Your listing is over priced; what do you do when the market catches up?

Sorry but that listing agent should be at Macys spritzing cologne on people and not selling real estate.  Who IS driving the bus she and the sellers are on?

Just had some that had the old "but it sold in only two weeks, we were expecting two months or more....". It was priced right and we could back up the price with receipts. They didn't have time to price it where THEY wanted it and then wait.....and wait.... Better to move on.

Funny story.  I hear ones like this from agents who claim they raised the price and that's what sold the house. Seems like reality is that a high price makes a listing go stagnant quickly.

we should put the buyers who "know they can" buy 2% under the market in a small large room with the sellers who "believe" their property is worth 2% more than everyone else's, and let them have a futility p*ssing contest.

If my overpriced listing catches up to the market I go out and buy myself something new. After all I deserve it after the work I have done I may finally see some results.

I had a listing recently which was not underpriced, where it fell out of escrow with the first buyer, who was full price, and then my seller asked me to raise the price by $20K. I thought this was nuts, but my seller argued the price difference was "statistically insignificant". It took a while to sell again (30 days), but based on lack of inventory and rising prices, we again got full price. The seller was right and as lengthy (considering our fast paced market) as the process ended up being, he got asking and $20K more than originally anticipated. You just never know with this market. Sticking and waiting can be a sucessful strategy in some cases.

I think the agent doesn't know what she is clearly doing. How is it going to appraise? Oh, she didn't think about that little technicality.

I think she has misinterpreted the phrase of "staying ahead of the curve"! :-)

Some sellers are just too hard headed and can't get out of their own way.  The irony is that if they had received that offer a month earlier they would have rejoiced at getting "their price" and been happy with the money.  Amazing how trying to milk the last dollar out of a deal many times causes the deal to die instead.

The thing here is the sellers really are not sellers...they are dreamers, hoping to capture a sucker!

Interesting stategy, hope it works but I doubt it.  I'd make the offer at the old price or stipulate they lower price to current appraisal or pass on home and watch it. Always funny what some seller's are thinking and their motivation.

I see greed has reared its ugly head. I love the line in #47. Sellers are not really sellers, they are dreamers hoping to capture a sucker.

Well, we've heard of chasing the market downward... This is kind of a reverse - something.

I've seen homes in our small town that were on the market for years. Every time the market began to catch up to their price, they'd hike it another ten or twenty thousand. I know of one that started out at about $90,000 and after many years sold for several hundred thousand during the boom. People were coming in with money and paying double - it was insane.

But since those booms don't happen all that often, you have to think they don't really want to sell.

Sheesh.  A great lesson on 'How NOT to Sell Your House"!  I'd still make the offer at the old price, see what happens.

I'm with HELLA, #50, about this issue.

incredible, Paul, some sellers are resistant to reality and do not want to understand that they do not make the market.

In 37 years I have NEVER increased the price of a listing! If it ain't selling at the current price it's sure as heck not going to sell at a higher price (unless you wait a long time) - but then these folks would just want another price increase.

Your prices are going up too slow.  I see overpriced homes selling and looking like bargains a few months down the line.

Doesn't sound like the sellers are very motivated and the agent isn't all that concerned either.  Gonna bite them both in the A$$ if they don't get realistic about the market@