Sellers Going Crazy!? It’s That Time of Year!

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Anthony: It’s that time of year, my friends, home sellers are going crazy. They’re getting nuts with their pricing. They want to price so high and so ridiculously that it doesn’t even make sense, happens every single year at this time. Might be a little bit worse right now. Why, because the extended period of excessively low inventory got extended due to COVID and now due to sellers not wanting to list. How do you combat that? How do you combat it when a home seller says to you, “Hey, my neighbor’s house just sold for 600. I want to get 650.”

Okay. You look that house up. First of all, you should have it before you go in the appointment. You look the house up and you see when it was listed and when it went under the agreement. You look the comp up, you see when it went under agreement. Let’s say it went under the agreement on February 20th or March 1st or March 10th before COVID got really bad. You see that date. Run it on Market Snapshot from that date to now, or somewhere around that period of time to now. Chances are now that more things are getting listed though not as many as we would like. Chances are that inventory then at that time is lower than it is right now because now we’re getting into June more and more homes will be listed.

Again, you see a competent neighborhood, you know that your seller is going to have a hard time getting that same amount of money or getting some amount like that and we know how sellers are this time of year. They don’t just want the same amount, they want more, right? Everybody wants more, everybody needs more, but buyers don’t care about what sellers want and need. Again, you look at when that property under agreement and you run the On Market Snapshot report in the MLS to see how many homes were on the market for sale at that time that that property went under contract and it should work in your favor.

As we go through summer, it will get better because inventory is lifting. All right, that’s my tip of the day, my friends. Don’t let your sellers get crazy, you’ll end up with listings that won’t sell and the seller will likely blame you. Have a good day, my friends, happy Friday.