It wasn’t too long ago that we had a president who called himself a “Decider”. I think he actually thought he got to decide a lot more than he really did. But, when he went to buy a house in Texas, after leaving office, that’s when he was a real Decider.
Buyers in any market, here in Nashville as well as all over the country, are always the ones who decide what a house is worth and how quickly it sells. When the market is “good”, it’s because buyers are buying. When the market is “bad”, it’s because buyers aren’t buying. During a “Seller’s market” - a time when properties are selling as fast as agents can list them - Sellers tend to think they’re in control.
What they are experiencing is the collective decision on the part of homebuyers that it’s a good time to buy, for any number of reasons not the least of which could be positive media, lower mortgage rates, or just because it’s springtime. What is happening is this. A lot of buyers are looking at houses, buying and closing on houses which in turn creates and perpetuates a competitive atmosphere which translates into quicker sales for higher prices.
The same “Buyer’s the Decider” theory is true, but a bit more obvious, in a so-called “Buyer’s Market” – a time when buyers put on the brakes, take to the couch on Sunday afternoons; effectively saying unless the price is really right, i.e. low, they aren’t buying. Until they do, the only thing a Seller can do is entice them with lower prices.
When a Seller gets frustrated in a Buyer’s market, the most important thing she needs to do is listen. Listen to what Buyers have to say. Don’t just read the feedback you get after a showing. Take it to heart. Put your ego aside. Either lower your price or fix up some or all of the things Buyers are saying make your home not worth the price you’re asking. Listen to your experienced agent. Price your home “for the market” at the beginning of the listing period. With such good resources on the internet, Buyers know what houses are selling for in your neighborhood. Don’t think you can fool them. By overpricing your home, especially in a Buyer’s Market, you’re disrespecting their intelligence and they will disrespect you right back by not even looking at your property if the price seems out of line.
Just knowing that Buyers are the Deciders gives a Seller a chance to learn what they can do to come as close as possible to what Buyers are looking for when they prepare to list their house. Your agent is the best source for knowing what the latest “Buyer desires” are. Plus, when you research online you’ll find a wealth of information that can give you insight into the current market in your city as well as what features most Buyers look for when choosing their dream home or the next house on the way to their dream home.
The good news for Sellers is, they usually turn around and become Buyers after they sell their house, so they get to be Deciders, too.
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