If They Like my Home They Will Write an Offer on My Overpriced Home, NOT

By
Real Estate Agent with Keller Williams Chervenic Realty

One misconception that many sellers have is that they think buyers will come in with an offer, even though their home is listed too high. First some buyers won't even look at your home because it is now out of their price range. They won't write an offer because you are 10% or more higher than the price they would write an offer on and the buyers don't want to insult you. Even I tell them to write an offer not more than 10% off the purchase price. In almost every case where my buyers came in at 10% under the asking price the seller has been really upset and feels that we are not serious. Also, buyers are busy comparing all the homes for sale via computer, Zillow, Trulia, Howard Hanna's home price finder and they are knowledgeable about the homes for sale in their price range. They can easily see that the seller's home is much higher and price than the other homes they are considering. When this happens they cross that home off their list.

 

Sellers, price your home to sell. That way you will sell at a better price and in a sooner rather than later.

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Rainer
52,097
Edward Bachman
EXIT REALTY SOLUTIONS - Kingwood, TX
Your Kingwood TX Realtor

Not to mention that it probably will not appraise.  Overpricing by only 10% will statistically remove 1/2 of the people who would have otherwise have been interested in the home

Sep 15, 2009 01:32 AM #1
Rainer
32,720
Susan Sawyer
Keller Williams Chervenic Realty - Hudson, OH
Real Estate Expert - Hudson Ohio

Yes, today apraisers are tougher than ever!

Sep 15, 2009 01:34 AM #2
Rainmaker
403,707
Claudette Millette
The Buyers' Counsel - Ashland, MA
Buyer, Broker - Metrowest Mass

Susan:

The key point here is that buyers will not go to see the house that is overpriced.  You are right they have a lot of information to go by now and they are comparing.  If the seller wants to get feet through the door, the home has to be priced to draw them in.

 

Sep 15, 2009 01:34 AM #3
Rainer
288,231
Leslie Helm
Tennessee Recreational Properties - Jamestown, TN
Real Estate For Trail Riders

You're right, Susan. If it's priced right, its chances of selling are far greater. 

Sep 15, 2009 01:36 AM #4
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Rainer
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Susan Sawyer

Real Estate Expert - Hudson Ohio
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