Recently I was at a listing appointment with a snowbird who was interested in selling her condo for personal reasons. It was a gloriously sunny day. The condo sits directly on the sand with expansive views to the ocean. She was loving her winter stay.
We started to discuss pricing. And of course, because she was feeling the Florida love, her seller’s motivation was reduced and her pricing suggestion was truly aspirational.
We have a 25 month supply of condos in South Florida. According to the media, and some podcasters who broadcast in the Real Estate space, we are bordering on a “distressed” market, but for reasons I will outline further, this is just media sensationalism rather than a hard reality.
I declined taking the listing. My seller had not reached the emotional readiness that is necessary to sell property. She wanted to price “high,” and if she were to get an offer, then she would entertain it. In a market with an overabundance of supply, there is no way that the unit would even get seen by buyers. It would just sit on the market…
What does emotional readiness mean? Besides investment property, where it truly comes down to the bottom-line, selling a home in which you have raised a family, spent quality time with loved ones, or have wonderful memories requires an EMOTIONAL readiness as the key component to orchestrating a successful transaction. If a seller is hesitant to let go of the property for whatever reason, the friction in negotiating a successful transaction is exacerbated, and many times the deal falls apart over extremely petty issues.
Emotional readiness in a “balanced to buyers market” is the key to getting property sold. If you have not reached the point where you are over that hump, where you just can’t let go – just wait until you are ready. It will make all the difference, and probably your pricing strategy will be more on target and ironically, you will get more money for your property than pricing the home aspirationally.
Why are we not in a distressed market?
Stay tuned for next month’s article or email me at DonnaZalter@gmail.com or Donna.Zalter@compass.com
Recent Sales (last month)
- 2427 Sea Island Drive 3026 Sq Ft Older Home $902/sq ft $2,730,000 (Lot Value)
- 26 Pelican Drive 2187 Sq Ft 100 Linear Ft $1806/Sq ft $3,950,000 (Lot Value)
- 307 Seven Isles Drive 4858 Sq Ft $1085/Sq ft $5,275,000 Move in Ready
- 15 Pelican Drive 4790 Sq Ft $1116/Sq ft $5,350,000 Move in Ready
- 2707 Sea Island Drive 6306 / Sq Ft New, modern $1108/Sq ft $6,988,000 Move in Ready