Buyers are fewer and far between and selling a home has become more difficult.

When Randi bought her condo/townhome two years ago the market was hot and everything happened fast.  Today, for sellers like Randi and Tony it is a waiting game and they are not alone.  Throughout the greater Sacramento area and up and down the State, homeowners are coping with one of the most difficult real estate markets we have seen in many years.  The days of selling the house before you got the flyers printed and fielding multiple offers are gone.  We have gone from houses being on the market a few days to, now,  where it is not uncommon to be on the market six or more months before a house is sold.

Randi and Tony have a wonderful home; it has some great features, is located in a premier community and shows great.  It should have been sold by now.  They have over 1,700 square feet of living space, with four bedrooms and three baths.  In addition they have two private patios and one of the best locations in The Grove, Yuba City’s premier planned gated community.  The amenities at The Grove are nice and the entire facility is very well maintained.  We feel the house is priced fairly but nothing, other than positive comments and interested buyers who have not submitted offers, has happened.

A big part of the problem facing Randi and Tony as well as all sellers is the growing number of homes on the market.  Combine this with buyers who are worried about making an investment in real estate and the recent changes in the lending industry that has taken some potential buyers out of the market and you get a situation, like we have, where patience and discipline are required to sell a home.  “It is hard to have the place in show condition every morning,” says Randi.  “It is a pain in the butt,” adds Tony as they talk about what it takes to get their house sold.  At the same time they are committed to their plan to part with the condo and find a home where they can start a family.   I applaud their fortitude and confidence and know it will pay off.

Most articles and blogs about the real estate market here in the greater Sacramento area including Sutter and Yuba counties are generally full of analysis about growing inventory, falling prices and lower sales volume but it is not all doom and gloom.  The inventory is growing but prices are not dropping as fast as they were are year ago and in some areas are showing signs of stabilizing.  Best of all there are qualified buyers looking for homes.  Our economy continues to perform well, families are relocating here for jobs and you have the normal upward and downward movement caused by life cycle changes.  So it takes longer to sell a home, but they do sell and generally not that much below the asking price.  What we, as Realtors, have to be careful of is getting in a situation where attitudes caused by the current buyers market make negotiating impossible.  Buyers, feeling as if they have all the bargaining chips make super low offers that insult sellers who dig in their heels and refuse to lower their price.  I have seen situations where buyers would have gotten a better deal had they initially offered a price closer to the asking price.  On the other hand I have seen sellers where I was convinced had they not asked so much for their home initially they would have gotten more than they eventually had to take after lowering the asking price over the marketing period.

Randi and Tony have a desirable property, they have a great attitude, are disciplined about maintain the house in show condition and the right buyer will find it.   

Selling homes is not very complicated and there are no secret formulas.  Yesterday, I found an article by an ex-agent and now an agent coach and author, Jennifer Allen, who articulated my feelings about selling real estate as well as I have seen.  She said:

There is no secret formula to selling a home. Contrary to what other agents may tell you, there are no proprietary marketing networks or magic tricks known only to them and their company. Truthfully, any competent real estate agent can sell a home that is well-priced and well-presented. If your home has not sold in a reasonable amount of time, I don't have a bag of tricks to dig into that I haven't already utilized.

Randi and Tony have a wonderful home, it shows well and we need to concentrate on getting more potential buyers looking at it.