I hate the word patience. Really, I do. Patience means you have to wait for something you probably want to happen RIGHT NOW. It wasn’t very long ago that selling a home in Marin County didn’t require much patience. Everything happened so quickly- buyers and sellers were so caught up in the whirlwind of activity needed to close a house in 17 or 30 days that they hardly even noticed what was happening to get the transaction done.
My, how times have changed. Selling a home in the current economy is really an exercise in patience. In most areas of Marin County, the average number of days a home sits on the real estate market before selling is greater than 100 days. This means properties are taking FOUR times (+) as long to sell in Marin as they did a year or two ago.
Unfortunately, we have not mentally caught up to the market in terms of our expectations -both as home sellers, and even as agents. Inevitably around week 3 or 4 of being on the market, sellers and their agents start to get anxious. Are we having showings? What is happening? Is the marketing good enough? Are we overpriced? Does the property show well?
All of these are valid questions and should be examined to make sure the home is in the “proper” situation to be sold, but this is also the place and time when patience kicks in (or needs to!). Sure, some homes will sell right away but the majority of homes on the market won’t- again, the average days on the market in Marin is great than 100 days.
Consider this, if your home sells in 12 weeks, in most areas of Marin, you are still above average. 12 weeks?? That sounds like a heck of a long time when you are in the middle of it- having to keep it clean all of the time, mowing the yard, putting kids toys away, vacuuming and revacuuming that carpet each and every morning just in case you get a showing..
It is painful and inconvenient to sell your home, especially if you are living in it. Practice the art of patience- it is tough, but it will save you grief as you go through the process. Once you find a buyer, your patience needs to kick into overdrive again.
Everything takes longer- agreeing on the contract price and terms can take multiple counter offers (sometimes times ten!). As inspections and appraisals begin to happen, you have what I like to call the “second negotiation”. In almost every situation, there will be a renegotiation of the terms of the contract due to results of inspections and/or appraisals. These negotiations can be difficult and sometimes unreasonable.
Getting buyers and sellers to agree in the current economy is far more difficult than before. Sellers need every single dime and buyers want to save every little dime. Does nickle and diming occur? ABSOLUTELY. This second negotiation period requires a give and take on both sides of the transaction to finalize the deal. It often takes a tremendous amount of time and effort to get both parties on the same page, so patience and a commitment to making the transaction work is crucial.
Homes are selling in Marin County. While prices have remained flat, we have actually seen a uptick in buyer activity in recent weeks. Buyers are buying, everything just takes a lot longer.
So, sit back, relax and be patient. Times (and timing) have changed.