The last two years have witnessed unprecedented growth in home values. With annualized growth averaging over 15%, sellers have gained tremendous power in the buyer-seller relationship. In this wonky market, buyers routinely fall over themselves to waive contingencies and bow to the seller’s slightest wishes — all in the hope the seller anoints their offer with (trumpets on high sing out) that desired acceptance. However, as sellers have gained power, many have simply become lazy, or outright dismissive of buyers' perspectives in this era of an imbalanced power dynamic. This laziness manifests in several different ways: |
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The last two years have witnessed unprecedented growth in home values. With annualized growth averaging over 15%, sellers have gained tremendous power in the buyer-seller relationship. In this wonky market, buyers routinely fall over themselves to waive contingencies and bow to the seller’s slightest wishes — all in the hope the seller anoints their offer with (trumpets on high sing out) that desired acceptance. However, as sellers have gained power, many have simply become lazy, or outright dismissive of buyers' perspectives in this era of an imbalanced power dynamic. This laziness manifests in several different ways: |
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- Not fully disclosing issues and repairs on the required form, “Seller’s Disclosure of Property Condition.”
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Untidy landscaping of lots ridden with tall grass and yards full of leaves
- Leaving basements, garages, and attics full of personal items, thus inhibiting potential buyers — and later, a home inspector — from viable viewings.
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Not leaving the home spotless and ready for buyers to visit. Lights are off, the temperature setting is too cool for the fall and winter, and surfaces are littered with knick-knacks.
- Taking photos of the home with their phones, or allowing the agent to do so.
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Putting the home on the market as a “For Sale By Owner,” then giving every buyer a guided tour of the home, with a 45-minute monologue about every minor happening in their 30 years of ownership.
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- Not fully disclosing issues and repairs on the required form, “Seller’s Disclosure of Property Condition.”
-
Untidy landscaping of lots ridden with tall grass and yards full of leaves
- Leaving basements, garages, and attics full of personal items, thus inhibiting potential buyers — and later, a home inspector — from viable viewings.
-
Not leaving the home spotless and ready for buyers to visit. Lights are off, the temperature setting is too cool for the fall and winter, and surfaces are littered with knick-knacks.
- Taking photos of the home with their phones, or allowing the agent to do so.
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Putting the home on the market as a “For Sale By Owner,” then giving every buyer a guided tour of the home, with a 45-minute monologue about every minor happening in their 30 years of ownership.
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As a result, according to several closing attorneys, this market also witnessed a record number of buyers voiding contracts during the home inspection period. It seems that buyers finally have a few days to pause and ponder what they’re about to do to themselves. They’re paying a king’s ransom for a home they now realize the sellers haven’t taken especially good care of. Because of this, they have been walking.
Oftentimes, that home develops an ostensible mark against it. The other buyers who had recently fought over it have moved on and new buyers now wonder what went wrong with the first deal. They also wonder whether the sellers are simply a pain to work with. So now, fewer buyers come to look at the home and sellers have increasingly fewer options. Of course, this scenario doesn’t play out every time. Sometimes the sellers make out fine despite their laziness. But, as I noted in the last issue of this update, times are indeed a-changin' and sellers may not win as often through such an indolent approach.
Another consideration comes into play here: morality and common decency. As Warren Buffet wrote, “At Berkshire, full reporting means giving you the information that we would wish you to give to us if our positions were reversed.” Perhaps preparing a home for sale is not a quick, check-the-box exercise. Perhaps the answer to every question on the “Seller Disclosure” is not “No” or “Unknown.” Perhaps a seller should consider the human beings who may soon call the house their home, and act accordingly.
With that, a humble suggestion: don’t be a lazy seller. Be an active, engaged, human — and humane — one. |
As a result, according to several closing attorneys, this market also witnessed a record number of buyers voiding contracts during the home inspection period. It seems that buyers finally have a few days to pause and ponder what they’re about to do to themselves. They’re paying a king’s ransom for a home they now realize the sellers haven’t taken especially good care of. Because of this, they have been walking.
Oftentimes, that home develops an ostensible mark against it. The other buyers who had recently fought over it have moved on and new buyers now wonder what went wrong with the first deal. They also wonder whether the sellers are simply a pain to work with. So now, fewer buyers come to look at the home and sellers have increasingly fewer options. Of course, this scenario doesn’t play out every time. Sometimes the sellers make out fine despite their laziness. But, as I noted in the last issue of this update, times are indeed a-changin' and sellers may not win as often through such an indolent approach.
Another consideration comes into play here: morality and common decency. As Warren Buffet wrote, “At Berkshire, full reporting means giving you the information that we would wish you to give to us if our positions were reversed.” Perhaps preparing a home for sale is not a quick, check-the-box exercise. Perhaps the answer to every question on the “Seller Disclosure” is not “No” or “Unknown.” Perhaps a seller should consider the human beings who may soon call the house their home, and act accordingly.
With that, a humble suggestion: don’t be a lazy seller. Be an active, engaged, human — and humane — one. |
502.931.0900 | rsmith@kyselectproperties.com |
502.931.0900 | rsmith@kyselectproperties.com |
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