ChattanoogaSignatureBrokers July 25, 2022

The Challenge of Pricing in a Market Shift

Here’s a few thoughts from our Team Leader, Jeremy Callahan on what happens in a local real estate market like what we’re seeing in the Greater Chattanooga area.
⭐️ – In a sellers market, buyers tend to dwell in the past and sellers in the future. Sellers want to push the prices up and buyers want to hold the line.
⭐️ – When the market shifts, buyers dwell on the future and sellers on the past. Buyers want to push the prices down and sellers want to hold the line.
⭐️ – It’s up to you, the real estate agent to pull the seller forward, NOT JUST TO WHERE THE MARKET IS, but to where the market will be in 30 days or 3 months. This is what we mean when we say – PRICE AHEAD OF THE MARKET.
⭐️ – In a shift, sellers need knowledgeable agents who are brutally honest. “I promise that I will never just tell you what you want to hear just to put a sign in your front yard. But, I will tell you what you need to hear in order to …”sell your home”…
⭐️ – One of the most frustrating things happen when an agent list the home BEHIND THE MARKET, then attracts an interested buyer who makes an offer below the list price and the seller rejects it.
⭐️ – When the seller rejects an offer of $450,000 on a property listed for $475,000, they are buying the property back at $450,000 with the hopes of selling to another buyer for $475,000.
💰– No one would ever buy a home this way but sellers re-buy their homes every day and usually lose big in the process.
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