I was reading an interesting article in the Real Estate Section on yesterday’s Washington Post called Where Fantasy Meets Reality: The Emotins of Buying and Selling by Yian Mui who is in the market herself.  In it she explains the emotional upheaval a lot of Sellers and Buyers are going through as they navigate the turbulent waters of our current housing market coupled with the economic crisis we are inundated with everyday.

The article bears out my own experience as a Realtor – primarily as a listing agent – with Sellers who have equity in their home, want to move and yet hold onto a kind of irrational belief that they will be different.  Their house is special.  They’ve upgraded this or that or it’s in a special location near METRO or the University of MD.  Their neighbors got such and such a price and (of course) the Seller’s house is in better condition/larger/has a nicer kitchen, etc. and so on.

Maybe This One is THE One

One of the biggest challenges is a Seller’s belief that anyone who visits their house or picks up a flyer from a brochure box or visits the Open House may be THE One who will buy the house.  I’ve been requested by clients to call people that have been met in the grocery line or at work and, in one case, someone who simply drove up to the house unaccompanied and wanted to view the house.

This last one bothers me on two levels: 1) why would you let complete strangers who simply drive up to your home and see a “For Sale” sign walk into your home without an accompanying Realtor and  2) if these potential home buyers were truly serious, where was their Realtor? (side note: I realize this is “normal” for the For Sale By Owner seller but it really shouldn’t happen when the Seller has their own Realtor)

My guess is that Sellers really want to sell their home and that they grasp at any chance that might result in an offer.  Of course, when the offer comes in lower than they expect a whole new mindset develops (see article).

Chasing the Buyer

My point is this: If someone likes your house enough to want to buy it, they won’t need to be chased down and asked about it.  They’ll write an offer.  Contacting and talking to people who have viewed a home but have not written an offer will result in some feedback about why not:

  • too expensive
  • not in the right area
  • bathrooms/kitchen out of date
  • unfinished basement
  • yard is too small/too big/too sloped/too many trees/not enough trees
  • needs painting/carpeting/cleaning

Most of the time the feedback is something you either can’t so anything about or don’t want to because of the costs.  The very best feedback is an offer, in writing, from the buyer.  At least that way you can make a decision about moving forward or not.

So What Can You Do?

There are three things that help sell a home:

  1. Price
  2. Condition
  3. Location

The Seller has some control over price depending on how much, if any, equity they have in their home.  The Seller has complete control over the condition of the house.  If something needs to be fixed or spruced up the Seller can do it. Location is the only thing the Seller cannot control.  It is where it is.  If it’s a nice location, great.  If not, price and condition will make up for the location.