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Sellers that Overprice Their Homes

I just can't believe how sellers accept listing their home with a realtor who agrees to list for an higher price than what the market can absorb!.

After helping my home buyer buy a 2 bed townhome in the community of Whittington in Alpharetta Georgia for $140,000, a Whittington home seller contacted me to see if I could help her.

So when I showed her the market analysis of the community for similar townhomes that were sold in the past 3 months, she was very surprised. She said she wanted to sell her home for $20,000 more!. I told her that I would not be able to help her since it could not be more than what the market could absorb. So I left asking her that if she changes her mind, I wouldl be happy to help her.

A few days went by and decided to check the new listings in this community. To my surprise, her home was already listed at the price she wanted with an agent from a reputable company. I just could not believe it. In my opinion, her home will never sell and if it does, will be sold to a buyer who is not represented at all in the transaction.

But home sellers have to know that there are some devious agents that will at first agree with the price the seller wants just to have the listing and when the house hasn't sold, they'll come back a with a pitch to lower the price.

So home sellers: if you really want to sell, your home has to be priced right, has to be in very good condition and has to be extensively marketed.

Giuliana Enriquez,

Your Bilingual and Experienced Realtor for Buying or Selling Your Home in Roswell, Alpharetta and Woodstock, Georgia

Posted by Giuliana Enriquez, REALTOR - Roswell GA Real Estate - Atlanta Bienes Raices on 05/12/2008 08:59 PM

Comments (23)

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23 Comments on Sellers that Overprice Their Homes

MAY

2008

Sellers can be very frustrating. That agent may be new and need the listing. Sometimes it takes the voices of many others telling you your listing is overpriced in order to believe it. That agent may be banking on that. I am not saying it is the best thing to do. I would have walked away as well, but don't let it bother you. You may actually get the listing when the first agent hasn't been able to sell it.

You nailed it smack on the head.. I ask my clients this... if you interviewed three realtors and only one of them really seemed competent and educated in the market, would you still higher the guy that said he'd list your home for the highest price?

Giuliana, I try to educate sellers not to let competing agents "buy" their listing by bidding up the asking price. In this case, it's the sellers themselves who are insisting on an unrealistic price.

About the best you can hope for is that if you had a good rapport with the seller, she might come back to you after her listing expires unsold.

Great photo of you, BTW!

Giuliana, I know it can be very frustrating when this hapens. It is the seller though that determines the final number, though. Not a whole lot you can do, except sit and wait and see what happens.

I have noticed more homes priced better, so some sellers are getting it but in my area it is few and far between.

it has happened to me twice already this year and it probably won't be the last. It was fine a couple of years ago taking listings higher because the market was moving up, now if you want to sell you have to be on the money with the price, otherwise it won't sell.

The problem is Realtors who tell people what they "think" THEY WANT TO HEAR RATHER THAN THE TRUTH! Check out my blog, I just posted about the same topic a few hours ago!" It is called,"Honesty Is Always the Best Policy!"

It happens everyday and I also can not believe agents will risk their reputation on an overprice property that will drag them down for months.

This is one of the oldest stories in the business. No matter what we do, this will not change, either. Why? Because sometimes we need to eat, so we take anything.

I am constantly telling sellers that agents don't decide the price a home will sell for... buyers do. We are just working to divining that.

MAY

2008

I can't believe it either, but there are agents out there who will list a property at a high price and hope to reduce it after it is listed.

Here's something I heard the other day. "The reason real estate agents want to list houses at a lower price is because they want to get a sale."

This is interesting because sellers and agents don't dictate prices, the market dictates what the final price will be. Of course sellers don't have to accept it, but ultimately the market will tell.

Good Post!

MAY

2008

Maria Holland (American Heritage, ABR,GRI) - Yes, you are right. thank you!

Christopher Watters, Realtor - Greater Austin Texas Area (Texas Ranch & Home Realty) - I will say this next . Thanks!

Brian Schulman - Your Lancaster County, PA Real Estate Professional (Mastros Real Estate, Inc.) - Thank you. Hopefully I will there to help.

Owensboro,Kentucky- Real Estate-Vickie McCartney,Broker,ASP,ABR,E-Pro (Home Realty GMAC RealEstate,Owensboro,KY) - Yes, I can not wait to see what happens. Thank you!

Chuck Carstensen (Re/max Associates Plus inc) - yes, there should be more homes priced better in this market but how come in you area this doesn't happen?

Alan Brown (Distinctive Properties Inc) - defenitely. thanks!

Sellstate Advantage Realty - yes, honesty is the best policy. I will check your blog. thank you.

Terry Westbrook ~ Realtor(R) Grand Rapids Mi Real Estate Ada/Cascade (Five Star Real Estate, LLC Grand Rapids , MI) - yes, it can take months or never..Thanks for your comments.

Lane Bailey - The REALTOR for Car People (Century 21 Network Realty) - yes, we give them the information to decide for the listing price but at the end is the buyer. Thanks!

Michael Setunsky (Michael's Commercial LLC) - Thank you!. Yes, serious sellers will have to accept the price what the buyer can pay.

MAY

2008

Giuliana,

With nearly 90,000 members, I find new gems in the Rain every day. Today, that's you. I wish we had more bilingual agents here in Tucson on Active Rain. I'm adding you as an associate and subscribing to your blog.

Mike in Tucson

Mike Jones (Tucson Mortgage Company, LLC) - Thank you so much. Happy to be your associate and be able to provide you with real estate information about Atlanta in English and Spanish.

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