Special offer

Your House is Overpriced! Sure, it will sell... 10 YEARS FROM NOW!

By
Real Estate Agent with john greene Realtor 475.137677

You haven't had a showing, well... EVER, and you refuse to reduce the price. Maybe it's time to rethink this situation?

No amount of marketing I can provide will undo the damage of over-pricing your listing.  Yes, I'm talking to YOU!  The homeowner who insists that the custom painted interior will eek out the $$$ you paid for it.  (Personally I'm a do-it-yourself-er.  Home Depot, Baby.  Your custom paint job wouldn't mean a thing to me at all.  It's just paint! )  Or the homeowner who has the highest priced house in the neighborhood who refuses to part with their decade old appliances...  really?!

If you want to sell in this market, you've gotta be smart about how you do it:

  • Listen to your Realtor.  We know what we are talking about.
  • Make any improvements that they suggest which you can comfortably afford to do. 
  • Neutral is the new black.  DO NOT assume that your buyer will love your wild and bold taste in decorating...
  • If your carpet looks like a herd of wild elephants have trampled on it, REPLACE IT!!!  It will cost you more money on the final sale.  TRUST ME!!!
  • NO, in this market people won't just make and offer and give you the opportunity to negotiate.  If you are overpriced, they will take you off of their list.  The homeowners listening to their agents are the only ones SELLING their homes in this market!
  • The longer your homes sits on the market unsold, the bigger the stigma that is placed on it.  If you change Realtors and relist your property on the MLS, you still have a history on the MLS.  Good agents will show their buyers these things.  They REEK of desperation, and you will get an offer well below asking price, GUARANTEED!.
  • Check out the latest issue of Better Homes and Gardens... or visit Open Houses for sale in your area.  It's the only way you will know what you are competing against.  You have to think like a buyer in this market

I know you don't want to make major improvements to sell your house in this market, but if that's the case, you WILL have to make concessions to keep up with the competition.  I have seen multiple homes for sale on one street here in Plainfield.  I can only imagine that's exactly what is happening all over the country. 

If you are anything like the buyer I mentioned above, you are probably the only person on Earth that loves your home enough to pay that much for it. Congratulations... it looks like you have yourself a house!

In this market, if your house won't sell... it all comes down to price.  Buyers can be very picky in this market. If you really want to sell your house in this market, you will follow the closed comps in your neighborhood weekly.  They will tell you exactly what your house will sell for!

Comments (6)

Lanre-"THE REAL ESTATE FARMER" Folayan
Samson Properties - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Listen to your realtor. We know what we are talking about. The problem with that Julie is that they don't listen to us. We know the market. This is what we do for a living. Well written. Great post. 

Jul 12, 2008 04:39 PM
Susan Hilton
CENTURY 21 Beal, Inc. - College Station, TX
Texas Aggie Real Estate, College Station Bryan Texas Real Estate

How many of us listen to our doctors and do what they tell us to do? How many of us need to lose a pound or two....

I think our job is like the doctor - just keep telling them, give them a plan and encourage them to follow it.

Just wish we got paid whether it worked or not like the doctors do -

 

Jul 12, 2008 05:16 PM
Julie Ferenzi
john greene Realtor - Plainfield, IL
Julie Ferenzi

Lanre: Thanks.  I feel like I'm beating my head against a wall sometimes!  Why'O-why.... won't they listen!!!

Susan: Ha, ha.  "Just wish we got paid whether it worked or not like the doctors do -"  wouldn't that be nice?   :)

Jul 13, 2008 02:37 AM
The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

We can always take a listing contract for 10 years : )  and give showing updates once a quarter or semi-annually ?  : )

Jul 13, 2008 02:56 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

LOL!  I use to ues a line that said, yes it's priced right for 2016!

Jul 13, 2008 03:23 AM
Julie Ferenzi
john greene Realtor - Plainfield, IL
Julie Ferenzi

Chris and Stephanie: Ha!  Do you think I can rewrite my listing agreement to say as much?!!!!  Priceless.

Jim: 110% AGREED!  Seriously.... have they turned on a t.v. lately?

Jul 13, 2008 05:49 PM