As the pendulum shifts from a seller’s market to a buyer’s market, managing expectations tends to become a full-time job and quite frankly, in most cases, an uphill battle.

Receiving an offer that is short of buyers’ expectations should be embraced without emotion and serve as an opportunity to negotiate in hopes of finding common ground. What we once used to refer to in the market as a “Low Ball Offer” is a sign of interest that can always be managed with a polite decline.

As for properties that have been on the market for a while without receiving a single offer: now is the time to consider a reassessment of their selling position. Each homeowner has a different set of circumstances and must act accordingly. In some cases, it is simply a matter of supply and demand, timing, or pricing. Sellers that have an urgency to liquidate may consider a price improvement or provide better terms (such as offering owner’s financing).  However, for those who have more dry powder, taking the property off the market might be a more suitable strategy.

Nevertheless, unique high-end luxury properties dance to a different tune. The latter kind of sellers with more flexibility can outlast market cycles and wait for the right buyer. For example, we had a property listed for years at $7M that received no offers until last May, when we found the ideal buyer and sold for a record price of $7.8M for that municipality. Although this outcome is not representative of the whole marketplace, it does serve as a reminder that a “one size fits all” strategy is not always applicable when selling.

Navigating the process of buying or selling the ideal home can be very frustrating at times. It is important to get to know the market, understand the niches and be prepared for some tradeoffs. Having an experienced real estate professional on your side will guide you to make the best decisions that will save you time and money as well as avoid rookie mistakes.