An Open letter to the Sellers in Frederick County

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 Lenders in Frederick MDDear Home Sellers,

Don’t hate me for my honesty.  I am here to help you sell your house.  That is what you hired me to do.  I have sold plenty of Real Estate and I truly want to sell yours, but I need your help.  You see, the real estate market is not quite the way is was a few years back when you bought it.  I know you fell in love with it the moment you laid your eyes on it….you had to…the couple standing behind you were thinking the same thing (if not this house, what other house can I buy?)  Inventory was low and the demand was high.  It really seems like the price you paid in 2005 is about same price you can sell it for now…

Today, buyers aren’t standing in line outside your house the moment the sign goes up.  The houses are lining up on the internet.  With more that 2300 homes listed in Frederick County, how are you going to stand out from the rest?  The main reasons a house do not sell; Price, Presentation and Location…You control 2 out of 3. 

Your dated cabinets don’t compare to the newly updated kitchen that your neighbor has.  I know that bright blue and yellow paint in the game room matches your alma mater, but the buyers are not impressed since they went to Penn State.   You love your family and it shows and shows and shows…with all of your personal stuff displaying all through the house, it is hard for the buyers to see their family in this house.  Your rooms look small with all that furniture in there….It’s time to declutter the house.  Have a yard sale before you put it on the market.  Give it away to Goodwill or other charities.   (People are experiencing hardship all the time)

Speaking of hardship, I am sure you have been watching TV, plenty of home owners are experiencing financial hardships.  Of course the media is not going to report all the home owners that are making their house payments…they love selling tickets to a train wreck.  What happens when one of your neighbors experience a foreclosure?  They have to sell their house quick.  The price is lowered and lowered.  But you’re thinking that’s a foreclosure…that won’t affect me!!!  Unfortunately it does… That becomes your next comparable in an appraisal.  RealtyTrac says we have 270 homes in Frederick right now going throught the Auction Process and 99 in preforeclosure.  Combined, that is more than  15% of the homes that are currently on the market now.  Not all of these homes are listed for sale right now… the owners are trying to save it themselves or the bank is already taking over the property.   But they will be soon…priced lower than yours.  Will yours show better?

I offer this advice, if you have to sell right now, be smart.  The market is what the market is… You can’t sell a $100 bill for $125.  Price is a key part of getting it sold quickly.  The average days on the market is around 110 days.  (30 days in 2005)  If you don’t have to sell right now, wait it out…we will make it through these tough times.  But in the mean time, prepare your house for when the market turns in your favor. 

  • Declutter
  • Update your much needed appliances
  • Fix up everything that has been on your list
  • Nuetralize your paint colors
  • Landscape - curb appeal
  • Seek the advice of a REALTOR®

Sometimes the truth hurts…I am here to help you understand the market so you can make informed decisions. 

Best Regards,

Bob

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October 3, 2007 · Filed Under Frederick MD Real Estate, Market Condition, seller

Comments

6 Responses to “An Open letter to the Sellers in Frederick County”

  1. Ines on October 3rd, 2007 11:17 pm

    Awesome article Bob - unfortunately a lot of sellers don’t want to hear the truth, and much rather get the sugar coated version that ultimately will not sell their home and will make them less money.

  2. gotbob on October 4th, 2007 2:55 pm

    What upset me most are the agents that sell them a bill of goods (buy the listing.) I understand some folks it takes time to realize the reality of things…but if they agent is feeding that, it makes it harder to grip it (and sell)

  3. Joanne Hanson on October 10th, 2007 4:48 am

    Although my second home market in Colorado is still strong, I have been in a slow market (when everyone else was booming, we were not!) Your advice is so sound. I found that once people accepted that the market was what it was, they bit the bullet and did what they needed to do to sell their homes. It was up to me to help them understand the market, and that is why your post is so good. It will help someone be realistic and get that house sold!

  4. gotbob on October 10th, 2007 9:39 am

    Joanne, Thanks for the support and stopping by…are you are right sooner folks realize we are today and not 2-3 years ago..we’ll be fine. It is a hiccup in the road.

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