You can hear the echo coast to coast that inventory is thin and complaints are made loudly by Buyers and Buyers.....and some "wanna be" Sellers who have nowhere to go. Sometimes Thinventory may have other "victims." The victims are Sellers....Yes you read it correctly. They are Sellers who may have gotten the message from their agent...maybe they arrived at this "delusion" on their own....either way...it's the wrong answer.
The belief is.....that because a state of "thinventory" exists...regardless of the condition of the house...be it the need for updating , the addition of features or attention to maintenance....they list the house at the tippy top of the market and beyond..because of course..there is Thinventory !
They want to "take advantage of the market condition"...and after all you can't go back and list the property for more....so...Buyers....here it is..Yes...they could have painted, updated the flooring, breathed new life into kitchens and baths....but their belief was ...no need for any of that ...they are one of the few houses on the market that they know or have been told is desirable in terms of size and location.
What happens when these Sellers ignore the number one rule and don't get their home ready to sell....and set a price that reflects that the rule was obeyed with updates and is market ready in every sense of the word ? The days on market expand to months...the listing gets stale... and the only thing that can change is the price....and it will time after time ....the profit 0nce dreamed of in the sale evaporates as days on market mount....and in the end, far less profit derived from the sale had the Sellers listed it at a price that was realistic....And done some preparation before listing the house.
LIST FOR CONDITION....not just the ....number of beds, baths, square feet, neighborhood.....if the listing is compared to a house that every update, bell and whistle and the subject property does not...it cannot sell for the same price...Buyers, agents and appraisers do not see overpaying as a cure for "Thinventory".
If you or anyone you know is looking for agents in southeastern Wisconsin who will price a property to sell not to sit....Call the Hansons...we are honored to be of service.