The house had been listed before, for a long, long time. It had chased down the market, but like a dog chasing their tail and never quite catching it, the price had never been close to the current market.
Andrea, can you help us sell our house, please?
So my business partner and I pulled the comps together. I knew, we knew, that we wouldn't be listing the house, we knew the last list price was still way to high. We knew it as the owners were telling us about the special cabinets, how much it cost them to build.
I could hear the words before they said them...
We are not going to GIVE it away, no thank you!
Nope, not only are you not going to give it away, you are not going to sell it either!
We don't take listings just to take them. We take listings to sell them. A house that is $75,000 over priced is not one we want at all. We don't want to list it, they don't want to sell it. We came to a mutual decision fairly quickly.
In a fragile real estate market such as one we are in here in Litchfield County, overpricing your home will mean no sale for you. And make no mistake, the real estate market is in a very fragile position.
And we are not in the position to help you not sell your home!
However, if you do want to sell your home, check out our sellers website geared especially towards selling your home in Litchfield County. Then give us a call at 203.460.1775.
If you are ready to sell your Litchfield County home that is!
people first...then business Ran Right Realty - Riverside, CA
agent & author
No one forces anything of value on anyone...When someone sees something that is worth looking at and then purchasing, well then they do..If not, they don't. Sellers only have to look at it as a buyer would. Mr. and Mrs SELLER...would you pay this amount for this house all things considered? I bet comps and market value will shine here
Apr 04, 2012 01:02 AM
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA
Andrea, a very good example where a property will probably never sell. I think we all should be more selective in the listings we take.
Apr 04, 2012 01:02 AM
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730
Andrea, an overpriced listing is a watse of time and money because time is money. Some seller's just don't get it. They think we do this fun.
Apr 04, 2012 01:31 AM
eXp Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)
Cactus Mountain Properties, LLC - Tempe, AZ
GRI, Associate Broker
On the flip side, it's equally sad when a buyer wants everything for nothing!
Apr 04, 2012 03:58 AM
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale
Andrea, I have been 'stubborn' about pricing the home as per current market value - and what do I see happening? Another agent lists and drops the price every two week - and I see my price in about 6 weeks, and the home sells in another 4 weeks. I feel I lost an opportunity by being to honest about the price!
Apr 04, 2012 04:15 AM
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude
Andrea
Sounds like they just want to list, not sell. LOL.
BUt seriously, taking an overpriced listing has risks, although Broker Bryant's approach is an interesting one (provided you don't have a spend a ton of money on marketing the non-selling home). I,too, like Richard's response. And your potential sellers have already had lots of practive with showings.
Jeff
Apr 04, 2012 05:00 AM
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT
Gabe, wow, that is a long time for a house to sit on the market. That's making a career of only one listing. I bet you are glad your name was not in front of that house.
Bill, yes indeed, and I am not one of those. I really am in the business of selling real estate. I spend way to much energy marketing properties, and I need to make money. End of story.
Amy, telling them what they want to hear only causes problems later on. And Bill is right. Someone will list it, just not me.
Charlie, they don't want to face reality, I get that. My reality is, I can't list it. Most of my sellers get it, if not when I first walk in, they get it after I am done with my presentation.
Richard & Jean, I knew it, I could feel the conversation heading that way. And it was just not for me.
BB, I get that, I have used a listing or two with the sellers total acknowledgement. I admit it. This was not going to do me any good, and right now I am too busy to waste my precious time on something that won't sell. But... I have done it. And will probably do it again under the right circumstances. Just not the norm for me.
Gerri, oh no, that "testing the waters" thing. I am not a real estate lifeguard... oh, I feel another post coming on, thank you!
Richard, I laughed so hard when I read that. I am going to use that for sure. That is PERFECT!
Deborah, and I love southern VT, but I admit to really loving Litchfield County! Isn't that the truth, they are stuck in a different time zone than the real world.
Brenda, unless I was confused by the fair market value, unless I had pre authorized price drops, I'm moving on. My days are filled with buyers and sellers, I had 4 listing appointments this week. I don't need that at all. I am in business to sell.
Donald, it does fall on deaf ears. And if you took the listing and it didn't sell, your name would be mud.
Morgan, it is crucial. My market reports help me to understand the market even deeper than I do by just living real estate.
Gail, oh my.... I love your comment on so many levels, but it is disturbing and we see it happen over and over again.
Valerie, I have written about that. It mystifies me, seriously. I have told people that. Why are you thinking every home we see is overpriced, yet you can't understand why your house hasn't sold.
Nellie, they refuse because they don't want to know the truth. It gets old, doesn't it?
Kat, I have done that. If they don't want to see, they won't.
Bart, that is interesting, very interesting. You reimburse them for all that, if the house sells. Very interesting!
