Overpriced House



Once you've hit the 34 year mark you think you've heard everything - Wrong. Recently I was called to list a home for sale that had been on the market with another agent for "QST" (Quite Some Time).

Since I had the prior listing available to me it wasn't all that difficult to determine the reason the home hadn't sold was that it was overpriced by about $50,000.

The husband met me at the door and turned me over to the wife for the "grand tour". She explained they owned land in Florida, wanted to sell and build a retirement home. We got along very well. However, it was now time to meet with "mister" and discuss price and marketing strategy.

As usual I reviewed my marketing program first and then attempted a discussion on price.

"Mister", as she called him, interrupted saying, "I know all that - here is the deal"

  • We want to raise the price by $50,000 to $725,000 (this in spite of the fact it had been overpriced by $50,000)
  • There will be tremendous growth due to the expansion of Fort Belvoir and Marine Corps Base Quantico over the next several years increasing demand.
  • Since the prior listing agent is a friend we will only sign a three month listing and re-list with her in the Spring
When they told me they wanted to proceed with me I thanked them for the opportunity to meet with them, but did not feel I was capable of helping them meet their objectives and had to decline the opportunity. We parted under very pleasant circumstances. No need to "burn my bridges"

***********************************************

The Kruschka Team has 34 years full time experience in Prince William County

”Experience Isn’t Expensive – It’s PRICELESS”


NORTHERN VIRGINIA HOME FINDER


Contact Karen and Art by Email or call us at 703-690-6569. Put our record of customer service, real estate experience and state-of-the-art technology to work for you in Alexandria, Arlington County, Fairfax County, Prince William County, Stafford County or the entire Northern Virginia Area.

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43 Comments on It Will Take More Than 34 Years For Me To Hear It All

20 Most Recent Comments Displayed Show All

NOV
01
2010
1,309,938 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Steve  Now you understand how she made it to 78.
6:37pm • #24
906,325 Points 21 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Karen, at least these sellers have the foresight to know that there will be lots of demand "in the next several years"... make sure you check in on them every Thanksgiving or so.... LOL
8:55pm • #25
469,049 Points 18 Featured Posts Localism Sponsor Hit Router Attended Rain Camp Called Shot Master

Karen--You are a true professional.  I think you were probably kinder than I would have been after realizing they would only be using me to keep the home on the market until they could get their friend back in.  I would at least have wanted to say that I only list homes I know I will be able to sell and for sellers who are truly as motivated as I am.  Amazing story!!
11:27pm • #26
NOV
02
2010
1,309,938 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Silvia  Foresight comes in many forms including unrealistic  LOL
10:00am • #27
1,309,938 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat  There is always internal struggle to contain myself  :)
10:01am • #28
275,454 Points 3 Featured Posts Attended Rain Camp Called Shot Master

Hi Karen,

"Mister" apparantly has some new insight on a restructuring of the military in the near future to create the new demand for his now overpriced by $100,000 home that we are not aware of.

Perhaps the administration/Pentagon is changing the military in the near future so now there will be 19,499 generals in a Marine Corp division and 1 private to create the necessary demand that the "Mister" of the household was projecting!  ^_~ 

You are a lady of principle Karen!  Well done!
10:50am • #29
1,309,938 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Bruce  Your comment reflects a true understanding and identification of potential solutions  :0
10:54am • #30
267,098 Points Outside Blog Attended Rain Camp

Karen - Don't you just love dealing with unrealistic buyers? We all have similar stories, Im sure. I have a listing that is now overpriced by at least 30 to 40K and it was already over by 10K when I took it. The market just dropped in that complex and the sellers won't listen to reality. Result: Not one showing in 2 months.
12:51pm • #31
1,309,938 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

John  Your story is worse - unrealistic seller and declining market
1:07pm • #32
NOV
03
2010
377,702 Points 2 Featured Posts Outside Blog Attended Rain Camp

Karen, the best thing you did was walk away. I have done that too.  There's time, money and energy spent in advertising an overpriced listing that will not sell. 
7:53am • #33
653,817 Points 49 Featured Posts Localism Sponsor Outside Blog Called Shot Master

I would have walked away also Karen. Glad you did it! People just do not know real estate. Keep it off the market until the buyers will want to spend what they are asking. Sheesh!
7:56am • #34
1,309,938 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jen  Hopefully, most agents would have done the same thing
8:10am • #35
1,309,938 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jackie  Eventually the market will rise to their price
8:11am • #36
878,959 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Wow it is amazing how some folks do not get it when they have actually been in the game!
8:17am • #37
565,058 Points 75 Featured Posts Outside Blog Called Shot Master

Karen--Interesting how people don't realize that we actually need to sell things to get paid. Overpricing is bad enough but to know that in three months they plan to relist with their "friend", that is something else. Sometiimes it is easier to walk away before anymore time, energy and money is wasted.
8:46am • #38
1,309,938 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Bill It will never stop amazing me
9:08am • #39
1,309,938 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Teri  I think the problem is he thinks he knows it all - not my problem  :) 
9:10am • #40
1,057,134 Points 27 Featured Posts Outside Blog Called Shot Master

Sometimes the most self-affirming words are “No, thank you.” They can do a lot for one’s integrity, too.
11:01pm • #41
NOV
04
2010
1,309,938 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jim  You have been around long enough to know that is so true
11:01am • #42
NOV
05
2010
334,964 Points 2 Featured Posts Attended Rain Camp Called Shot Master

This post received lots of comments - I love the way you expressed it
7:18pm • #43

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Karen Kruschka - Prince William, Fairfax ,Stafford County VA Real Estate Service

Woodbridge, VA

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RE/MAX Olympic Realty

Address: 9214 Center St, Manassas, VA, 20110

Office Phone: (703) 499-9279

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