This past week our listings saw an average of 3.3 showings each. It seems that the traffic pattern from last week has continued. If it does, we’ll hope to see an increase in pending home sales, then ultimately an increase in number of sales. That will be the only road to recovering home prices.
Last week I was fortunate to complete my first contract of 2009 as a listing agent. Believe it or not, it was a multiple offer situation and the sellers were very pleased with the results. Yesterday, I spoke with one of the sellers about her experience and I asked her what factors she thought most contributed to our success.
Immediately, her response was price. That’s no surprise given the market. When we listed, they were disappointed about the state of the current market and wished they could have asked more. However, they acted realistically given the most recent data and they priced the house based on today’s conditions, not conditions twelve months ago.
She noted that their location and the uniqueness of the home helped it to stand out amongst her competitors. Also, she commented that staging the home certainly helped because it gave the home a much warmer feeling than if it had been left vacant. I definitely agreed with her on that one.
All in all, they have a great home in an excellent location. But the trick was evaluating what they had to offer and matching it with a highly competitive asking price. Ultimately, that formula (which works in any market) led them to a successful contract.
As we ended the conversation, she offered one last encouraging statement that applies to anyone interested in the market right now: “Thank God there are still buyers out there!”