Why a Home Seller Should Never Say "I’m Not in a Rush to Sell"

Let's talk about a sore subject for sellers and that is the pretty common phrase that you may hear which is “I'm not in a rush to sell.” We'll tell you why this is a very problematic phrase and probably a bad strategy to have as a seller in this video.

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So, if you've been in the business before, as a real estate agent or as a buyer you may have had the misfortune of coming across a seller who has utilized the following phrase, “I'm not in a rush to sell”. We're going to talk about why this is very problematic phrase from a strategic standpoint in the minds and perspective of a potential seller. The straight answer to this is the fact that selling real estate by and large is a momentum-based exercise.

Therefore, it means that the level of demand and interest and foot traffic that your listing may receive is not consistent over time, it actually declines precipitously over the course of your listing being on the market. So, in other words as a seller, you have the highest chance of getting the best possible pricing and selling all together quite frankly, in the first few weeks of your listing and certainly at least in New York City within the first, you know month or two on the market.

So, when you hear a seller say you know, “I'm not in a rush to sell” it's likely in response to somebody, you know, putting forward an offer early on in the process which, you know, is not at the asking price. So, you know, if we're a listing agent we do everything we can to emphasize to sellers.

The idea that momentum and traffic is the highest level at the beginning of the process we obviously want to make sure that the initial listing price is you know, in line with the market. Perhaps, there's a bit of room there to negotiate depending on the price point but you know by and large we don't want our sellers to be saying, “I'm not in a rush to sell” because it means they may not necessarily be mentally prepared to take early serious indications of interest too seriously which obviously is you know, not going to result in a positive long-term outcome.

So, you know if you're a buyer and there's a newer listing on the market if you hear the seller say you know, “We're not in a rush to sell”, you know you may very well want to put pencils down on that listing and wait some time because there'll be a bit of a learning curve for that seller in terms of coming around to the realization that you know their expectations are not necessarily aligned with the market.

So, if you are a seller, you definitely do not want to catch yourself saying that you are quote not
in a rush to sell, you have the highest chance of selling your property for the highest price towards the beginning of the marketing process if you get an offer six months into your listing and you have a response by way of saying that you're not in rush to sell. That is a sure indication that you have not set appropriate expectations with respect to the value of your home as well as the strategic decision on what price to start with originally.

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