Collective Dissonance When Selling = No Sale

Judy and Dave want to sell their home. Or do they?

It took Judy six months to convince Dave they needed to move, as the home had become unbearably small for the family. Yet Dave delayed in doing the minor fix-ups to get their home market ready and reluctantly agreed to have the home evaluated.

They sought opinions of value from three different REALTORS®. Judy felt two of the corresponding opinions of around $430,000 reflected the home’s value. Dave liked the higher estimate of $450,000 given by a third agent, though it was less than he expected. To leave room to negotiate he chose a list price of $460,000. “We can always come down,” he reasoned.

In real estate, such collective dissonance can happen for the following three reasons:

1. The motivation to sell and move between husband and wife can not only be different, it can be poles apart. This is often reflected in the market price offered. The person with the least motivation, the one with the weakest reason to sell, often dictates the price.
2. Given the shortage of listings in today’s market, many agents will take the listing at the husband’s price. It gives them something to promote or take on the basis of “you-never-know”.
3. Some agents may have a hidden ulterior motive that only heightens the conflict as explained below.

Let’s look at No. 1: With a second child, Judy can no longer live with the cramped quarters she finds herself in. Yet fix-up delays on the part of her husband and his unrealistic expectations of value do not support a move.

On top of it, Dave found a REALTOR® who appeals to his prejudice on price. How will he react in the likely event that the home does not attract buyer interest or attention from agents representing buyers?  So the home lingers on the market and garners scant showings and no offer(s).

No 2: The lack of supply of listings has and continues to sustain a seller’s market. In spite of this overpriced listings can languish without an offer for long periods of time. What’s more, buyer resistance has surfaced requiring a more realistic approach to pricing.

How About No. 3: Unfortunately some agents attempt to anticipate what a seller wants to here to secure the listing. This can sometimes be referred to as “buying the listing.” They employ a numbers game by listing everything they can and play the odds that some will sell. Such a ploy never works in the client’s interest.

Perhaps the agent has nurtured the relationship over a period of time, six months or more.  S/he now feels too invested to risk offending the seller and losing the relationship fostered over time, as well as the listing.

Conflicting agendas by all parties reveal a collective dissonance that can only lead to stress, disappointment and discord, serving no one.

Competitive pricing continues to be the most efficient and expedient way to attract buyers and get the home sold, even at today’s high prices.