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What Do You Say To the Seller In This Instance?

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Real Estate Agent with Maxfield Real Estate

What do you say to keep a property listed when your seller'sintent is to let the listing expire at the end of the contract because they now want to wait for the real estate market to improve so they can make more on their property? The iintention all along for the seller was to take the money from the sale of their property and purchase a replacement home somewhere else.

I have said that waiting for the market to become firmer to re-list also means that on the buying side you will most likely be paying more for a replacement property.

Is it as simple as what I said or could their be more that I should have said?

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Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

  If that is really what they want...why waste the days on market now and let it get even more stale...and how long are they willing to wait ? What is the area trending where they are ?  Lots of factors including foreclosures and short sales that become comps and it will take longer to climb back up to the top of the market.

Apr 11, 2009 09:29 AM
Melina Tomson
Tomson Burnham, llc Licensed in the State of Oregon - Salem, OR
Principal Broker/Owner, M.S.

Did you take an overpriced listing?

Apr 11, 2009 09:50 AM
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

Hi Steve -  Would have said the exact same thing you did.  In fact we have, but Sally and David above also made a good point.  If their home stays on the market a long time it may make it appear stale.  Are they buying up or down and is that market changing. 

We'll be watching the further comments, because that is a line alot of Owners are using today.  The next one is, maybe I'll just rent it out then.  Have you gotten that one Steve?

Have a great Easter

Al and Peggy Cunningham

Apr 11, 2009 09:54 AM
Steve Bush
Maxfield Real Estate - Moultonborough, NH
603.455.7428 - NH Lakes Region

Sally, David, Melina, AL and Peggy, thank you for the responses and Happy Easter to you all.

The listing is actually priced very fairly based on the comps for what has sold recently. I haven't gotten the "I'll just rent it," as this is a property on the high end. Not in that it is over-priced but in just a spectacular property.

I don't think this property would be one to be considered stale at this point. I just think it is a function of the market, the right buyer coming along, and what is and is not selling right now in this price range.

Thank you all for your input :)

Apr 11, 2009 11:39 AM
Richard Overall
United Country Premier Properties - Harker Heights, TX
Your OVERALL Long-Term Real Estate Resource

You might mention, if financing is a consideration for their replacement purchase, that they may get more, but in addition to paying more for their replacement, they may also end up paying more than the current historically low interest rates.  The fact is none of us knows what the future holds for property values or rates.  There's something to be said for bird in the hand.

Apr 11, 2009 03:26 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Steve - Have them read Selling your home in a buyers market. Sometimes it is better coming from somebody else. Good luck!

Apr 14, 2009 08:52 AM
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