I was reading a post by Nelya Calev where she questioned the term “motivated seller” in the MLS. Now I have often seen that term as well and sometimes laugh at the home that has a “motivated seller” with no price drop on the house. What’s that about? Does that mean the seller is motivated to stay an owner?
In her post Nelya said “So if you have a motivated seller, or are a motivated seller, do not advertise this with words in your listing – advertise it with what buyers are looking at these days – the price.”
I couldn’t agree more, and I decided, being the data geek that I am…what are motivated sellers currently looking like on the WVMLS. For Salem Oregon, for single family homes, non acreage properties there are 50 designated motivated sellers. Interestingly it’s almost an even 50/50 split on sellers that have been “outed” as motivated in the public remarks, vs. sellers that are apparently “privately motivated’ in the agent only section of the MLS.
For these active sellers they are currently averaging 116 days on the market and during that time averaged a 4.2% drop in price since the original list price.
Considering that homes in Salem are currently selling between 91-94% of list, depending on area, what this tells me is that these motivated sellers are motivated to sell at list price…
My favorite is the house that has a motivated seller that has been on the market for 335 days with a 3.2% drop in price since then. Dear seller…can’t you see that the buyers aren’t “motivated’ by your price?
With our Oregon unemployment rate hitting 9.2% the other day, all I have to say to sellers that are “motivated” is motivated schmotivated…cut through the talk and show me the action. Start dropping your prices if you really WANT to sell.