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Once again the media got to another seller who shot himself in the foot by taking the media's advice !!
I ran into an agent today, whose listing I had shown over a month ago.
My buyers liked the house, but felt that it was drastically overpriced.
It was listed at $599,000.
My clients would have been willing to pay $500,000 for it based on the COMPS that we had seen.
... but because that number was so far off, they didnt want to waste their time, and chalked it up to another unrealistic seller with an overpriced listing.
Trying to be diligent, I made a call to the agent, to ask if he felt there was any way that this would sell for $500k? He said he didnt think there was any way the seller would take $500k, and that the seller was difficult to work with, and insisted on a list price of $599,000, even when the listing agent told him the comps dictated a much less listing price. I told my buyers we could still put an offer in but they felt it 'would never happen'.
So not wanting to get their hopes up, my buyers moved on - and we are now under contract with another property.
Jump to my meeting today with the same listing agent.
It turns out the listing had since expired and the seller decided to 'rent' it, instead of renewing the listing for sale.
It rented in a week.
Here's the kicker !!
After the lease was signed, the seller told the agent I was talking to, that he would have gladly accepted $500,000 for the sale !!! ... but because of something he read about "pricing a listing high so you have Negotiating Room", he felt that if he wanted $500k he needed to price it at $599k BECAUSE HE WAS READING THAT MOST BUYERS WERE LOOKING FOR $100K OFF DEALS THESE DAYS !!!!!
... now I dont just fault the seller here, because it sounds like the listing agent probably didnt do a good enough job showing comps to prove that $599k was WAAY too high.
I even asked the agent if he had the conversation about 'bottom lines' with the seller, and he said that the guy 'didnt want to go there' and told him 'I want you to sell this for the maximum you can get and not worry about what my bottom line is !!!!!"
Well the 'bottom line' is, that because the seller wasnt REALISTIC with his pricing, he is now a Landlord, instead of someone making plans to spend his profit in the sale of his home !!!!
Dont Overprice Your Listings People !!!!!
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Sheldon Neal is a Realtor® with RE/MAX, specializing in Homes For Sale in Bergen County, NJ.
If you are looking for Bergen County Realtors, call local expert Sheldon Neal for all your Bergen County Buying & Selling needs !
Sheldon Neal ~ RE/MAX REAL ESTATE LTD.
cell: 201-481-2891
email: SheldonNeal@remax.net
website: www.SheldonNeal.com
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