Than, it can happen, but not often. That is amazing, really. That guy should kiss the ground, and you, when it closes!
Larry, great idea! The only issue I have with that is agents who figure out what I did won't be happy with me, LOL.
Margie, that was a great response!
Anthony, thank you. Yes, they do know better than us, that is why the house sits unsold...
John, this would be 25% overpriced. Out of the ballpark actually.
Mike, you are right, it is sad actually.
Sandy, those are indeed the ones I want. I love hearing... yes, I really do want to sell my home.
Richie, we still have to worry about appraisals. But yes, no one forces value on anyone. They can accept or reject, as can a buyer. As I can too!
Michael, I just don't have the time, resources, energy to take overpriced listings.
Debbie, I think you are right. They have no idea all we have to do when we get a listing. And for free, unless it sells.
Charita, I agree! Nope... no way... ain't happening.
Barb, and that does happen too. All the time. Very frustrating indeed.
Apr 04, 2012 05:36 AM
Coldwell Banker Residential Brokerage - Natick, MA
Andrea, that is happening in our market as well. Yet Broker Bryant and Praful raise valid points. That other agent who picks up your potential listing might be doing something right after all...
Apr 04, 2012 05:37 AM
Specializing in all types of Manhattan apts & townhouses - Manhattan, NY
Real Estate Broker - NYC
Good on you! I have one that is 80-100k overpriced and it was a referral from a very close friend of mine, so I had no choice but to take it but give them my reservations about pricing it at this price. I love how they hire me for my appraisal expertise but don't listen to me and do what they want anyway.
Apr 04, 2012 07:56 AM
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro
Andrea, in some cases you just can't convince some sellers that the house will not sell when the price is so far out of range. They are to emotionally attached to accept the truth. It's sad, because they will ultimately lose more money than they would have made if they priced it right.
Apr 04, 2012 08:12 AM
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376
Andrea Great Great Post ! I just had this conversation with an agent in my office who disagreed with me .They said take the listing with a long contract.... Thanks for enforcing my beliefs
Your friend in Philly
HelpfulHannah
Apr 04, 2012 08:26 AM
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease
Andrea,
I LOVE this attitude. We are professionals. When we turn down a home that we know we can't sell, we are acting as professionals, rather than desperate wannabee's. Life is too short, I'd much rather make a plan and reach a goal for clients than spend my time continually trying to get them to reduce the price.
All the best, Michelle
Apr 04, 2012 10:45 AM
Future Home Realty - Seminole, FL
Real estate with passion and professionalism!
Andrea, the temptation to take a listing is always great. I have not yet walked away from an overpriced one, because I still hope I will get Buyer leads off of it (don't tell the Sellers that). I hope some day I am so busy that I will gladly say "no thank you", I have better things to do. Good post, I think many Realtors who are not busy would still take it gladly.
Apr 04, 2012 10:51 AM
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert
Andrea, it doesn't make any sense to put a house on the market if it does not have any hope of appraising, it just wastes everyone's time.
Apr 04, 2012 10:57 AM
RETIRED / State License is Inactive - Portland, OR
Frustrating indeed. Nice that you even took the time with them. I have buyers on the flip side who are well-qualified for more, but have a price in their head that they won't budge from. Unfortunately, there's nothing they like in that price range, and so here again, dog seems to be chasing their tail!
Apr 04, 2012 11:14 AM
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally
Andrea, if it helps with marketing as Bryant $17 offers that's one thing. Agents with no listings will take it just to have a listing and to get the practice. In this market it's tough to sell a house that's priced right, never mind a listing that's 25% too high.
Apr 04, 2012 12:46 PM
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale
Andrea, I recently wrote about a similar incident. Except, he was $400,000 over-priced. Needless to say, you can imagine what I did. That's right declined the listing.
Apr 04, 2012 03:01 PM
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M
Andrea - I feel the seller's pain, and still we can't sell homes that are over priced. It just doesn't work.
Apr 04, 2012 03:11 PM
HomeSmart - Scottsdale, AZ
CDPE, CIAS
Well I guess it just comes down to their motivation to sell. I guess they want to keep their home and live in it for the next 8 to 10 years and didn't really need to sell...they just would like to sell if they got their price.
Apr 04, 2012 09:45 PM
Rainmaker
1,044,624
1,044,624
Andrea Swiedler
Realtor, Southern Litchfield County CT
Service Areas
Real Estate Resources
Licensed in Connecticut.
Real estate and local area information for Southern Litchfield County CT. I assist buyers and sellers in New Milford, Bridgewater, Roxbury, Washington, Warren, Kent & Sherman.
My current listings
Search for homes
Real estate and local area information for Southern Litchfield County CT. I assist buyers and sellers in New Milford, Bridgewater, Roxbury, Washington, Warren, Kent & Sherman.
My current listings
Search for homes
Comments(56)