There is a big difference between a seller being on the market vs. in the market. To put a home on the market a seller hires a real estate agent to list a house for sale. If that house is in the market, agents and buyers view the property and make offers to purchase the house.

 

A fishing analogy would be if the bait is floating on top of the water, but the fish are in the lake 25 feet below, the fisherman will get a suntan but will not hook any trout.

The wise angler will continue to lower his bait until the fish begin to bite. A novice will curse the guide, and consider golf as a hobby.

 

In her book, Elisabeth Kubler-Ross said there are 5 stages of dying: denial, anger, bargaining, depression, and acceptance. Many home sellers go through 5 similar stages on the way to a sold sign or expired listing. Let’s look at those stages in detail.

 

Denial is a psychological defense mechanism that lets a person ‘off the hook’ for any responsibility for a problem, such as a home not selling. Many times the agent becomes the scapegoat. It’s always easier to blame a Realtor than locate the real problem. Frequently the problem is improper pricing, greed, and impatience.

 

Anger is a choice. It is seldom a wise choice. Some people actually enjoy ‘lighting their hair on fire’. It’s a relatively inexpensive way to gain attention. It’s always easier to ‘curse the darkness, than light a candle’.

 

Bargaining may be counter-intuitive when selling a property. “If the buyer makes me an offer, I’ll negotiate with them”. Or, “Why can’t the buyer make me an offer”? Fish (and buyers) are very smart. They usually wait for the bait to be lowered to their level. Even flying fish seldom jump into the ice chest in a boat.

 

Depression can be avoided if a seller’s ‘mental maps’ reflect reality. They seldom do. That’s why many listings expire. Most properties are overpriced, and improperly staged. Many sellers never ask their agents what would they do if the property was their own.

 

Acceptance of an offer is what happens when a seller puts their home on the market, and then lowers the property into the market. Selling a house simply means accepting real estate realities.