In my experience, sellers tend to keep checking out other listings that might compare to theirs. They also pay close attention to comments made by potential buyers who view their home. A negative comment can make the seller feel depressed, and a good comment brighten his day.
But none of this matters!
What matters is the comments that come back about the price!
If the home is over priced, the comments will reflect that right away especially from other agents.
In fact, if a home is over priced, the comments can get nasty such as picking on the layout, the funky garage, the dirty pool, etc. Potential buyers expect a lot more from an over priced house rather than one that is well priced.
And then there are sellers who over price their listing because of all the updates they have done to the house. Yes, but are they the right updates? If the seller put in new tile work all over the bathrooms and the kitchen a few years ago when that was all the rage, you can expect a backlash.
This was a comment an agent made to me a few days ago, and I had to laugh. The beautiful wood interior that is in my listing is absolutely gorgeous although many years old. The seller took good care of it and it shows.
Then you go and look at the "upgrade", ugly tile that just begs to be ripped out.
SO I UPDATE MY SELLERS ON COMPS HAPPENING DURING THE LISTING PERIOD.
These are items that will perk my seller up and stay the course that we have set re the selling price. Just because some agents and their buyers don't like certain aspects of the listing, it helps when I compare what is out there that is a possible comp. As for example "upgrades" that are actually a detriment.
THE SALES PRICE COMPS?
Before my clients make a change on the price (and that doesn't happen often these days), we go over what has sold and what has come on the market within that 30 days.
Who knows, maybe the price even needs to go UP? It does happen.
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