Well, sellers are going through agony right now.

Today there are thousands of properties on the market and there are few buyers who are interested in or even able to purchase. Sellers who need to sell are seeing little activity, many times because they have priced their home too high! Almost every seller thinks that the best way to get the highest price is to set a high asking price, a price that will give them room to “negotiate”. This is exactly opposite of what should be done. To get the best price, set an asking price at or just below the true market value. Set a price that will be seen as too good to be true. This will attract all the buyers in the market for that particular type property. This increased activity will most likely result in multiple offers from knowledgable buyers who recognize the value. If only one offer comes in, or even if no offers are received, the seller will have a better indication of market conditions. If all the offers received are unacceptable, the seller always has the option to not accept any and hold on to the property. If the seller accepts an offer, this sale price is then a true indication of the current market value.

When selling it is much better negotiating with multiple buyers who are increasing their bids than with one buyer who the seller is trying to bring up to match an unrealistic asking price and who the seller is afraid to lose since that buyer is the seller’s only option. When there is only one buyer the seller is at a severe disadvantage. Aggressive pricing will always beat overpricing when trying to sell a property in any market.

In a news release today WAMU, Washington Mutual, stated the current real estate market conditions will hold through the end of next year. That isn’t surprising news to those active in the real estate business. What it does mean though, is that it is critically important for agents to step up their efforts with regards to being the market expert in their defined geographic area and to also continue or expand their marketing efforts to promote themselves as the go to agent when the consumer needs to complete a real estate transaction. A slower market does not mean there is no market. The public will turn to those they know and who are perceived to be the expert during these challenging times. As I mentioned earlier, now is not the time to panic. It is a time to step up your marketing with the goal to “hold the line til 2009!” You will then be well positioned to capitalize on the improving market while others will be falling by the wayside.