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Are you still noticing that homes on the market are still being overpriced? We know that many sellers feel that their home is worth more than their competition. Afterall, it's human nature, but unfortunately buyers don't want to pay more and they will know it is over-priced.
A seller may think...why not start with a higher price because a buyer can make a lower offer? This is wrong. They won't make the lower offer because they may not see the house if it's not in their price range. Competition is fierce and they will just move onto the next house down the road that is fairly priced.
An overpriced listing may not have an advantage for the Seller, the Buyer, or the Listing Agent.
The seller's house is going to be on the market longer.
The buyer may be missing out on a truly nice house.
The listing agent may get a negative effect by the sign being out too long and it may show that they aren't able to sell the house!
It's true there are a fair share of agents who will take a listing at any price.
However, if you are serious about selling your house, price it right. If you are not serious about selling...then don’t bother putting your house on the market. It's just that easy!
Larry and Sheila are Realtors with Charles Rutenberg Realty and can help you choose a home on Long Island to buy or can help you sell your present residence. We can be reached at 631-805-4400.
If your home or condo is listed with another broker, this is not a solicitation of the property.
Do You Have Questions About Your Long Island Neighborhood? Need More Specific Information On Your Long Island Home or Condo For Purchase Or To Sell?
CallLarry And Sheila For More Comprehensive Reporting At 631-805-4400.
We Welcome Your Call!
If you or anyone you know is considering to sell their existing home on The North Shore Of Long Island, or is purchasing their first home, dream home, step-up home, or retirement residence, we would appreciate the opportunity to serve them. We can also recommend a relocation professional in the destination of choice outside our Long Island area!
All content, including text, photographs and images, remains the exclusive property of Suffolk Experts. Only with written permission of Larry & Sheila may anything be used by others. All information is believed to be accurate but is not guaranteed. Suffolk Experts and Larry & Sheila make no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, delays in information, any losses, inuuries, or damages arising from its display or use.
So true so true. It's unfortunate sellers don't realize you don't want them to have to sell it for less than they want either, it's just the buyers willingness to buy a house will dictate the market.
Sometimes agents forget that the home owner still has every right to sell their home for what they deam fit. As professionals, its our job to give the best information to make an educated decision yet there are times when all the information in the world won't change their mind. So agents can talk all they want will pricing and getting it right yet the seller still holds legal title to sell their property. Case closed.
So true! I just dealt with this scenario on a sale that almost didn't go through because the sellers simply wouldn't come down...even had to dispute the original appraisal to get the price up a little (tiny) amount and the sellers still thought their house was worth more. I say price the house right, gain more exposure, and then maybe you'll get a multiple offer situation, and end up with a better price anyway.
In my area, homes are selling at an average of 99.5% of list price, with a variance of no more than 5% in either direction. Because I provide this info to my buyers up front, they don't even waste the time writing low offers on over-priced properties...
Hi Larry & Sheila, overpriced? Every day! I am amazed at the agents who continue to take overprice listings. Of course the sellers go to the "highest bidder" as if the agent is going to buy their home. But no matter how you reason with some they still do it!
"It's true there are a fair share of agents who will take a listing at any price."
Fair share is an understatement. If all agents would be honest with sellers and only take listings at "market value" the bottom of the market would have been a year or more behind us.chiniquapin
The market speaks pretty loudly by giving sellers offers or NOT! If the market average is now a couple months on the market and you now have 7-8 months on the market with no offers, you are overpriced. It's just that simple.
Larry and Sheila, thanks for the advice. I agree that in today's markets Over pricing is a disaster. I think that if you want to convince the seller with solid evidence of what the property is worth, perhaps an appraisal before listing is appropriate. Back in the 90's when I was just getting started in investing I thought that RE agents were just being lazy in under-pricing properties for a quick and easy sale with me paying 90% of the cost and they only paying 10%. My results in this decade seemed to backup my theory in that I insisted on listing for a significantly higher price that was recommended and everything that we listed sold within a few weeks.
Then came the next century and fewer of my properties sold for what I thought they were worth and a few of these I still have because I did not listen to my agent when it came to pricing them. And in the past 6 years I have adapted a policy of hold on to everything at all cost because I have seen numerous properties languish on the market due to overpricing.
Of course I would not recommend that everybody hold on to thier properties until the prices come back, there are many many costs of holding on to a property, especially anything with buildings. If you do adapt the policy of holding on to your properties, you had better have a plan as to how you are going to make money with property or you will be soon heading for bankruptcy.
If you don't have a plan for making money while holding on to the property then its best to develop a plan for how you are going to get it sold for whatever you can get for it Quickly!
As a RE agent it is important to find a way to make your seller see the reality of today's markets and how important it is to act quickly and smartly.
Pricing a home right is one of the most critical things you can do to get your home sold in a timely manner. Over priced homes get really low-balled if they do get an offer usually
This is a must re-blog as so many Sellers believe that "List it and they will come" and they may look, but the Buyer's are much too smart to dance that dance. Thank you for a very well-written blog!
It would help if we could take the "emotional pricing" out of the equation. Some homeowners truly believe their house is worth more than it actually is. They want to be paid for their emotional investment, their "blood, sweat & tears". The trick is explaining to the seller why you think the price is too high without hurting their feelings.
