We've all had that client who truly believes he can defy the market and list his home for 20-40% over a solid CMA value. I get one (or more) every year who thinks there is something so extraordinary about his home that savvy buyers will simply ignore the obvious and pay too much.
When negotiating with that client you've got to be honest and tell him that "his baby is ugly." Be easy. I know, it's painful to hear, but it's true. Then, while he is gasping for air you can give him a list of things that may not make up that 20-40% difference in CMA values, such as:
- The love that went into the wall coverings.
- The plants his aunt Sally planted out front before she passed.
- The living room where the firstborn learned to walk.
- All of the time he spent mowing, manicuring and improving the yard.
- The pool.
- A partially finished basement with convenient drop ceiling and fluroescent lighting.
- The dog kennel out back.
- The bus stop at the end of the street.
- The hot tub.
- The neighbor who got his asking price just a short time ago (five years).
- The friend who is an expert and is advising him on housing values.
- Etc., etc., etc.
We all have our own list, but trying to convince an overpriced seller that his price is never going to bring a buyer is like getting a pacifier out of the mouth of a four year old. It has the potential to be ugly, but it has to be done. Be honest, even if it costs the listing.
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