A Time For Patience
In today's real estate market, sellers and agents must be patient. Things are not what they were, and you must be very careful about who you are listening to.
Today we're going to talk about having patience in this real estate market as a seller and as a real estate agent as a listing agent that's working with the seller there's a piece of property it goes under contract before the market started shifting here it is it's time to close and everybody wants to close the listing agent wants to close I can assure you because they want to get paid their
Commission and the sellers are the most anxious to close typically and I get it I've been a seller I've been a realtor I've been a buyer I've been all these things but what you have to look at is you can't look at what was months ago the conditions that we were in because everything is when it shifts so quickly like it's done everything is different now when it went under contract it was a different market and different conditions there was
Different fears different economic outlooks different Bank rates so what happens now is you got to look at it right now you can't say what was what was supposed to be you got to say okay here's my options we've just got the buyer said they still want to buy it they've still got work to do your goal as a seller and as a listing agent in my opinion at that point is okay here's the options we can say no we're not doing any kind of
Modification to the contract Let It Die put it back on the market or just take it off the market and do nothing with it well here's the deal if you go back on the market when it's Market shifted like it has it's extremely unlikely you're going to be able to get the same number that you went under contract with because people are going to wonder what's wrong with it and plus they shouldn't be less buyers out there because buyers are being very
Careful now they're watching everything because interest rates have risen and even when they're paying cash they're still looking at what they do with their disposable resources all of a sudden you've got to make a decision what can I do right now if I take it off the market and do nothing and bring it back a year from now it's pretty unlikely we're going to see the market that we saw a year ago there's no question about that I mean that Market's gone and now we're
Waiting for this thing to reset we don't know where it'll go before it resets and starts moving again but we do know it's going to reset at some point and we've probably not found the bottom yet but anyway getting back to what a seller needs to think about is okay here's what we got right now not what was not what was supposed to happen buyers already said that didn't happen so what you need to do is say okay how much can I get out of this
Thing can I get more money for an extension and hold the price we're at does it make sense to Discount the price a little bit to try to entice the person or maybe in my opinion I think the best thing to do is always offer you know here's a b or c Mr buyer here's your options a we'll extend it for this amount of time and we're going to charge you this amount of money B we will close right now but we'll give you an x amount of
Discount if you'll go ahead and close it or see your option is just say no we're not doing anything well if you do nothing it's going to probably be four or five years before you get back to the price that it was under contract at if that so I just want to put that out there that have patience and as a seller it's really tough right now because you've got this mindset of the whole world's been on fire for the last two or three years and all your
Neighbors and all your friends and all your relatives are telling you that you know oh no stick it in their eye let's go find somebody else well that's probably not going to happen and the world has shifted listen to your real estate agent listen to your mortgage lenders because they're in the front end of it they can tell you what's really going on in the market and it is a different market so be careful before you get proud and look at the situation
Where it is right now because what you're looking at you're looking straight out the front view of the windshield and you're looking at a situation that you very well may get significantly less money for the property than you would if you just held the course get as much non-refundable money as you can possibly negotiate for and keep moving because you're probably not going to sell it even if you put it back
On the market or if you take it off and wait a while you're still not going to sell it for the number you are until many years in the future that's this week's story it's talking about patience and I know it's super hard for a home seller right now that's looking at what was and it's not bad anymore okay what was is gone if we can help in any way please let me know or if you've got some comments about this please post it below
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