I went against my own better judgment (and advice to others) not too long ago.  I can’t believe how easy it was to set aside home selling guidelines I have set for others and move in a direction I knew was wrong and unproductive.

Recently, a family member whom I will call Pat, decided she wanted to move her family to another part of their city in Southern Florida.  They had owned their home for about 7 years so had a nice increase in the value.  The problem was that the homes in the area they were looking at had also increased in value and prices were above her current neighborhood.

Pat contacted a well known REALTOR® who gave her a current market valuation on her home and Pat decided she needed more money in order to afford the home she wanted to purchase.  Against the advice of the REALTOR® and my own unexpressed better judgment, I agreed that Pat should list her property for more than the market indicated price.  Did the home sell?  Of course not!  Did Pat move?  She and her REALTOR® decided that it was best to take her home off the market because she was not really a motivated seller at this time.

With close to a three year supply of homes on the market, all of us need to be realistic and consider the choices today’s buyers have.  Just a few basic suggestions:

1.  REALTORS® should not take a listing from homeowners who are unwilling to place their home on the market for a realistic sale price.

2.  Homeowners need to consider the information given to them by the REALTOR® which will show them what similar homes have actually sold for.

3.  Don’t price a home based on an owner’s “needs”.  The sale price is based on the value of the property.

4.  Homeowners should decide that they really want to sell before putting their home on the market.  If a home lingers on the market for 9 months, a year and longer; the chances of it selling are reduced. 

5.  Don’t count on someone “making an offer” on an overpriced home.  Buyers are avoiding these homes because they have multiple choices.  They aren’t willing to waste their time negotiating an inflated price.

We all need to remember that there will always be buyers looking for homes.   We know that today is a GREAT TIME TO BUY.  So, if it’s a great time to buy, sellers can take advantage of that.  Working closely with your REALTOR® and pricing your home correctly is the quick start that will put you on the right track!




By Martha Bullman
CEO Miami Dade Realtor Association