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Wake up. You're dreaming at $10K over market value!

By
Real Estate Agent with Red Rock Real Estate (435) 632-9374 UT DRE# 6541633-SA00

Wake up. You're dreaming at $10K over market value!

Homes in a hot, new-build community typically do not last long on the market. While doing research on listings, solds, pendings, I also travel to the site, talk to homeowner's and on-site agents to get a broader sense of livability.

I will call on For Sale By Owners to see where their price stands in regards to current comparables. As I began talking to an owner, I realized his home was built 7 years prior, had less upgrades and features and was $10K over market value.

He invited my client and I to come and take a look at his offerings but we declined. My client will not be making an offer $10K too much, not $5K, not even $1K...she depends on me to represent her best interests and this would be an injustice!

I wish you the best on the FSBO but my client can buy a brand new home with more square footage, a larger lot, with quite a few upgraded features for $10K less than yours. No chance of a successful transaction here, just a reality check!

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I, Wanda Kubat-Nerdin at Red Rock Real Estate Utah am responsible for my opinions expressed in this blog. Information herein is deemed to be reliable but not guaranteed and may change due to market conditions. Please do not take my pictures or artwork and use them as your own, they are my property and copyrighted.

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Wanda Kubat-Nerdin is a southern Utah REALTOR® assisting buyers and sellers in in the St. George area, Dammeron Valley, Diamond Valley, Veyo, Central, Hurricane, Ivins, La Verkin, Leeds, Santa Clara, and Washington real estate markets.
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Red Rock Real Estate
90 E 100 S, St. George, UT 84770

BuynSellUtah.com
Mobile: (435) 632-9374 call or text
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Comments (15)

Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Wanda,  FSBO's do not have reliable pricing data.  Many times they rely on Zestimates and we all know how accurate those are.

Jul 30, 2014 01:17 AM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Wanda we always say - they're mighty proud of their home to be asking that much for it!! 

Jul 30, 2014 01:25 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Wanda,

It is OK to dream in numbers, but pricing is not a dream.  It has to do with a logical examination of what the state of the market is.  A

Jul 30, 2014 01:26 AM
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I do wounder why the FSBO traditionally are higher than the market.

Jul 30, 2014 01:30 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Wanda,  Some FSBO are way of bases in their wish for a price.  Great blog!!

Jul 30, 2014 02:12 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Wanda, the lights will come on the FSBO's reality check ... and Mr. FSBO will eventually list with a Broker.  It's only a matter of time. If the motivation is truly there ... they will list because they can't sell it on their own.

Jul 30, 2014 04:53 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Belinda, I have had some great experiences with FSBO's as long as they are in tune with the market and understand the process and are open to hearing the truth. This one is not!

Anna, That does tend to be systematic with FSBO's!

Alexandra, I appreciate accuracy with correct information to back it up!

EHST, FSBO's sometimes depend on Trulia and Zillow or other national sites for information, not a good idea. All real estate is local!

Wishing for a price is okay if you just want a home to sit on the market. And it will. Thanks Will!

Kathleen, Yes, he just may list to get it sold but may think he will need to push the price up even more to be represented! Time will tell...

Jul 30, 2014 06:07 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Buyers are not stupid and when they are represented by someone like yourself they have another layer of protection.

Thank you for commenting on my post.

Jul 30, 2014 06:35 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Even if he gets an offer that is 10K over priced, it is still going to have eto appraise out and or the buyers will have to be coming in with a substantial down payment.

Jul 30, 2014 06:51 AM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I wish that REALTORS® who take overpriced listings would stop with the attitude that getting 1 out of 10 right is reason enough. I don't like those odds and 9 homeowners get the shaft.

Jul 30, 2014 06:58 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Joe, Due diligence plays a large part in an informed offer! Thanks for stopping by.

Bill, Exactly! Pricing a home right in the market will net positive results.

 

Jul 30, 2014 06:59 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Joe, Those are definitely not good odds in my opinion either! FSBO's need to be realistic when they list, they are an integral part of the process as well.

Jul 30, 2014 07:01 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Wanda

Pricing the home right . . . . works.

Good luck and success.

Lou Ludwig

Jul 30, 2014 09:16 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

No I wouldn't bother either Wanda. A FSBO already thinks they can do it themselves and will defend their price as being accurate. Not.

Jul 31, 2014 11:57 AM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Three or more FSBO's in a neighborhood can create their own market.  I'm not saying they'll sell, only that they're battling themselves with false hope.

Aug 01, 2014 01:10 AM