There's a new kind of "medical procedure" being talked about in the real estate industry on the North Shore. It is being performed on sellers (patients) by buyers (doctors) and it is known as a Triple-A Bypass or "Arrogant Attitude Adjustment".What are the symptoms that make buyers enforce this painful procedure?
1. Thinking that prices are continuing to rise. (Have you read a newspaper in the last year and a half?). An unrealistic seller is also a seller whose house does not move.
2. Refusing to negotiate reasonably with ready, willing, and able buyers. In this market there is no such thing as a "bad" offer, only an offer that needs to be negotiated and worked with.
3. Putting a home on the market when there is no real need to sell. This is called "testing" the market, and usually leads to disappointed and disgruntled would-be sellers.
4. Refusing to lower prices in the declining market, or lowering too slowly or not enough, otherwise known as "chasing" the market down. Most people only sell a few houses in a lifetime; real estate professionals do it every day. Listen to your pro.
5. Blaming everyone, but most often the Realtor®, when over-priced properties languish on the market. Reread #4.
There are other signs of needing the procedure, but you get the picture.
The bottom line is that in the Bay State and elsewhere, homeowners have had a long and very profitable run of appreciation - approximately 10 years. Now, however, the buyers are holding the good cards.
As painful and serious a procedure as a Triple-A Bypass may be, it's a necessary one if a seller is serious about selling. Homes continue to sell in our area at a fair pace, but they are most often those that are priced right on day one, or have owners that do not need "surgery."
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