Pricing Denial Syndrome
P.D.S - Pricing Denial Syndrome
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A Seller who has a house on the Market that is not selling is probably going through what I call "PDS-Pricing Denial Syndrome". Here are the 7 stages of P.D.S
Denial ( "It's not the price.") This is when they know it is not the price. They usually compare the home to some other that sold or are adding "emotional value" they have to the house.
Minimization ( "It's not that overpriced.") This is when they say and admit it is over priced but say it only slightly over priced. This is when they are hoping for some "sucker" to come around pay to much...
Blame ("You're not marketing it enough.) This is a by-product of DENIAL. They will blame the listing agent instead of taking responsibility for their poor pricing decision. Every broker will say they can not sell an overpriced listing no mater what kind of market and regardless how much advertising/marketing they do.
Justification ("We need the money") It is a hard fact that many Sellers today are selling their house and bringing money to closing. Regardless what one owes or "Needs" it has no affect on the price of the home.
Bargaining ("What if we improve the property?") This actually may help however it never makes the house worth more $ than what you put into it. In fact it will only make the house more "Saleable" not worth any more.
Anger ("Why is this taking so long?") Because the asking price is too high...
Acceptance ("OK, Lets reduce the price.") Every Seller has a time when they relize the house will not sell. Some it takes a year! others 60 days.
Pricing:
"If it's logical to price your home just ahead of the market when the market and prices are rising, much as it might be a tougher pill to swallow, it's also logical to price just ahead of the market when the market's falling.
P.S. The market is falling.....
