Getting Back In The Game

If at first, you didn’t succeed, should you try again?

Some sellers got discouraged during the depths of the downturn and took their homes off the market. Now, Gus Grizzard, an agent with ERA in Leesburg, Fla., is giving them a call to see if they are ready to give it another shot.

But he’s only making that argument to certain owners. “We have a critically low inventory of properties $150,000 and under,” Grizzard says.

Indeed, while many experts are pronouncing that it’s a good time to buy, they don’t make a similarly sweeping recommendation on the optimum time to sell.

That’s reflected in consumer attitudes. The consumer sentiment gauging whether it’s a good time to buy has rebounded, according to an index calculated by Thomson Reuters/University of Michigan. But the index on home selling conditions is still stuck in the doldrums.

Grizzard says that a homeowner should consider selling if there were a relatively low number of similar homes currently for sale in his/her specific market. Another good sign is if the last few comparable sales showed price stability or a gradual uptick. All those conditions fit the lower end of the market in his central Florida area, he adds.

“Some sellers are waiting until the spring,” says Michele Silverman Bedell, principal of Silversons Realty, Scarsdale, N.Y. While that’s the traditional peak season, “Selling a home in any season is usually a function of price and the amount of competition in the market and the number of buyers.”

Ask an agent for “concrete” data on inventory and price trends, suggests Susan Camiliere of RE/MAX Central, Roselle, Ill. “Then don’t listen to what you want to hear, listen to what is real.”

Here, how successful selling hinges on realty realism:

Less Pain

“In recent years, as prices fell in many markets… many were faced with the prospect of selling for less than they paid,” says Justin Sydnor, assistant professor in the Wisconsin School of Business at the University of Wisconsin, Madison.

“We know from research in behavioral economics that those types of perceived losses are very painful – we call this ‘loss aversion,’” he says.

Now, owners are able to accept lower values because time has allowed them to “adjust their expectations,” Sydnor explains.

Big Picture

The loss aversion may also have been exaggerated, Sydnor adds, because sellers tend to focus on a single reference point – like the price they paid.

With time, he adds, more homeowners think of their home’s value in context with other parts of their financial lives.

That’s just what Mike Litzner, of Century 21 American Homes, East Meadow, N.Y., says he’s observing. “People are realizing they’re making up the loss on their new home, since they’re getting that for less [than boom year prices] too.”

Sellers are also weighing the costs of not moving, Camiliere says. Downsizing, for example, might eliminate paying expensive mortgage and maintenance bills, she explains. Then, there’s the cost of lost opportunities. “Maybe you’d like to move to be closer to your grandchildren, and they’re growing up.”

Best Effort

It’s not just price that second-time-around sellers are changing their attitudes about, Camiliere says.

She takes note of the comments that prospective buyers make and informs the sellers. Now, sellers are more amenable to making changes based on those reactions.

It may not be easy to take down wallpaper you love or repaint a room, but sellers who want to be successful this time are determined, she says.

