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Another example of Over-Pricing

By
Real Estate Agent with Keller Williams Greater Omaha 20041001

Here's another typical scenario of what happens with an over-priced listing.  I met with some sellers that had previously listed their home with a part-time agent that was a friend of theirs.   It had been priced at $199k but never sold.  I went over everything that I do and they were impressed with everything I offered.  I suggested a list price of 180k but let them know that if we don't get any showings or if the feedback we get is that that the price is too high, then we would have to lower it.  After three weeks on the market we had not had a single showing.  I re-evaluated the situation and recommended lowering the price to 175k.  At this point they cancelled the listing, convinced that they needed a better agent.  I watched their listing once it was relisted with another agent.  It was priced at 180k for 3 weeks and then dropped to 175k and shortly thereafter went pending.

The lessons to learn:

1. Even the best marketing plan can't sell an overpriced home.

2. Sellers will say they understand that the price needs to be reduced in the beginning, but when it comes time to actually make the price change they'll often try to shift blame to justify keeping the price where it's at.

 

Trumm Team - Alliance Real Estate, Omaha, NE

Omaha Homes Currently Represented

 

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