You have a 62% chance of selling your home in Hamilton County, TN When You List With A Realtor

You have a 62% chance of selling your home in Hamilton County, TN when you list it for sale with a Realtor. Real estate agents who belong to the National Association of Realtors (NAR) use a system called the Multiple Listing System (MLS) to help each other market and sell homes. As of middle August of 2013, 62% of all the listings taken (Hamilton County, TN only) in 2012 have sold. The number as of April 1, 2013 was 54%. Perhaps we should look later down the road? Not necessary, the number of listings that were taken in 2011 was 6,278 and the number sold as of August, 2013 is 3,512 (or 56%). Why is this important? A few reasons are as follows:

1. You need to know that you have a 38% chance or better of failing. Your baby is … well your baby! Home is home and it stings a bit when you see others getting Sold signs when yours is not. I remember the feeling of getting chosen last for kickball, or getting red marks on English papers. The market can be a harsh judge.

2. If you want or need a 95%-100% chance of selling then you need to make sure you are working closely with your Realtor. There are characteristics of a winning campaign. Bottom line is A. Getting willing and able buyers into your house, B. Staging and pricing to attract an offer, C. Building and nurturing an agreement to closing.

3. If your real estate agent is getting people into the home with showings from other agents but there are no offers then A. price is too high, or B. condition is lacking. Period. It is that simple. I was cutting the grass the other day and a neighbor stopped to talk. She said she would be placing her home on the market soon. I asked her where she was moving. She replied that she received an email from an agent regarding a price reduction for a nearby town home and decided to buy it. She had been thinking of moving out of town because prices were so high locally. She is a former real estate agent. She would not “offend” the seller by offering what she was willing to pay for a home she wanted. The discount for the asking price compared to the sales price is 4.5% ! So a $300,000 will sell for $287,100 on average. If that house is listed for $325,000, then many buyers may simply make an offer on a more “affordable” house. If you are a house seller, please consider.

4. Feedback, Feedback, Feedback – breakfast of champions. What are buyers and agents telling you?

5. If you are getting offers but no agreements (contracts) then A. Price still may be too high for market, B. You and or your agent may need good coaching/mentoring, C. Property condition may need changing.

6. Many sellers do not “have to” sell and use the “free” services of a listing agent to “try” the market. Why not? Many agents are eager to “take” listings”. Many others have borrowed to much against their real estate and simply cannot sell for what they owe.

7. Staging and stories matter. Fresh paint, vignettes that spark imagination and the “ability” to “see” yourself living there… are critical emotional hooks.

Choosing the correct real estate agent for your property and situation does make a difference. Hunters and fisherman pay guides well to achieve success in their endeavors. Whether a seller or buyer (with or without an agent), decide on what chance of success you want and make it happen!