PDS is an acronym coined by David Knox for "Pricing Denial Syndrome".
This syndrome afflicts some sellers and possibly some agents and the signs are:
- Denial (“It’s not the price.”)
- Minimization (“It’s not that overpriced.”)
- Blame (“You’re not marketing it enough.”)
- Justification (“We need the money.”)
- Bargaining (“What if we improve the property?”)
- Anger (“Why is this taking so long!? “)
- Acceptance (“OK, let’s reduce the price.”)
If you find yourself asking yourself or your agent "why don't they choose our house?" for viewings or to place an offer. Then you might be in the denial stage. If no one is looking at your home. The market has rejected your price. Time for a new price.
If you are getting some traffic but buyers seem to not choose your home but choose others and now you've been on the market for in excess of 30 days. "It's a good price it's not that high compared to others" or "we have a bigger deck and yard". Guess what, it's over priced. If it's priced right you would have an offer. Time for a new price.
"What if we paint and buy a new furnace?". That could help but you haven't done it now so what are the odds you'll buckle down and do it? The simplest and often best option is not to bargain about making improvements but to price your home accordingly.
Your Friend in Real Estate,
Patrick on Twitter @pgalesloot I'm not a twit but I tweet.