Case Study – Sometimes, It Really is About the Price
Posted December 16th, 2015 by Moving Station

After several months on the market, a couple came to our Home Sale Program at the recommendation of their retirement community. They’d tried unsuccessfully to attract a buyer for their luxury home and needed to sell the property in order to fund their move to the community.

We introduced two strong local agents to give their perspectives on the home and what it would take to achieve a sale. Both agents agreed that a combination of removing most of the antique-style décor (the home was more contemporary and the décor didn’t match) and lowering the asking price was needed. The homeowners were more receptive to clearing out their furniture than reducing their price. They did opt to list the house with a program agent, make a small reduction, and remove many of their belongings in the home. They were impressed with the professional photography and marketing materials their new agent created, which were superior to their last listing agent.

Despite making these changes, after several weeks with their new agent, it became apparent that further price reduction was needed based on a couple of new sales in the area and lack of buyer interest in our home. Both the listing agent and their Real Estate Counselor advised the homeowners that the current asking price was no longer supported by the market. As you might imagine, the sellers were not pleased and refused to improve the asking price of the home.

A couple of months went by and we continued to counsel the couple to adjust their price to attract a buyer. It finally came to the end of the listing agreement with their program agent and, feeling the agent was a part of the problem, the couple opted to interview several other agents. One agent was involved in the program and they met three or four others that were not affiliated. The general consensus among all of these agents was just what we had been telling them for weeks, a price reduction was necessary.

The couple did opt to list the house with an agent outside of the program and to reduce their price to the amount their program agent and Real Estate Counselor had been recommending for months. Within a week, the home was under contract!

The purpose of the program was served. Our counseling primed the homeowners to receive the information from other area real estate professionals and to finally act on it, which resulted in a buyer seeing the value and making an offer to purchase the home.

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