Don't list your property unless you are truly motivated to sell it

I turned down another listing yesterday. I hate to turn down the possibility of making a buck but the best advice I can give to many potential sellers is to not list. If you are unmotivated to sell there is a slim chance your property will sell. In most cases, you have to be the best property at the best price in your market segment. You have to be the bright flower in the field of weeds.

Another problem with a bunch of overpriced properties on the market is that it affects our supply statistics which in turn affects our demand. Newspapers often report that there is enough property on the market to last several years. This kind of stuff scares buyers into not acting. If you are a possible buyer and you read in the newspaper that the Sarasota real estate market has a 3 year supply of properties for sale that is going to make you think twice.

There will always be overpriced properties on the market. That will never go away. We had them in a strong market and we have much more of them in a weak market.

If you are thinking of selling your property hire an appraiser or a competent Realtor to give you a realistic valuation. You will save yourself a ton of headaches. Be objective about your property and put yourself in the buyers shoes. Visit other like kind properties to compare. The value of your property does not have anything to do with how much you owe on it, how much your friend "thinks" it is worth (unless they want to buy it) or what it appraised for 2 years ago.

Can you imagine what our inventory levels would be if Realtors stopped taking grossly overpriced listings?