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Truth or Dare...

Today as I review the daily hot sheet of new listings, I was reminded once again that some homeowners still view the real estate market as a game.

When I was a kid we used to play "truth or dare." The idea was if you chose truth you would have to reveal an honest answer to the question being asked. However there was always the option of choosing the dare and the dare always proved to be risky.

This one particular listing stood out from the rest, not in a good way. These home owners had interviewed several Realtors before listing their home. They wanted an honest opinion of what their home could sell for in today's market. I liked knowing that these homeowners were doing their homework.

Preparing the Comparable Market Analysis (CMA) was fairly easy to do for this property. Considering that the homes in this neighborhood were pretty much the same. So finding good "comps" wasn't difficult and selling price's all in the same range. In my opinion, all the Realtor's interviewing would come to the same conclusion on the selling price or so I thought.

During our interview there were many objections raised about the price, they wanted more. I completely understand this, the market data reflects what recent sales activity have been in your area. You said you wanted an honest opinion is that correct.....

Needless to say I didn't take the listing. They went with the dare and found an agent willing to price it much higher than other homes in the area. I'm hoping that taking the dare won't hurt their chance of reaching their goal to be out by summer. The spring selling season only comes once a year!

If you are considering selling your home a Realtor can prepare a Comparable Market Analysis (CMA) so that you can accurately price your home to sell. For more information please visit my website.

Take care,

Posted by Suzanne Sands-Somerset, MA Real Estate on 03/12/2008 06:46 PM

Comments (31)

cma, selling, homeowners

Originally posted at: Suzanne's Somerset Real Estate Blog: Truth or Dare...

This post has been included in Massachusetts Information Bristol County, MA Information
Post is included in group: New England Professionals

31 Comments on Truth or Dare...

MAR

2008

You speak the truth Suzanne and you have integrity. I heard an agent say recently that he'd take an overprice listing, so when he got calls on his sign he'd have a better opportunity to sell the neighbors house!

I too would turn away a way overpriced listing. Waste of time ...that I could be using on one that understands me when I suggest something ;)

Just had one like this myself...They went with a higher price, so I just going to sit back and wait and see if the other agent will be able to get price reductions to where it should be, or I will call them when it expires out.

Saying "Next" is the right thing to do Suzanne. Btw I love those flowers.

Hi Craig,

I have a "just say no" to over priced listings policy, there are still way too many cluttering up the mls!

Sally,

I must have explained it 20 different ways, but they really didn't want the truth.

My Sandra,

Its so frustrating...they really want to move on but I'm afraid that they are only setting themselves back. I'm keeping an eye on it too. :)

Hi Monika,

I know I just feel bad when I see this stuff still happening. Thanks I was thinking about spring today!

Suzanne - Good for you - I believe it's better to disappoint then now than 6 months later - no one remembers the initial consultation at that time. Wanted to say HI! hOPE ALL IS GOING WELL (ar EDITOR is screwing me up)

Cyndee,

I was just thinking about you, nice to see you my friend! I was surprised to see this one listed so high, they wanted the truth.

Suzanne... History shows that the overpriced seller is usually the loser in the end. Most homes will linger way too long and sell for less money once a savvy buyer senses the desperation of a discouraged homeowner that has been beaten down by time. Best not to get involved... BTW... Your tan looks good this early in the season! :-)

Hi Dan,

I know I don't want to beat a dead horse, but just when you think everyone gets it you run into one like this. I really do hope they do well. Btw....you must be looking at last season's photo...;)

Suzanne, been there and done that one. I commend you for being the professional and doing the right thing. It speaks volumes to your character.

Good Job Suzanne!

I believe they will be disappointed with their over+priced=UNDERSHOWN home in the long run. The "new CMA" by summer will certainly be lower than what they could expect now. THAT will be the kicker when their home expires and they need to interview more HONEST AGENTS. The question is...Will they accept that they made the mistake NOT going with you or suck it up and reduce the price realizing they should've used you to begin with.

TIME WILL TELL...You did your job!

Hi Ray,

I know we are all dealing with this one, It's nice to know that other professionals like yourself have the same integrity! Thank you

Susie,

Thats a fact, there are many other homes in that neighborhood to choose from. I always ask "What makes your home stand out from the rest...."

MAR

2008

Suzanne - I should have read your post prior to writing my post today - My listing appoinment today may very well turn out to another game of truth or dare - I am choosing truth - so let's see if they do the same.

Wow,

They want to be out by summer?!! That is gonna be a hard pill to swallow when summer passes them by.

Hi Thesa,

I will have to check out your post....Good luck I hope they choose truth and its a good match! :)

Hi Mark,

I know...I still can't believe they priced it so high! Thanks :)

Dont worry, hopefully you will get the listing in 3 or 4 months after they cant sell it at an unreasonable price.

Hi Michael,

I am going to keep my eye on this one....now I'm thinking damaged goods at that point. LOL! Thanks :)

Suzanne, good for you. I wouldn't have taken it either. Happens all of the time. I'd rather not spend the time and money for an unrealistic seller. I always watch to see how long it takes for the home to sell. Needless to say, it doesn't - at least not at that price!

Suzanne

I tell my seller that in addition to the sales data, for area comps you are asking for a professional opinion when you called, over the years my sales price to asking price averages 95%, I don't get all the listing but can predict reasonably close to what the price will be when it sells, so you can listen now, or come to the same conclusion months from now the carrying cost is your money not mine. Keep that data it will serve you well when this situation comes up next time.

Hi Teri,

I can't do it and when they raise all of the objections and you give them honest answers, then we have done our job.

Hi Steve,

We are on the same page, thanks! :)

Suzanne, I always tell them price to sit or price to sell. The market NEVER lies.

Hi Gary,

I like how you put it! Thanks :)

MAR

2008

Susanne,

I find that there are many people who want to "put their house on the market to see what it will fetch". What they don't understand is, the house gets stigmatized after sitting on the market and will be tough to get even a correct price because buyers think there's something wrong with it.

All we can do is give them the truth. And I like Gary's way of putting it also:)

Hi Karen,

I'm with you 100% on that one, they hurt themselves in the long run. Hope all is well in your neck of the woods. :)

MAR

2008

Suzanne: It's a shame that some agents find it necessary to "buy listings". It really is a dis-service to the sellers AND unethical. We explain this to people at our listing presentation. Even then, some sellers still go with the agent who promises them more money. It's a shame because they really are doing harm to their bottom line. Thanks for the great post. Hope lots of consumers see it.

Hi Katherine,

Absolutely! I would rather walk away knowing that I gave them the truth. Thank you :)

MAR

2008

Suzanne~With the many costs that are involved in selling a home, I completely agree with not taking over priced listings. It's not worth the hard work and time we put into it. Have a wonderful day tomorrow.