In the real estate business, there is a saying: "If you list, you last." It means that if a realtor can get listings, then those listings will sell and the realtor will make money. Sellers make money. Agents make money. Buyers have a house. Everybody is happy.

Due to the condition of today’s real estate market, I think the saying needs to be revised to something like this: "If an Agent can convince a Seller to list their home at 5% below the most recently sold home in the neighborhood, then the Agent and Seller might make money in today’s market." A Seller always wants to get top dollar for their home. An Agent, who is working on 100% commission, wants the same outcome. However, it is easy to list a home today at a price the Seller wants to hear. It is impossible for an Agent to make a Buyer purchase a house, let alone a house that is overpriced for the market.

The fact is that homes are taking a long time to sell these days. Sellers are tired of waiting for a Buyer. Buyers have a ton of properties from which to choose. Lenders are no longer offering financing plans that fit the needs of Buyers with little or no down payment. Many Lenders are no longer offering jumbo loans (loans over $400k). Appraisers are having trouble appraising property to match the sales contract price because of the lack of comparable sales. Finally, Agents are having a hard time making ends meet.

If a Seller can afford to wait to put their home on the market, then wait until the market changes. If a Seller has to sell, then price the property 2% to 5% lower than any other similar property on the market in the area.

I think another real estate saying rings true in this market: "Every property has a the right Buyer for the right price."