I Don’t Have To Sell. By Dan Polimino.

Reblogger Sharron Kelley
Real Estate Sales Representative with Coldwell Banker-Buffalo Grove-Long Grove-Vernon Hills-Deer Park-Barrington-Mundelein

What a great articule to read to all sellers so they get what the buyers and buyyes agents think of overprice listings in today market.  Yesterday is gone.

Original content by Colorado Dream House Team

Many times, I would go on a listing appointment to talk with a potential seller and they would tell at the end of the presentation, “Well, I really don’t have to sell!” Which then prompts my response of, “So why are you putting your home on the market?” After all, selling a home and keeping it in constant show-ready condition is not a lot of fun and usually requires a lot of work and patience. The sellers go on to say, “If I can get my price, I would sell the home.” If you want me to translate this last sentence for you, I will. It means the following from the seller: “I am going to ignore good data about the price of my home, overprice it, and let it sit on the market until I get what I want for it.” That is a recipe for disaster for everyone involved. 

When I represent buyers and I submit offers to the listing agents, I often hear from the listing agent that the seller did not accept the offer. I go on to discuss with the listing agent why we think it’s a fair offer. Then lo and behold, the famous sentence comes out, “Well, my sellers really don’t have to sell.” I then say to the agent, “Well, maybe they should take their home off the market.” 

You see, the days of some fairy tale buyer walking off the street and overpaying for a home stopped about five years ago. Buyers know exactly what a home is worth and in some cases, put in fair offers. Sellers cannot fall back on the old “I don’t have to sell” excuse anymore because that market does not exist. If a seller really doesn’t have to sell, they should not have their home listed. By overpricing the home, it ensures that it will sit and accumulate days on the market which hurts the seller and the marketability of the home. The listing agent will be frustrated because they can’t sell it, and buying agents will stop showing it because they’ll realize that the seller will not look at a reasonable offer. The end result may be a seller chasing down the market and being forced to do a series of price drops or take the home off the market. In either case, it ends up being an exercise in futility for everyone involved. 

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost 

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Rainer
170,313
Kim Logan
KELLER WILLIAMS LAKE OCONEE - Greensboro, GA
Kim Logan - Keller Williams Lake Oconee Realty

Great article!!!! That is so true. Our homes are priced to sale and we usually sell them in 30 days or less. We have 4 under contract now. I will not take an overpriced home. It makes me look bad and the if the seller says"I don't need to sell then I say then don't sell it! This is NOT a market to test the market! You have to get a head of the market for any chance to sell your home!!! We are the number 1 realtors in our market place and that is the reason !!!

Oct 11, 2011 03:19 AM #1
Rainer
34,451
Amarilys Bocz
K.B.A.A Realty - Realtor Miami,Doral,Boyton Beach,Boca Raton - Doral, FL
Real Estate Broker (305)904-0245

This is so right. Recently i had a client interested in a house, when i look at the comparable it was overpriced $200,000.  The seller's agent gave me the same response and they at the end had to remove the house off the market because it was crazy.  I think that as Listing Agents we have to know when to step back and think if is really on our best interest to get a listing like that or is better to walk away.  What always amazed me is that some sellers want to tell us how to do our job, and you do not see that in other profession, they will not tell the doctor how to do surgery.  Thank you so much. 

Oct 11, 2011 03:20 AM #2
Rainmaker
1,250,453
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Yesterday's gone ... so true, Sharron.  And whether professional, buyer, or seller ... clinging to it won't bring it back.  Fighting the changes only makes the process more painful and slow.  I read not too long ago, that sellers have a 10 to 14-day window in which to make the most impact and impression on the sales market.  Once past that, the chances of a sale diminish greatly.  The right pricing is SO important ...

Thanks for the re-blog ...

Gene

Oct 11, 2011 04:51 AM #3
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Rainer
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Sharron Kelley

CRS, ABR,CDPE,CIAS
Call or email me with any question you have at 847-980-0426
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