- Go back to bed (call in sick if it’s a workday).
- No more alcohol (more booze makes it worse).
- Beware of coffee (caffeine = no good, aspirin = good).
So, what’s a lot like a bad hangover? Uh, try selling your house. And what’s the cure for this kind of hangover? Believe it or not, it’s the same for a green beer hangover!
Go back to bed… Take your house off the market. Unless you’re in dire straits, why sell your house now? If you can wait, why not wait? Go back to bed and sleep on it for awhile.
No more alcohol… Face the sober reality. The reality is, sellers, that you’re probably not going to get the price you want… nor need. If you decide to sell, accept the fact that you’re only going to get so much for it and figure out how to deal with it. Your price should be set at what the market is demanding, not what you need to pay off your mortgage. There’s no longer the intoxicating buzz of getting more than asking… that party was over four years ago.
Beware of coffee… Beware of price reductions. Price reductions might seem like the perfect way to give your property a caffeine buzz (i.e. get buyers talking about your property). Your agent might talk you into little price reductions here and there to keep your property included in daily alerts to buyers. However, beware of this “advertising” scheme. Buyers looking in a specific area will already be well aware of what’s on the market. A little $5k – $10k reduction is not going to get them all worked up over your house. Instead, you risk looking like a stubborn/difficult seller or, worse, that there’s something wrong with your house. Also, if you price your house to high in the beginning and then drop it too late, you miss that magical time of “initial interest.” Buyers may have already put your home in the “no” pile by the time you get your price caught up to market requirements. Don’t be “needy”… price your home right from the beginning (refer to Tactic #1 in Sell Your Home: The Real Estate Scientist).
Speaking of price reductions and buzzkills, here are some examples of the misguided that maybe should have listened to the “Beware of price reductions” tip.
3 bed/2 bath; 1,335 sq ft house
Original list price: $585,000
Most recent reduction: $450,000 reduced to $449,900 (down 0.02% or $100)
2 bed/3 bath; 1,227 sq ft condo
Original list price: $429,000
Most recent reduction: $399,900 reduced to $399,000 (down 0.2% or $900)
4 bed/2 bath; 1,611 sq ft house
Original list price: $600,000
Most recent reduction: $379,000 reduced to $374,000 (down 1.3% or $5,000)
3 bed/2 bath; 912 sq ft house
Original list price: $364,900
Most recent reduction: $339,900 reduced to $334,000 (down 1.4% or $5,000)