Price Them Right!

Real Estate Agent with Re/Max Select RE

Price Them Right!

I've been on several listing appointments lately.  Sellers are not digesting the reality of the market so well.  It seems they still feel their homes are worth what they were in a booming market where bidding wars were commonplace. 

I have always been of the mindset that I don't want overpriced listings.  That has never been truer than now.  Sellers don't want an overpriced listing either!  Sometimes they just don't know it yet.  They don't want to become shop worn on the market, sell for less than they would have & linger on the market longer than the increased time on market we're currently seeing.   It's just a recipe for frustration, not to mention money wasted & the seller's time on market.  It's my job to convey that.  I have lost listings based not on me, but on the reality of the market.  I'm ok with that! 

I hope in your business you are too!

Comments (11)

Joseph Ellman
Realty Executives- Williams-Sykes Realty - Poughkeepsie, NY
Carmen - Well said!  Overpriced listings are not beneficial to the agent or the sellers.
Mar 01, 2008 06:03 PM
Mark Hawley
Keller Williams Realty - Indio, CA
Absolutely, Carmen.  At this point in the market to get noticed you have to go below market or be lost in sheer volume of the numbers.
Mar 01, 2008 06:06 PM
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

Hey Carmen!
Nice post. Isn't thing an evil circle that will go on for a while. For that last ten years consumers could put just about any price they wanted and get it. Now due to a bunch of stuff the home could almost be free and buyers still want to wait for it to drop.

I guess I would have to ask "what is a good price" not sure if many people know this answer? I don't and I am one that should

Good Luck

Tony Grego - Indiana Mortgage Company

Mar 01, 2008 09:56 PM
Gary McAdams
GMAC Schwartz Property Sales - Key West, FL
I've also found this an ongoing problem.  The last one to recognize a buyer's market is the seller and the last ine to recognize a seller's market is the buyer.
Mar 01, 2008 10:36 PM
Steve Hoffacker
Steve Hoffacker LLC - West Palm Beach, FL
Certified Aging In Place Specialist-Instructor
Very well said and a refreshing approach. So many selers are living in the past and so emotionally attached to their homes that they don't understand taoday's market conditions. Pricing their homes at the prices they want is easy. Getting those prices isn't. There'll be reduction after reduction until the listing expires.
Mar 01, 2008 10:50 PM
Jennifer Bell
Keller Williams Realty - Hilton Head Island, SC

When I finally started to walk away from listings that were not "sellable" I became a much better realtor.  I lost one listing recently because as you said, "sellers are not digesting the market".  I realized the stress that listing was causing, and I was much better off just moving on!

Mar 01, 2008 11:04 PM
Debra Gambill
Weichert Realtor's Southern Coast - North Myrtle Beach, SC
Realtor, N.C. / S.C
I stress to the seller the importance of pricing well- a lot of time is wasted when listings are overpriced.
Mar 02, 2008 12:06 AM
Derek Bauer's, Door to Dreams Home Selling Team
Real Estate One - South Lyon, MI

Hey, Carmen!  You are absolutely correct.  I am not shy about telling a Seller where there home should be priced, and when they tell me Agent X told me I can get $25,000 more ... I tell them to call me in a handful of months when the listing is Expired and it hasn't sold yet.  Some of them do, with tail between their legs...

Mar 02, 2008 12:15 PM
Michelle Pine
Kris Weaver Real Estate Team - Virginia Beach, VA
ABR, GRI, Hampton Roads Real Estate

Bravo- I will say it again- WELL SAID!  Some sellers hear only what they want to hear and there is absolutely nothing we can do to change their mind- until the house hasn't sold in 3 months, 6 months or 9 months.... In business sometimes we are better off when we are able to say NEXT and move on.


Mar 03, 2008 12:43 AM
Tricia Fowler
Fowler Realty - Davenport, IA
It is so hard to price these properties in an extremely slow market.  Overpricing is so easy.  Good Luck to all of us.
Mar 03, 2008 03:39 AM
David Larson
Lancer Group Properties - Menomonie, WI
You are right on - getting a price to the market is very crucial.  We should try our hardest to never just put it at where the seller wants - but to get the listing with hopes to negotiate down is a hard opportunity to pass on.  But I do agree 100% with you.
Mar 03, 2008 04:41 AM