ad-high_impact_4
News
Melvin Dummar dead at 74
Melvin Dummar has died at 74. Dummar was famous for claiming to have saved Howard Hughes in a Nevada desert in 1967. Dummar claimed to have been left $156 million in Hughes’ will. The will mysteriously appeared after Hughes’ death in 1976. It was dismissed as a fake two years later. Dummar never saw a dime of the billionaire's fortune. Dummar died Saturday in Nye County.
Officer-involved shooting in Nye County
The Nye County Sheriff's Office gives information about a shooting in Pahrump on Thursday night after a man began firing shots outside of his home. (Nye County Sheriff's Office)
Law Enforcement Active Shooter Training Exercise
Multiple Las Vegas Valley law enforcement agencies held an active shooter drill at the Department of Public Safety’s Parole and Probation office on December 6, 2018. Officials set up the training exercise to include multiple active shooters, a barricaded suspect and multiple casualties. (Katelyn Newberg/ Las Vegas Review-Journal)
Public memorial service for Jerry Herbst
Archiving effort hits milestone at Clark County Museum
The Clark County Museum catalogs the final item from the bulk of Route 91 Harvest festival artifacts. (John Przybys/Las Vegas Review-Journal)
Pearl Harbor survivor Edward Hall talks about his memories of Dec. 7, 1941
U.S. Army Corps Edward Hall, a 95-year-old survivor of Pearl Harbor talks about his memories of that horrific day. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Final Route 91 Harvest festival remembrance objects catalogued at Clark County Museum
The last of the more than 17,000 items left at the makeshift memorial near the Las Vegas sign after the Oct. 1 shootings have been catalogued at the Clark County Museum in Las Vegas. The final item was a black-and-white bumper sticker bearing "#VEGASSTRONG. An additional 200 items currently on display at the museum will be catalogued when the exhibit comes down. (K.M. Cannon Las Vegas Review-Journal)
Dozier execution timeline
Scott Dozier was set to be executed July 11, 2018, at the Ely State Prison. Judge Elizabeth Gonzalez delayed the execution.
Grand Jury Indicts Constable for theft
A Clark County grand jury indicted Henderson Constable Earl Mitchell. A Las Vegas Review-Journal investigation prompted the criminal probe. The newspaper found Mitchell wrote himself thousands in checks, took out cash at ATMs and traveled on county funds. He faces four felony counts of theft and a county of public misconduct. Mitchell and his attorney could not be reached for comment.
93-year-old WWII veteran arrested during visit to VA hospital
Dr. S. Jay Hazan, 93, a World War II veteran, talks about his arrest during his visit to VA hospital on Friday, Nov. 30. (Erik Verduzco Las Vegas Review-Journal @Erik_Verduzco_
Pearl Harbor survivor struggles in her senior years
Winifred Kamen, 77, survived the attack on Pearl Harbor as an infant, works a 100 percent commission telemarketing job to make ends meet. (K.M. Cannon Las Vegas Review-Journal)
Las Vegas Metropolitan Briefing 18th street gang
Las Vegas Metropolitan briefs the media on the recent arrests made regarding the 18th street gang.
Man shot in Las Vegas traffic stop had knife, police say
Police said the man fatally shot by an officer during a traffic stop in downtown Las Vegas had a “homemade knife.” Demontry Floytra Boyd, 43, died Saturday at University Medical Center from multiple gunshot wounds after officer Paul Bruning, 48, shot him during a traffic stop. Bruning pulled Boyd over on suspicion of driving recklessly at 7:41 a.m. near Sunrise Avenue and 18th Street.
Catahoula dogs rescued from home in Moapa Valley
Catahoula dogs were brought to The Animal Foundation after being rescued from home in Moapa Valley.
Intuitive Forager Kerry Clasby talks about losses in California wildfire
Intuitive Forager Kerry Clasby talks about losses she suffered in California's Woolsey Fire in Malibu in November. (Al Mancini/Las Vegas Review-Journal)
Benefit dinner for Kerry Clasby, the Intuitive Forager
Sonia El-Nawal of Rooster Boy Cafe in Las Vegas talks about having a benefit for Kerry Clasby, known as the Intuitive Forager, who suffered losses on her farm in California’s Woolsey Fire in Malibu. (Al Mancini/Las Vegas Review-Journal)
Former President George H.W. Bush dies at 94
Former President George H.W. Bush has died at the age of 94. He died Friday night in Houston, about eight months after the death of his wife, Barbara.
Las Vegans Celebrate Big Snowfall
Las Vegans celebrate big snowfall at Lee Canyon.
Exploring old mines for denim jeans and other vintage items
Caden Gould of Genoa, Nev. talks about his experiences looking for vintage denim jeans and other items in old mines and other places areas across Nevada and the west.
Officers share photo of dead gunman after Las Vegas shooting
A little over an hour after SWAT officers entered Stephen Paddock's suite at Mandalay Bay, Las Vegas police officers far from the scene were already sharing cell phone photos of the dead Oct. 1 gunman.
Frontier jet safely returns to Las Vegas after losing engine piece
Frontier jet safely returns to Las Vegas after losing engine piece. (@FlightAlerts_)
Park Service plans ahead for lower lake levels
National Park Service releases new plans to maintain access to the water as Lake Mead continues to shrink.
Women claim abuse at Florence McClure Women's Correctional Facility
Current and ex-inmates, including Merry West, are suing Florence McClure Women’s Correctional Facility, claiming abuse and inadequate medical care. (Rachel Aston/Las Vegas Review-Journal) @rookie__rae
Butte County Sheriff's Office Body Cam Footage
Bodycam video from Butte County (Calif.) Sheriff's Office Deputy Aaron Parmley, who was in Paradise November 8 helping with evacuations. (Butte County Sheriff's Office)
NDOT construction blasting along State Route 106
NDOT construction blasting along State Route 160, near Mt. Potosi Road, in Clark County as part of a $59 million, 6-mile-long highway widening project that began this summer. (Nevada Department of Transportation)
Car crashes into Papa Murphy's Pizza shop
A driver crashed a car into a western Las Vegas Valley pizza shop on Tuesday morning, police said. (Joe Stanhibel/Special to Las Vegas Review-Journal)
Low-lake-level pumping station nears completion
Barnard Construction and the Southern Nevada Water Authority give one last tour before the new low-lake-level pumping station is activated.
Trailer: Valley of Fires
Sultan’s Playroom from Make-A-Wish Southern Nevada
Make-A-Wish Southern Nevada’s Scott Rosenzweig talks about granting Sultan Bouras Souissi’s wish, and what went into building it. (John Hornberg/Las Vegas Review-Journal)
Jim Marsh brings historic replica of rural church to Amargosa Valley
Jim Marsh talks during the opening of the Chapel at Longstreet, a replica of an 1874 Catholic church built in the mining town of Belmont, Nev., at Marsh's Longstreet Casino in Amargosa Valley, Nev. Chase Stevens/ Las Vegas Review-Journal
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like