Still Overpriced!

By
Real Estate Agent with The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803

 

Are you still noticing that homes on the market are still being overpriced?  We know that many sellers feel that their home is worth more than their competition. Afterall, it's human nature, but unfortunately buyers don't want to pay more and they will know it is over-priced.

A seller may think...why not start with a higher price because a buyer can make a lower offer? This is wrong. They won't make the lower offer because they may not see the house if it's not in their price range. Competition is fierce and they will just move onto the next house down the road that is fairly priced.

An overpriced listing may not have an advantage for the Seller, the Buyer, or the Listing Agent.
  • The seller's house is going to be on the market longer.  
  • The buyer may be missing out on a truly nice house.
  • The listing agent may get a negative effect by the sign being out too long and it may show that they aren't able to sell the house!

It's true there are a fair share of agents who will take a listing at any price.

However, if you are serious about selling your house, price it right. If you are not serious about selling...then don’t bother putting your house on the market. It's just that easy!

 
Lawrence & Sheila grnaoffcan help you find a home on Long Island to buy or can help you sell your present residence. We can be reached at our Cell: 631-805-4400.
 

 

If your home or condo is listed with another broker, this is not a solicitation of the property.
 
Posted by

                                                    Sheila & Larry Agranoff

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Lawrence "Larry" & Sheila Agranoff are more than just Real Estate Agents. To attain the designation of REALTORS®, we have proven to be more knowledgeable & experienced, above and beyond the average requirements. Being part of the network referred to as REALTORS®, you can be sure we will cater to your Real Estate needs with superior professional practices.

 

 

 
 
If your home is listed with another broker, this is not a solicitation of property. This does not suggest broker has property currently available. Reproduction of text/images contained herein without the express written consent of the authors is strictly prohibited.Sale May Be Subject To Term & Conditions of An Offering Plan.Disclaimer: While information is believed to be accurate it's represented subject to errors, omissions, changes or reliance on information & must be verified by prospective consumer. The authors disclaim liability for any damages/losses, direct or indirect resulting from anything contained herein or the accuracy of comments or opinions of visitors.​©2008-2021
 
 

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Comments (116)

Elisa Uribe Realtor #01427070
Golden Gate Sotheby's International - Oakland, CA
Opening the Doors to California Homes -East Bay

So true so true. It's unfortunate sellers don't realize you don't want them to have to sell it for less than they want either, it's just the buyers willingness to buy a house will dictate the market.

Thanks for a good post.

Apr 02, 2012 06:27 AM
Toby Barnett
KW North Sound - Marysville, WA
Toby Barnett

Sometimes agents forget that the home owner still has every right to sell their home for what they deam fit. As professionals, its our job to give the best information to make an educated decision yet there are times when all the information in the world won't change their mind. So agents can talk all they want will pricing and getting it right yet the seller still holds legal title to sell their property. Case closed.

Apr 02, 2012 06:46 AM
Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

The world is all about price. If a property is not priced correctly it can take forever to sell. Too much work for no results.

Apr 02, 2012 06:56 AM
Eugene Adan
Adan Properties, Carlsbad, CA (760) 720-9710 - Carlsbad, CA
Carlsbad Real Estate

Overpricing helps the properly priced listings sell.  Oh when will delusional sellers learn.

Apr 02, 2012 08:36 AM
Lorelei Bennasar
Redfin - Lake Worth, FL
PA

So true!  I just dealt with this scenario on a sale that almost didn't go through because the sellers simply wouldn't come down...even had to dispute the original appraisal to get the price up a little (tiny) amount and the sellers still thought their house was worth more.  I say price the house right, gain more exposure, and then maybe you'll get a multiple offer situation, and end up with a better price anyway.

Apr 02, 2012 09:17 AM
Tolin Peterson
Preview Properties, Inc. - Seattle, WA

In my area, homes are selling at an average of 99.5% of list price, with a variance of no more than 5% in either direction.  Because I provide this info to my buyers up front, they don't even waste the time writing low offers on over-priced properties...

Apr 02, 2012 09:26 AM
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Larry & Sheila, overpriced?  Every day!  I am amazed at the agents who continue to take overprice listings.  Of course the sellers go to the "highest bidder" as if the agent is going to buy their home.  But no matter how you reason with some they still do it!

