“I’ll Sell If…” Listings Are Clogging Up The Real Estate Market
March 25th, 2008 categories: Real Estate Market
Like a clump of hair trapped in the bathroom sink, “I’ll sell if…” listings are clogging the drain of the real estate market, slowing down the free flow of real estate transactions.
“I’ll sell if…” listings are homes for sale - sort of. For various reasons, the owners do not have to sell. Like some buyers, these sellers are just browsing except they are browsing for buyers. The sellers don’t have a need to sell other than getting the best price - they are what Realtors call “unmotivated.”
“I’ll sell if…” listings likely come with a whole list of to-dos for the buyer. The buyer has to offer a certain dollar amount, has to be available to see the property on the fifth day of the month between 12:15 and 1:15 AM when the moon is full, has to be willing to take the home “as is” or otherwise meet the terms of the seller. Often, these listings are over-priced, not in move-in condition or a combination of the two.
“I’ll sell if…” listings are a black-hole - offers go in but they rarely come out signed.
Everyone has the right to put their house on the market but these listings slow the market down by wasting time - mine and the buyers’.If I have one highly motivated buyer, I can show that person 10 properties per week on average. Of those ten properties, if only 4 out of ten is priced appropriately and in good condition, I am wasting 60% of my time showing properties listed by unmotivated sellers. I could be and would rather be spending 100% of my time showing properties where the owner is receptive to showings, offers and negotiations.If I’m spending time looking at “I’ll sell if…listings” and bringing my clients out to see them, I’m extending the time the buyer spends looking and prolonging the purchasing process. Choice is a great thing but buyers can get over-saturated by choices and then become paralyzed.
If sellers were truly motivated, they would price their house to sell relatively quickly and/or put them in move-in condition.
Why would anyone try out their listing in this market?
I’m perplexed, quite frankly. With so many listings on the market, why would someone choose to put their home on the market? But this is what I’m coming across - sellers who by choice or lack of information are sitting on their properties, not lowering their price and not staging to sell.
Furthermore, when presented with an offer, sellers are standing their ground even if comparables show a lower price is justified.
I’m seeing a lot of “I’ll sell if” because the owner is being forced to sell. I brought a buyer to one about a month ago and none of the keys opened any of the doors.