A real estate professional recently coined the term “Price Denial Syndrome,” a troublesome condition that afflicts sellers having a hard time facing the realities of today’s markets. Of course it’s difficult to make a pricing concession, but an overpriced home simply will not sell.
Perhaps the seller’s argue that they really need the money, but then they have to ask themselves what they’ll do for money if the home doesn’t sell. Maybe they figure that they can shoot for the moon now and reduce the price later if they must. However, the longer a property remains unsold, the more likely it is that even more price reductions will follow. Then it’s taken even longer to get a sale at a lower price.
Some sellers might suggest trying a higher price just for the first two weeks, but that’s when the interest of serious buyers is always greatest. Those buyers usually look within a certain range, and won’t even make an offer at all on an overpriced property.
Most importantly, if the sellers need to buy another home, time is of the essence. If the sale takes too long, they’ll be buying at a time when prices and interest rates may begin climbing again.
If you’re suffering from PDS, pay attention to the news, review your home’s Competitive Market Analysis, and call me in the morning!