Whidbey Island Home Sellers :: Real Estate Agent :: Island County Properties

Look, sales are definitely picking up on Whidbey Island, but I’m going to be brutally honest here because you need to understand the realities of today’s real estate market. I want you to look in mirror, take a deep breath, and repeat 3 times: “My house isn’t worth as much as I think it is.” These days, the biggest impediment to sales is sellers’ refusal to accept the fact that the bubble has burst, the tide’s gone out, and it’s carried a lot of their equity out with it. Look at the Case-Shiller graph on my “Big Picture” page and you’ll see that prices, after a short uptick due to Obama’s homebuyer tax credit, are still headed down, and given the predictions of more foreclosures coming down the pike, none of the experts expect them to go up any time soon [ Housing Price Forecasts ]. The median home price in January was down 2% from a year ago. Here's a good quote from Zillow: "Our survey reveals a wide gap between the perception homeowners have about their own home's value and the realities of a market in which three-quarters of homes declined in value in the past year. We attribute this gap to a combination of inattention and a fair bit of denial that causes people to believe their home is insulated from the woes of the market that affect others, but not them . ."

Think about this, though: If you're selling with the intent of buying something else - and you can qualify for a loan - consider that you're not going to get as much as you want for your current property, but if it results in a chance to move upscale at a bargain price, at a once-in-a-lifetime interest rate, you could end up waaayyyy ahead over the long term

Look, I understand how difficult this is – my home probably isn’t worth what I think it is, either – but basically, you’ve got three options:

(1) Keep marketing your property based on what it used to be worth, at a price that doesn't reflect current market realities, but know that your house will be the one we realtors show our clients on the way to the home we really think is their best option, to help them realize the other house is a good deal, and all you’ll get for your trouble will be a bunch of “lookie-loo’s” and maybe a couple of low-ball offers; or

(2) Take your house off the market and try to wait it out, bearing in mind that doing so has its own costs, and there’s no telling when things will improve; or

(3) Call me and let’s talk. We can price your home to sell – i.e., in line with what similar properties are actually selling for today. Then we stage it to maximize its best features so it stands out from the competition, and market it aggressively (Just so you know, I’ll probably strongly suggest that you spend some money to spruce the place up, and that you declutter by either putting a lot of your stuff in storage, or having a really big yard sale).

I know it’s a bitter pill to swallow, but frankly I’m sick and tired of getting caught in the middle when I present a reasonable offer on behalf of buyers, only to have the sellers get upset because their realtor promised them an unrealistic sales price, usually based on out-of-date comps, to get the listing. Beware of realtors promising a pie-in-the-sky sales price, only to push you to lower it drastically later on, after scores of buyers have passed you by [Pricing Traps]. And some of my less-ethical brethren have been known to list properties they know they can't sell in the hope of picking up buyers when they hold Open Houses. Personally, I make it a point to make sure my clients understand the realities of their particular situation, good and bad. Sure it costs me business, but I sleep better at night, and most of my former clients are still good friends.

Here’s the thing: Buyers are starting to come back into the market. I’m busier than I’ve been for the last 4 years, and many of my colleagues report the same. But they’re definitely not the buyers we saw in 2007 who’d buy any property a lender would qualify them for. The buyers of 2012 are more sophisticated. They see the opportunities presented by a buyers’ market and low interest rates, and are ahead of the curve. They’re savvier. They know about foreclosures and short sales, and they’re looking for a bargain. They submit low-ball offers, they’re quick to move on to the next property if a seller balks, and they care less what you paid for your home, or how much (or how little) you’ll walk away from the sale with. But a competitively-priced, intelligently-marketed home will sell.

I am committed to selling your property expeditiously for the highest price possible. Statistics show that property listed with a real estate agent sells for a 16% higher sales price. The key is marketing in such a way that potential buyers (1) are sold on the unique amenities that your property has to offer, so they want YOUR property, not some other one, and (2) perceive it as a good value for the asking price. We’ll advertise and stage your home to maximize its advantages and make it look as appealing as possible. We’ll insist on pre-screened clients. And I’ll be right there with you, protecting your interests and dealing with the problems that tend crop up, all the way to closing. Here is a list of helpful hints (Disclaimer: I didn't write this), some of which may be helpful to you [27 Tips for Selling Your Home].

Like I tell my all my clients, I'm never too busy for you. I won't abandon you as soon as the offer is signed and then sit back and wait to collect my commission. I make it a point to stay in touch, keep everyone in the loop, and to be there, to answer questions, to deal with problems. And if you just want to talk, or vent, or need a little reassurance, I'll be there for you as well.

Contact me today and I'll be happy to prepare a free market analysis of your home, along with a no-obligation "Prepare Your Home" walk-through. It pays to hire a professional realtor. Let me be that person. You'll be glad you did.

Coldwell Banker Tara - Freeland WA 98249 - Office (360) 331-6300 - Cell 360.672.1512