With so many agents blogging about sellers who will not be realistic on their pricing I thought it timely to bring this post back to life. Though I did very well with my overpriced listing the seller, ultimately, was the one who suffered the most as he delayed his move, and struggled with the rejection of no offer. Luckily for him he ended up selling it at the original recommened list price. Not all Sellers are so lucky.
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Not long ago I had the opportunity to list a waterview home. It was located in one of those small eclectic waterfront communities that we are famous for here in Annapolis MD. Yes this home had a fabulous view as long as you looked out, straight out to the water. Unfortunately it was sitting on a cliff with a road and homes below it and those homes were not the nicest around. One had dozens of cats perched everywhere, another the owner was a collector. A junk collector. So needless to say the view looking down was not the prettiest.
At the time of sharing the market analysis with Mr & Mrs Seller the statistics showed that their home should sell in the $250,000 to $275,000 price range. Not shabby considering. But alas Mr. Seller wanted to price it higher.
It was the same old argument. My home has this and that, we have done this and that. And the view!!! That magnificent view is well....priceless.
After much discussion and going back and forth I reluctantly agreed to list it at a higher price as long as they agreed, if no offers were forthcoming, to lower the price to the market value after 30 days. They agreed so we went forward.
I started my marketing campaign which included advertising open houses, office caravan etc. The property was shown numerous times by other agents. I was even told by a few agents that their buyers were showing some interest but alas no offers. Bottom line, it all boiled down to the neighbors below.
Day 31. Mr & Mrs Seller, we have passed the 30 day agreed upon time frame and have no offers. We need to adjust the sales price to market value as we discussed.
Yes Martha I understand but......
But Mr & Mrs Seller I say, keeping your home overpriced will not help you in the long run nor will it put more money in your pocketbook.
We understand and appreciate your advice and concern. However, we feel strongly that we need to keep it where it is a bit longer. Are you sure I ask again. As I said this really is not in your best interest. Yes, we are sure they say.
So I continued marketing. More Buyers came and went. Through my marketing efforts I showed the home to numerous buyers myself. None, once there, had any interest but I did sell another home to 3 of those Buyers which amounted to just a tad over $1,000,000 in sales.
Month 3.5 of the listing agreement Mr & Mrs Seller lowered the price to market value. We had a contract within weeks and the home sold for.... drum roll please.....$275,000. Gee who would have thought.
When we closed the sale and the Sellers were moving I stopped by to give them a going away gift and to say thank you once again for giving me the opportunity to market and sell their home. We chatted a bit and as Mr. Seller walked me to my car he said... Martha, I appreciate all that you did to help us get this home sold. Looking back I wish I had not been so hard headed and listened to you more though. You said this home would sell for $250,000 to $275,000 and you were right. Next time I sell I will listen more. I wished them well in their move to Arizona and left.
As I glanced in my rear view mirror and drove off I silently said thank you Mr. Seller. You made my day and my year in more ways than you will ever know .
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