"I don't want be a jerk, but, NO, I don't wanna TRY, I wanna SELL" is what I told a potential seller this morning.
Midori Miller just wrote a blog yesterday, as if she was reading my mind The Same Mistakes..Why...Customer's Deserve Better!
The bottom line is this. Even if the property is overpriced by 5%, in this market it won't sell. It won't even get a bite. Why? The competition is severe.
Now you are probably wondering what it means to be over-priced.
In my mind, it's simple. Look at the comparables in the immediate neighborhood of the property that were sold within the last 6 months.
If there are none, which happens in this market more often than you think, you need to look at expired and withdrawn properties within the last 6 months.
And we do have plenty of those... They are indicators of today's market-nobody wanted to buy those properties at that price.
Now, you can argue that maybe the marketing was lacking, or the showing times were restricted.
Yes... It is a possibility, but if many of them are in the same price range, isn't a little bit too coincidental that all of those listings expired in the same price range?
Example:
The last condo sold in a community was back in September 2006 for $142,000
There are 3 for sale now (identical sq. footage-wise and number of beds& baths) ranging from $143,900 to $175,000
There are 6 that expired ranging from $149,900 to $158,000 since the beginning of 2007.
The verdict for the unit to price in our current market (where we have over 7,000 r
esidential listing for sale) is no more than $142,000(so that we have some room to negtioate on the price).
Why? The market dropped at least 5% since the beginning of 2007.
So, NO, I don't wanna TRY to sell it at $158,000, because it won't sell.
I don't want to try, because it's not a high school.
It's a real life where actions and decisions have consequences:
" A for an effort, F you know for what..."
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Your point is well taken...when will sellers get the message? Better yet, when will real estate agents get the message? It is good when you "don't try" if it is a case over being priced too high for the market!