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How Buyers Respond to Overpriced Listings

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Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

My friend who lives down the street from us at our house in Hawaii just sold her home in Roseville last year. She went through a couple of Realtors at the time (because I did not know her then), and she had also had more than 2 price reductions. Her comment to me was wow, too bad I sold my home in a buyer's market, because it wasn't a seller's market in 2017.

What? I was dumbfounded. I guess nobody told her it most certainly was a seller's market in 2017. She was overpriced. Her agents listed that home for more than market value, which is why it took so long to sell. In fact, she probably would have made more money if she had listed it right in the first place. But she's my friend, and there is no reason to upset her over somthing that is done and over.

You can read more in my personal blog today at this link? Why Buyers Will Not Make Offers on Overpriced Listings.

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments(14)

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Dorte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Elizabeth,

Sometimes, it is the Realtor & sometimes the client. Tough row to how.

Oct 24, 2018 08:45 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Endless stories. I have a lady, who just got her offer accepted. And today she started asking me whether she is overpaying for the condo.

I hate it. These questions have to be asked before you sign. And how to explain to people that I can only advise her on today's prices and today's market, and not on what was happening with prices in 2010. The funny thing is that she knows that there are two other Buyers breathing into her neck, and yet this crazy question...

Oct 24, 2018 09:04 PM
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good evening 

Thank you for sharing your information with us 

Have a great day.

10/25/2018. 

Oct 24, 2018 09:13 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Well, I will hold my tongue on this post, but you know me better, "why did she not ask for your advice before???"Endre

Oct 24, 2018 10:39 PM
Elizabeth Weintraub Sacramento Broker

Endre Barath, Jr. She didn't know me when she sold her house. She also did not search for a top producer or spend any time choosing an agent. She went with a neighbor and then some other agent another neighbor recommended. Did not do her OWN research. She did not realize agents are different.

Oct 25, 2018 11:10 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Overpricing a home is NOT a good strategy. Too bad your friend didn't know you at the time!

Oct 25, 2018 03:17 AM
Elizabeth Weintraub Sacramento Broker

Kat Palmiotti At least she eventually got it sold. Apparently nobody explained to her how difficult it is to sell a white elephant, an overly improved home among originals.

Oct 25, 2018 11:11 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Elizabeth... a message I've been "sending" to my sellers throughout the past few years: "just because the market is hot and houses are selling fast, it's not permission for you to overprice your home; buyers are not idiots."

Oct 25, 2018 04:21 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Overshooting market value in a list price does send a lot of nonverbal messages to the market, just like you mentioned.  Sellers should just picture branding themselves "unreasonable" right on the forehead when they are about to overprice.

Oct 25, 2018 09:35 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Jon Zolsky, Daytona Beach, FL

I hate those questions, too, Jon. Because you want to say NOooooo you are not overaying but you don't want to sound like a pushy saleserson, and they might not believe you anyway because they are getting cold feet.

So you have to meet face-to-face again, because that's what those situations warrant, and it takes a lot more time to settle an issue you thought was already settled.

Oct 25, 2018 11:08 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Nina Hollander Ha, some buyers are, LOL. In a hot market with a gorgeous, highly desirable home, you can get over market for it. Just not in today's market, especially with a weird-ass layout.

The only market that matters is the local market at the moment.

Oct 25, 2018 11:13 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Chris Ann Cleland Sometimes it takes a lot to break down that barrier, to change the way a stubborn seller might think. I often plant the seed and then let them process it. Eventually most sellers come around.

Oct 25, 2018 11:47 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

You're right, Elizabeth... interestingly enough, no matter how hot the market was in Charlotte, we didn't see homes selling at huge premiums over market value.

Oct 25, 2018 02:53 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Elizabeth-Buyers may want a home to buy and understand that it might be a seller's market but they don't want to pay more than what the market will bear. Too bad that your new friend didn't know you back then!

Oct 25, 2018 05:55 PM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Kathy Streib Some of the buyers in today's market don't even want to pay what the market will bear.

Oct 25, 2018 06:22 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It has been a seller's marekt for several years in many areas. She clearly was out of touch.

Oct 26, 2018 08:47 PM
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Broker-Associate at RE/MAX Gold, Midtown and Sierra Oaks Sacramento office. Co-partner Weintraub & Wallace Realtors. Selling since 1974. Homebuying expert at The Balance. Weintraub & Wallace sells homes from Galt to Lincoln.
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Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying expert for The Balance, a Land Park resident, who specializes not only in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento but sells extensively from Elk Grove to Lincoln. Weintraub is prominently known as the #1 Sacramento Short Sale agent throughout the Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 40+ years of real estate experience to work for you.

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