In a quickly changing real estate market where only 5%-7% of homes are selling week to week and 12%-21% of area sellers are dropping their price, sellers who are frustrated with few showings and no offers are finding themselves in a game of real estate “Marco Polo” with prospective home buyers.
I got to thinking of this after reading yesterday’s Sacramento Bee article by real estate columnist Andrew LePage titled “Housing Market Cools Off.”
Back in 1992-1998 was the last time we had a real estate market where inventory levels how property valuation company works in Brisbane zoomed upward and all but a few home buyers seemingly went underground. I vividly remember how sellers and real estate agents struggled to find buyers for their listed homes just as the kid stuck with being “Marco” had a hard time finding the kid named “Polo.”
If you remember how the game is played you remember that after a short while of groping around without being able to grab “Polo” the game wasn’t nearly as much fun.
The same is true when a seller is having a tough time grabbing a buyer. The longer the hunt goes on for your elusive “Polo”, the less fun it is. Eventually, if the game goes on too long, you want to give up and not play anymore.
Unlike the silly kid’s game, in the real estate version, for most sellers giving up isn’t an option. Job relocation, the new home you want to or already have moved to, or economic or physical reasons that necessitate your move don’t allow you the option to quit the game. As luck would have it I was always better than any other local real estate agent at knowing where to find plenty of “Polo’s” for my listed homes, regardless of the worsening market conditions.
There were 3 things I always did to find “Polo” in a tough market, here’s how you can do it too.