My associate Lanette Branch has some words of wisdom for all who want to sell an overpriced home.  i couln't have said it better myself


Leander McClain, Burlington Township Realtor & Real Estate Consultant, Keller Williams Realty, 1814 Route 70 E, Suite 200, Cherry Hill, NJ 08003, 856-321-1212 Bus., 856-685-1677 Direct

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Via Lanette Branch, - Bel Air, MD REALTOR (RE/MAX 1st Advantage Realty, Inc.):

Selling your home in today's marketplace is hard.  Selling your overpriced home in today's marketplace is downright MISSION: IMPOSSIBLE.

You're doing yourself, your home, and your agent a huge disservice by overpricing your home in the current buyer's market.  Overpriced homes get shown last, if at all, and they sit un-sold much longer than homes that are priced right.  You think that old strategy of pricing higher than your absolute minimum acceptable sales price will work because now you're adding some ‘padding'? 

Seriously? 

You think that's a good strategy? 

Uh...no, it's not. 

It's a terrible strategy and it absolutely does not work in today's market.   Moreover, you're doing a great thing for your neighbors' agents.  You see, by pricing your home too high, you are helping to sell your competition's homes -- hard pill to swallow, but oh-so true.

 Today's market is not the market of just a few years ago and your home will sit on the market while the seasons change, the well-priced competition goes to settlement, and the days roll by.

Do yourself a favor and listen to your well-informed, professional real estate professional.  This is what we do.  As Realtors we research your specific area and give you a price range that reflects myriad factors affecting your home's saleability.  We listen to your needs, your wants, and your motivation in order to create a marketing plan specific to your home. 

Personally, I spend lots of money out-of-pocket on the marketing of your home and I won't touch your home with a 10-foot pole if you and I are not on the same page when it comes to pricing.  Why bother?  Why waste time, energy, and MY money?  A broke Realtor + a frustrated Seller = 1 Hot Mess. 

You want sell your overpriced home?  -- change that ACTIVE status to PENDING and then SOLD?  Realize the gold mine you have at your disposal.  Your agent did the hard work, researched the information you needed to make a decision, and provided that information to you quickly and efficiently, right?  Now, the onus is upon you to use that information to make a well-informed decision and price your home right the first time.  Don't get caught ‘chasing the market'!

What's ‘chasing the market', you ask? 

Well, ‘chasing the market' is...another blog altogether!

 

2 Comments on Selling Your Overpriced Home: It Ain't For the Faint of Heart

APR
13
2009
639,267 Points 39 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Leander - we're getting luckier here - we aren't seeing as many sellers wanting to over price.  If they are serious about selling they know what they gotta do!
5:03pm • #1
115,954 Points

Good re-blog, Leander.

A solid consultative salesperson with a professional demeanor is never afraid to give a professional opinion and when the prospect does not listen can easily walk away.

Good job

Bo
10:57pm • #2

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