Simply put, for most people, the pain of reducing their house by $10,000 or $20,000 far outweighs the (future) pleasure of being in their beautiful new home (which they probably purchased for $30,000 less than it would have sold for 18 months ago.)
In life, most people cannot focus on tomorrow, or next week or month. If they don’t get instant gratification, they give up. I am startled at how many folks cannot see past the end of their nose. My suggestion to sellers who are struggling is this: Keep an eye on the prize. Focus on the end result, not the pain involved with getting there. While I understand that this market may take 100 days for you to sell, it also may take you 180 or more, depending upon your home, how you price it, and how it is marketed. That can be alot of “pain”.
Here are some ideas:
1. Have a photo of the home /apartment / condo whatever you wish to buy placed near your desk at work.
2. Close your eyes 2-3 times daily and visualize yourself, your friends, and your family in your new home, enjoying the holidays, or a picnic or a party. Make it specific. This will keep your spirits up, and amazingly, will subconsciously keep you moving toward your goal.
3. Take your “lumps of pain” up front and fast. If it is clear in day 21 that the market for your homer is not robust, be more objective about the price, condition and the marekting which needs to be done.
4. Remain positive. Don’t tell friends, family and co-workers how bad things are, or how you are disappointed. Don’t tell people how pathetic your agent is, and that he couldn’t sell water in a desert. When you get depressed, see #2. Dwelling on the negative brings you more negative.