Actually getting a home sold in this market relies on hard accountability of the market, and too many of these sellers are simply "testing" the market out of a general scare. When you look at all the listings in this $3m - $5m market right now, most are screaming "Unaccounted For In This Market! I Don't Need To Sell, So Please, Spend Your Time More Wisely Elsewhere Than Shopping My Home That I Don't Need To Sell"
Are the Marketing and Sales efforts in line with a market-value price that is required to first, not insult the sophisticated/educated buyers in this market, and then to get the home sold?
Again, simply looking at the listings available right now, for most, the answer is No.
The Trends of today's market should be studied and delivered to seller's so they know what to expect right now. Hopefully, if delivered a true outlook of today's trends (pricing, conditions, and desired styles) they will decide to either compete, or simply take their home off the market. Taking their home off the market (if they don't actually have a compelling reason to sell right now) would certainly help their market.
Some "easy to note" trends in this $3-5m selling market are:
- about every 60 days a real buyer will surface to buy
- prices are showing 2003-2005 values on average, and will be based on a multitude of resale factors
- these buyers are leaning towards modern and 21st century lifestyles
Now... where does your product fit in this market? and where do your motivations sit as a seller right now?
There's quite a bit more to be said of course, however, accountability for their current market is the only effective route.
Of course, I'm assuming we're not going to have a massive economic recovery with sustained GDP growth in excess of 4% for quite some time. If that changes, then maybe it's closer to 5 years when prices start to get a bit more 'in line' at best.