No offense Sellers but you just have to get with the program. I was noticing today that the biggest category on our hot sheet for MLS is Expireds. What that means is most sellers are way overpricing listings.
As a seller, you've got to get this because you are losing money by pricing your home too high. The longer it sits on the market, the less money you will make. It's like not expecting a serious discount on an "out of season" coat at Macy's. Buyers are the ones that decide the value of your house, not you. If you are not getting showings or if you are getting showings but no one seems to be interested, then 9 times out of 10, it is the price. Even if your house needs updating or repair, or is in a not so good neighborhood, buyers still dictate the price. If they aren't looking then you aren't moving.
Whether you know it or not, Realtors spend a lot of time and money to get a property listed. Between advertising, signs, brochures, and open houses, we are making an investment that this house will sell. Remember we don't make a dime until we sit at the closing table. If we run our business like a business, then that would be a bad investment
This is not a "let's test the water" market. So please be very serious about selling your home. If it isn't priced right, it is a waste of money and time. Some realtors will choose to walk away from an overpriced listing. I am one of them!
Realtors find themselves in constant dialogue with sellers about lowering a listing price. Just lower your price! I've had to explain it so many times, I'm really tired of it. If the seller gets it, great, but you still run the risk of getting a lower price because you didn't list it at that price. to start with If the seller doesn't get it and insists on selling at that price, then I usually give them an option of lowering their price or taking it off the market. It is not worth it to me!
So please Sellers, when you ask us to do a Market Analysis and we take the time to pull up the appropriate comps for your house and neighborhood, this is the honest to God truth of what your house is worth in this market. Your house is not the exception to the rule, so get over it!!