Apr 02, 2012 09:53 AM
Steven Pahl
Keller Williams Tampa Properties - Tampa, FL
Real Estate Consultant Tampa, FL 813-319-6423

"It's true there are a fair share of agents who will take a listing at any price."

Fair share is an understatement.  If all agents would be honest with sellers and only take listings at "market value" the bottom of the market would have been a year or more behind us.chiniquapin

Apr 02, 2012 11:39 AM
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Larry & Sheila, 

The market speaks pretty loudly by giving sellers offers or NOT!  If the market average is now a couple months on the market and you now have 7-8 months on the market with no offers, you are overpriced.  It's just that simple. 

All the best, Michelle

Apr 02, 2012 12:45 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Larry and Sheila, thanks for the advice.  I agree that in today's markets Over pricing is a disaster.  I think that if you want to convince the seller with solid evidence of what the property is worth, perhaps an appraisal before listing is appropriate.   Back in the 90's when I was just getting started in investing I thought that RE agents were just being lazy in under-pricing properties for a quick and easy sale with me paying 90% of the cost and they only paying 10%.  My results in this decade seemed to backup my theory in that I insisted on listing for a significantly higher price that was recommended and everything that we listed sold within a few weeks.

Then came the next century and fewer of my properties sold for what I thought they were worth and a few of these I still have because I did not listen to my agent when it came to pricing them. And in the past 6 years I have adapted a policy of hold on to everything at all cost because I have seen numerous properties languish on the market due to overpricing.

Of course I would not recommend that everybody hold on to thier properties until the prices come back, there are many many costs of holding on to a property, especially anything with buildings.  If you do adapt the policy of holding on to your properties, you had better have a plan as to how you are going to make money with property or you will be soon heading for bankruptcy.

If you don't have a plan for making money while holding on to the property then its best to develop a plan for how you are going to get it sold for whatever you can get for it Quickly!

As a RE agent it is important to find a way to make your seller see the reality of today's markets and how important it is to act quickly and smartly.

http://activerain.com/blogsview/3122316/over-pricing-costing-sellers-more-than-they-know-

Apr 02, 2012 12:55 PM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

We have a Sellers Market here - but you do have to keep it within reason - appraisals are part of the issue.

Apr 02, 2012 01:18 PM
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Larry & sheila, congratulations on another FEATURED post. Any seller who read your post and do accordingly will get their house sold quickly.

Apr 02, 2012 01:19 PM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Hi Larry and Sheila, you have been writing some terrific posts and getting a lot of them featured...congrats on another one!

Apr 02, 2012 01:40 PM
Ron Tiller
Star Referral - Grand rapids MI - Grand Rapids, MI

But, Mr. Realtor. MY HOUSE has heavy duty nails, LOL

Apr 02, 2012 10:23 PM
Sylvie Stuart
Realty One Group Mountain Desert 928-600-2765 - Flagstaff, AZ
Home Buying, Home Selling and Investment - Flagsta

Pricing a home right is one of the most critical things you can do to get your home sold in a timely manner. Over priced homes get really low-balled if they do get an offer usually

Apr 03, 2012 12:00 AM
Sheila Rasak
Keller Williams Realty-California Coast Property Group - Camarillo, CA

This is a must re-blog as so many Sellers believe that "List it and they will come" and they may look, but the Buyer's are much too smart to dance that dance. Thank you for a very well-written blog!

Apr 03, 2012 03:21 AM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

It would help if we could take the "emotional pricing" out of the equation.  Some homeowners truly believe their house is worth more than it actually is.  They want to be paid for their emotional investment, their "blood, sweat & tears".  The trick is explaining to the seller why you think the price is too high without hurting their feelings.

Apr 03, 2012 07:15 AM
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Good evening, Larry & Sheila. Congrats on the feature. I am finding that properties that are priced right move. Period! Those that aren't sit like a toad on a log...

Apr 03, 2012 10:48 AM
Karen Steed
Tallapoosa, Bremen, Waco, Buchanan, Temple, Carrollton - Tallapoosa, GA
Associate Broker Haralson Realty

Glad to hear you tell it like it is.  When I try to explain the concept to sellers, they seem to have a difficult time understanding why a buyer won't pay their price.

Apr 14, 2012 02:31 AM
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Hi Larry and Sheila-I have a second showing on a home that, I and my clients feel, is overpriced, just looking for some AR strategies on how to proceed with an offer. 

Apr 04, 2014 02:07 AM