Good evening, Larry & Sheila. Congrats on the feature. I am finding that properties that are priced right move. Period! Those that aren't sit like a toad on a log...
Glad to hear you tell it like it is. When I try to explain the concept to sellers, they seem to have a difficult time understanding why a buyer won't pay their price.
Welcome to our world of Real Estate!
We are Long Island's Premiere Realtor's representing all of Long Island New York, including Residential Homes, 55 and Over Communities, Condo/Townhouse, Luxury Long Island Properties and Corporate Relocation Specialists!
Interested in selling your Long Island Home or Condo? Contact Larry and Sheila to get a professional estimate at 631-805-4400.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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115 Comments on Still Overpriced!
I like your post. I will use it for my cma. Its true that over pricing will only help sell other properties.
So true so true. It's unfortunate sellers don't realize you don't want them to have to sell it for less than they want either, it's just the buyers willingness to buy a house will dictate the market.
Thanks for a good post.
Sometimes agents forget that the home owner still has every right to sell their home for what they deam fit. As professionals, its our job to give the best information to make an educated decision yet there are times when all the information in the world won't change their mind. So agents can talk all they want will pricing and getting it right yet the seller still holds legal title to sell their property. Case closed.
The world is all about price. If a property is not priced correctly it can take forever to sell. Too much work for no results.
Overpricing helps the properly priced listings sell. Oh when will delusional sellers learn.
So true! I just dealt with this scenario on a sale that almost didn't go through because the sellers simply wouldn't come down...even had to dispute the original appraisal to get the price up a little (tiny) amount and the sellers still thought their house was worth more. I say price the house right, gain more exposure, and then maybe you'll get a multiple offer situation, and end up with a better price anyway.
In my area, homes are selling at an average of 99.5% of list price, with a variance of no more than 5% in either direction. Because I provide this info to my buyers up front, they don't even waste the time writing low offers on over-priced properties...
Hi Larry & Sheila, overpriced? Every day! I am amazed at the agents who continue to take overprice listings. Of course the sellers go to the "highest bidder" as if the agent is going to buy their home. But no matter how you reason with some they still do it!
"It's true there are a fair share of agents who will take a listing at any price."
Fair share is an understatement. If all agents would be honest with sellers and only take listings at "market value" the bottom of the market would have been a year or more behind us.chiniquapin
Larry & Sheila,
The market speaks pretty loudly by giving sellers offers or NOT! If the market average is now a couple months on the market and you now have 7-8 months on the market with no offers, you are overpriced. It's just that simple.
All the best, Michelle
Larry and Sheila, thanks for the advice. I agree that in today's markets Over pricing is a disaster. I think that if you want to convince the seller with solid evidence of what the property is worth, perhaps an appraisal before listing is appropriate. Back in the 90's when I was just getting started in investing I thought that RE agents were just being lazy in under-pricing properties for a quick and easy sale with me paying 90% of the cost and they only paying 10%. My results in this decade seemed to backup my theory in that I insisted on listing for a significantly higher price that was recommended and everything that we listed sold within a few weeks.
Then came the next century and fewer of my properties sold for what I thought they were worth and a few of these I still have because I did not listen to my agent when it came to pricing them. And in the past 6 years I have adapted a policy of hold on to everything at all cost because I have seen numerous properties languish on the market due to overpricing.
Of course I would not recommend that everybody hold on to thier properties until the prices come back, there are many many costs of holding on to a property, especially anything with buildings. If you do adapt the policy of holding on to your properties, you had better have a plan as to how you are going to make money with property or you will be soon heading for bankruptcy.
If you don't have a plan for making money while holding on to the property then its best to develop a plan for how you are going to get it sold for whatever you can get for it Quickly!
As a RE agent it is important to find a way to make your seller see the reality of today's markets and how important it is to act quickly and smartly.
http://activerain.com/blogsview/3122316/over-pricing-costing-sellers-more-than-they-know-
We have a Sellers Market here - but you do have to keep it within reason - appraisals are part of the issue.
Larry & sheila, congratulations on another FEATURED post. Any seller who read your post and do accordingly will get their house sold quickly.
Hi Larry and Sheila, you have been writing some terrific posts and getting a lot of them featured...congrats on another one!
But, Mr. Realtor. MY HOUSE has heavy duty nails, LOL
Pricing a home right is one of the most critical things you can do to get your home sold in a timely manner. Over priced homes get really low-balled if they do get an offer usually
This is a must re-blog as so many Sellers believe that "List it and they will come" and they may look, but the Buyer's are much too smart to dance that dance. Thank you for a very well-written blog!
It would help if we could take the "emotional pricing" out of the equation. Some homeowners truly believe their house is worth more than it actually is. They want to be paid for their emotional investment, their "blood, sweat & tears". The trick is explaining to the seller why you think the price is too high without hurting their feelings.
Good evening, Larry & Sheila. Congrats on the feature. I am finding that properties that are priced right move. Period! Those that aren't sit like a toad on a log...
Glad to hear you tell it like it is. When I try to explain the concept to sellers, they seem to have a difficult time understanding why a buyer won't pay their price.
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