I recently listed a home for sale that was with another agent for two months. The seller said he had fifty showings but no offers. I thought he said fifteen, but he corrected me and repeated fifty showings in two months.

The home was in a great area and in good repair. It was priced slightly below 600k. The seller was serious about selling. The feedback was that the house needed some updating. The seller felt frustrated that no buyers made him an offer. He wanted to know why. What's your guess?

If you said the problem was overpricing , you would be correct. I told the seller that. In addition, I told the seller that a home properly priced is half-sold. My expectations are that any home should sell in a few months if properly priced. I also shared that for every 5 ready, willing and able to buyer showings; there should be one offer.

I listed the property for sale, dropped the price 15k, and ordered an appraisal. One week later the appraisal came in 42k below the original list price. The seller reduced the price slightly below the appraisal. Within two weeks we had a full price cash offer. Imagine that!

What's the moral of this story? First, miracles happen when a seller is 'serious about selling'. Second, proper pricing is crucial for a timely sale. A fee appraisal takes a lot of the emotion out of the pricing for a seller. it also helps an agent avoid the 'highball mentality' that seduces a seller into a listing.

A home, boat, car, or bicycle is only worth what a buyer is willing to pay. Make sure a seller is 'serious about selling'. Price the property properly. If that doesn't work due to a variable such as a questionable location, or functional obsolescence, reduce the price 1% every two weeks until it sells.

Simple advice that is sometimes difficult to communicate.