I had an overpriced listing that expired after much discussion on lowering the price. When we first listed, the house was overpriced by $5,000 in a $200,000 market. Not bad enough to decline the listing, not at all.
As the market eroded, the projected sales price became $185,000. How many times I told them to lower to $189,00, I can't recall!
The seller actually yelled at me once and hung up on me when I tried to discuss pricing in a falling market. He became adversarial and told me, "Don't send me anymore market reports! If I can't sell this house at $199,000, I won't sell at all. We don't have to sell", he boomed.
"You are not angry with me but rather with the market," I replied. Sounded nice to me. Click, in my ear!
It expired and, of course, they re-listed at $189,000. I think they were embarrassed to follow the advice I gave them and it is just easier to lower the price with a new Realtor; I think this is often the case with expireds.
Would love your input on the psychology of expireds.
Julie Fuelling, www.fuellingkaty.com
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