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Why are all these homes priced higher?

By Debbie Summers

Real Estate Agent with Charles Rutenberg Realty

February 19, 2008 01:34 PM

Why are all these homes priced higher than what you are telling me I should list mine for?

That was the question a perspective seller asked us today while we were discussing the current market conditions and what buyers are paying for homes like hers in this market.

I had a really simple answer, either their agent hasn't kept them informed of the current market conditions (which is highly unlikely) or the sellers of those homes haven't listened to their REALTOR who has been telling them that they need to reduce their price.

We had to tell this perspective seller, who was shocked and disappointed, that her house should be listed for $35,000 less than what she wanted to sell for. We left the home without the listing to give her an opportunity to process all of the information that we shared with her, she couldn't ignore the facts. In less than 2 hours I received the call that she wanted to list with us, and she agreed that we were right on the price.

In todays market I'm sure that this won't be the last time someone asks me why I'm telling them to sell their house for less than everyone else is asking... but I would rather tell a seller what they need to hear, than tell them what they want to hear to just get the listing.

Contact Debbie Summers, REALTOR®, ALHS, e-PRO, RE/MAX Central Realty - Lake Mary, Florida. Cell 407-758-1020 or email Debbie@CasAndDebbie.com for all of your real estate needs in Seminole County, Lake Mary, Sanford, Longwood, Altamonte Springs, Casselberry, Winter Springs, Oviedo, Winter Park, Maitland, Apopka or Orlando.

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John Walters

Frank Rubi Real Estate - Slidell, LA

Licensed in Louisiana

Way to go. I think the sellers are still in shock accepting this.

Feb 19, 2008 01:43 PM

Robert Huntsinger

Empire Realty - Upland, CA

Empire Realty Upland, CA - Full Service at a Discount

Debbie,

I lost a listing this last weekend and the listing came up 30k more than my pricing. I went back and researched the agent's listings and found that they always high ball them and then make big price reductions in the following weeks. I guess that is a strategy.

Take care!

RJH

Feb 19, 2008 01:44 PM

Heather the Realtor Orlando, Lake Mary

LemonTree Realty - Orlando, FL

First Time Home Buyers, Bank Owned Homes

Good job Debbie! It still amazes me how sellers are still in denial and cant understand why their home isnt worth what they think it should be.

Feb 19, 2008 01:57 PM

Esko Kiuru

Bethesda, MD

It takes professional courage to do what you did, walk away from a listing presentation when the owner wouldn't listen. At least in this case the owner later realized that the pros were right and she should go with their advice.

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

John - I agree, it isn't an easy discussion... but as this seller realized, the numbers don't lie.

Roger - I'm sure it is. We won't do it anymore, we can't. I spend a lot of time and money marketing properties and if a seller doesn't value my services and respect my opinion... I'm not the REALTOR for them. I would rather walk away now and keep the money in my pocket.

Heather - Thank you. No one, including myself as a homeowner wants to accept the fact that our homes are worth less. But if you want to sell in this market, you have to position your home to be the next one that sells.

Esko - We've learned, it isn't worth the investment when the seller doesn't have the same perception of reality.

Thank you all for taking the time to read and make comments on my post.

Feb 21, 2008 02:21 PM

Why are all these homes priced higher?

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Debbie Summers

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