Did You Thank Your Neighbor For Overpricing Their Home?

Hi Guys.. another great post.. so well put and I tell you I could not agree with you more.. it deserved to be a feature.. Have a beautiful Warren County Day!

I was given a referral recently and the prospect inquired about a home that I knew was over-priced. I then went into the whole story, comps and status quo with them. Their remark when I finished? Boy, you sure know the neighborhood. I used the over-priced home to my advantage...lemons into lemonade anyone?

Thank them and don't forget to wave from the moving truck as you go down the street.             

I wrote a blog with a very similar point.  The bottom line is that if the seller isn't getting offers, the price is too high and he needs to drop the price.  Dreaming of a high price rarely, if ever, results in a sale.

So true! When I meet with potential sellers, I always tell them that although they need to look at sold prices to determine what buyers will pay and appraisers will support, the current competition is also extremely important. When other people put their homes on the market, the competition will either help them if it's overpriced or hurt them if it's priced super competitively. Great post.

When you have someone from OUTSIDE of ActiveRain, that was a seller, and NOT in the business, AGREE with you... THAT is icing on the cake. Way to go Marge (Comment #40).

BLiz you're pulling double time on the posts this morning and nailed it both times.  Definitely influenced my post this morning.

Well this one was just perfect! I know what you write is true, because I am in the business, but word of mouth on the street.... THAT is sweet!!

Bliz,

this is always a struggle with some home sellers. They think because so and so listed for X that they should list for at least that. Grrrr

Very well said Bliz.  I just listed a home and right across the street is another one listed for $5000 more than mine with nearly 300 sq ft less.  That one has been on the market for 148 days.  Mine received 5 offers in less than a week.  I guess I better send them a thank you right away. 

Bliz

This entire series is great and right on point. Still there is one person that won't be fooled, the appraiser. Irony when the over priced listing does finally get an offer only not to appraise, cheers cvc

With all the billions of blogs that we put out there for sellers to read, to AVOID overpricing their listings---they still do it.  I feel like a broker record sometimes.

Your blogs on this topic is always spot on.

Bliz, that guy just listed his house down the street from one I'm listing this Saturday.  He is 200K over my listing for the exact same house.  I'm going to hold to your theory and sell my house by Monday.  ;-)  Should I go ahead and send that note now or wait until Tuesday?  Good stuff!