We made the trip last night to come to my parent’s house in Detroit for Thanksgiving (a week early) and boy it’s colder than a banker’s heart on foreclosure day at the widows’ and orphans’ home.
I just sold a significant house in San Francisco this week for way under the asking price using a strategy I always use with sellers.
The market is changing in the SF Bay Area and things are slowing down, and my guess it’s going to be slowing down a bit in the run-up to the Federal election.
So, it’s important to do one thing with your sellers constantly.
Keep them informed about everything going on with their sale.
I mean we sold this house for over $400,000 less than the asking price and $400,000 less than what 2 other listing agents told my clients during the listing interview process.
Of course, my sellers were unhappy with the selling price, but 2 things mattered that made this all work.
One, they were motivated as hell. They HAD to sell due to some personal issues. Isn’t this the kind of sellers we want?
Two, I practically called them every day or every other day and told them what is happening with the market, what buyers and agents are saying and what happened with other similar homes in the area.
It sounds like a lot of communication, but in these changing times, we cannot hit sellers with surprises like, “We have 3 offers and they are all $400,000 below the asking price” AFTER not talking to them for days.
So, really step up your communication with your sellers, you’ll be happy you did in the end.