many ways that’s a good thing, but if you’re a seller in today’s market, especially in an upscale status neighborhood, it will be best for you to try to keep your ego in check. Your home isn’t worth anywhere near what it once was, and yes, that often translates in to a $200,000 – $300,000 reduction in value from the top. Sorry.
You can fight your agent, fight the market, fight buyers, fight buyer’s agents, and drag out the selling process for an extended period of time by overpricing your home, or you can succumb to the realization early on about the market and your home’s value in the eyes of buyers today, price it right and try to move through the process in a reasonable period of time. Life is short. If you’ve decided to sell, then sell.
What’s the phrase…I can make this easy or painful? It’s your call.
- Sellers Have About 90 Seconds to Sell Their Homes – Preparation and Staging Are Key (johnmurphyreports.com)
- Is This Really a Buyer’s Market? (johnmurphyreports.com)