Days on the market can make a big difference
My property is not selling after several weekends of open houses. I now know my staging is the wrong theme for Silicon Valley homebuyers. Our listing agent claims the problem is our list price. What he fails to acknowledge is that the home’s equity is also my retirement nest egg. He wants to bring the listed price down by a minimum of $30,000. I’m suggesting we first change the theme of the staging. It was my fault for choosing the wrong motif. I’m more than happy to pay a few thousand dollars to remove and replace the decor. Included in the staging cost is another 30 days of rental. That’s a savings of $27,000. What do I have to lose?
Three thousand dollars, but more importantly, the almighty days on market (DOM). The DOM is an indicator of value in the minds of many homebuying consumers and their agents. It’s sad, but it’s also true how during the dot. com craze buyers began to ask the open house host, “How many days has it been on the market?” In that Silicon Valley dot. com seller’s market, a desirable property sold in hours or days. If not, the groupthink battle cry was, “There must be something wrong with it.”
Fast-forwarding through all the hot, cold and balanced markets to present day, we find nationally that realtors reported receiving an acceptable offer in 36 days. Nowadays, in the nine Bay Area counties and especially Silicon Valley, 36 days on the market would only conjure up negative images for homebuyers. Consumers would convince themselves sight unseen that something is amiss with the roof, foundation, HOA, neighborhood and more. Never in a million years would buyers or their agents think that wrong staging is in play.
You and your agent need to sit down and prepare a list of any and all changes to your mutual listing. Brainstorm at the property together with a blank sheet of paper. The listing has lost the buzz of being new on the market. You need to create another wave of buyers. Ask your agent while sitting at your kitchen table for a list of top ten actionable items. If you two do not successfully negotiate privately, you’ll fail publicly.
Silicon Valley broker Pat Kapowich is a fullservice realtor. Reach him at 408-245-7700 or www.siliconvalleybroker.com.