Is it Time to Lower the Price?

By
Real Estate Agent with RE/MAX Gold DRE #00697006

sacramento home listingOne way to deal with a listing that will not sell is to withdraw the listing from MLS and let another agent who wants to work for free signage take over. But that's not the best approach to dealing with an overpriced listing. Some agents will say the best way to deal with an overpriced listing is not to take the listing in the first place, but if a seller is really insistent on a price or if the agent thinks there is a possibility a buyer might pay that desired price, why should the agent get in the way of making a sale? That's generally my approach. Because we Sacramento real estate agents are not wizards by trade, regardless of what some people believe. Sometimes, we don't know exactly what a buyer will do until we dangle a product in front of her chubby little face.

Not every listing starts out to be overpriced. Some listings can be priced in line with the market and then due to market shifts or seasonal changes, the price ends up too high. We have a duty as real estate agents to tell our sellers when this happens. Read more in my personal blog today about Lowering the Price of That Sacramento Home Listing.

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Weintraub and Wallace Realtors

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Rainmaker
1,311,924
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Wise words...and a reminder that we are not the puppet masters in a transaction, but rather the clean and shiny pipe between two parties, a seller and a buyer.   We can advise, but not "insist".

Mar 27, 2013 02:29 AM #1
Ambassador
3,084,500
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I was witha  buyer who wanted to make an offer on a home that I thought, from looking at the comps, was overpriced.  I also told her that given that inventory is so low, they may get the list price.  So if she wanted the house, she should be prepared to offer what was asked.  The writing was on the wall.  There were three buyr through in the span of ten minutes and a slew of cards on the table.  Comps supporting the price were hard to find, but so are homes.  Can't wait to see if it sells for list price.

Mar 27, 2013 06:13 AM #2
Rainmaker
2,189,557
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Hey Li, I am trying to picture a clean and shiny pipe in my mind but all I keep coming up with is a bong.

Hi Chris Ann: Some inventory is overpriced, though. But it doesn't mean a buyer might not buy it. I've sold a few overpriced lisings ((cough, cough)) in my life.

Mar 27, 2013 10:06 AM #3
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Market also changes, and whaty is overpriced yesterday may be not overpriced today.

Mar 27, 2013 04:38 PM #4
Rainmaker
2,885,195
James Dray
Fathom Realty - Rogers, AR
Exceptional Agents, Outstanding Results

Morning Elizabeth I have a listing now I've been walking along for over a year.  He won't come down and I can't get anyone (yet) to make an offer.  It will sell the question is when?  But when it does I'll be the listing agent.

Mar 27, 2013 07:50 PM #5
Rainmaker
2,189,557
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

That's true, Jon, as I've seen some short sales turn into regular sales before our very eyes. But some overpriced homes are too far overpriced for the market.

Hi James: I am in it for the long haul with my clients, too. It's their home, their sales price to choose. But if they make my job intolerable, I won't stick around. I'm nobody's kicking post. But if they are nice, reasonable people, I'll work with them until the cows come home and the market catches up to their value.

Mar 28, 2013 02:50 AM #6
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