How Buyers Respond to Overpriced Listings

By
Real Estate Agent with Lyon Real Estate BRE #00697006

My friend who lives down the street from us at our house in Hawaii just sold her home in Roseville last year. She went through a couple of Realtors at the time (because I did not know her then), and she had also had more than 2 price reductions. Her comment to me was wow, too bad I sold my home in a buyer's market, because it wasn't a seller's market in 2017.

What? I was dumbfounded. I guess nobody told her it most certainly was a seller's market in 2017. She was overpriced. Her agents listed that home for more than market value, which is why it took so long to sell. In fact, she probably would have made more money if she had listed it right in the first place. But she's my friend, and there is no reason to upset her over somthing that is done and over.

You can read more in my personal blog today at this link? Why Buyers Will Not Make Offers on Overpriced Listings.

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Certified HAFA Specialistelizabeth weintraub

 

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Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.

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 Lyon Real Estate. 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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Topic:
Home Selling
Location:
California Placer County Roseville
Groups:
Everything California
Northern California Real Estate Professionals
CALIFORNIA REAL ESTATE
Lyon Realtors
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Tags:
overpriced homes
pricing homes over market value
homes not selling generally overpriced
why buyers do not make offers on overpriced homes
pricing homes in roseville

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Rainer
434,621
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Elizabeth,

Sometimes, it is the Realtor & sometimes the client. Tough row to how.

Oct 24, 2018 08:45 PM #1
Ambassador
1,703,070
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Endless stories. I have a lady, who just got her offer accepted. And today she started asking me whether she is overpaying for the condo.

I hate it. These questions have to be asked before you sign. And how to explain to people that I can only advise her on today's prices and today's market, and not on what was happening with prices in 2010. The funny thing is that she knows that there are two other Buyers breathing into her neck, and yet this crazy question...

Oct 24, 2018 09:04 PM #2
Rainmaker
752,128
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good evening 

Thank you for sharing your information with us 

Have a great day.

10/25/2018. 

Oct 24, 2018 09:13 PM #3
Rainmaker
2,886,686
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Well, I will hold my tongue on this post, but you know me better, "why did she not ask for your advice before???"Endre

Oct 24, 2018 10:39 PM #4
Rainmaker
1,256,875
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Overpricing a home is NOT a good strategy. Too bad your friend didn't know you at the time!

Oct 25, 2018 03:17 AM #5
Rainmaker
2,625,090
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Elizabeth... a message I've been "sending" to my sellers throughout the past few years: "just because the market is hot and houses are selling fast, it's not permission for you to overprice your home; buyers are not idiots."

Oct 25, 2018 04:21 AM #6
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Overshooting market value in a list price does send a lot of nonverbal messages to the market, just like you mentioned.  Sellers should just picture branding themselves "unreasonable" right on the forehead when they are about to overprice.

Oct 25, 2018 09:35 AM #7
Rainmaker
2,086,809
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Jon Zolsky, Daytona Beach, FL

I hate those questions, too, Jon. Because you want to say NOooooo you are not overaying but you don't want to sound like a pushy saleserson, and they might not believe you anyway because they are getting cold feet.

So you have to meet face-to-face again, because that's what those situations warrant, and it takes a lot more time to settle an issue you thought was already settled.

Oct 25, 2018 11:08 AM #8
Rainmaker
2,086,809
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Nina Hollander Ha, some buyers are, LOL. In a hot market with a gorgeous, highly desirable home, you can get over market for it. Just not in today's market, especially with a weird-ass layout.

The only market that matters is the local market at the moment.

Oct 25, 2018 11:13 AM #9
Rainmaker
2,086,809
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Chris Ann Cleland Sometimes it takes a lot to break down that barrier, to change the way a stubborn seller might think. I often plant the seed and then let them process it. Eventually most sellers come around.

Oct 25, 2018 11:47 AM #10
Rainmaker
2,625,090
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

You're right, Elizabeth... interestingly enough, no matter how hot the market was in Charlotte, we didn't see homes selling at huge premiums over market value.

Oct 25, 2018 02:53 PM #11
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Elizabeth-Buyers may want a home to buy and understand that it might be a seller's market but they don't want to pay more than what the market will bear. Too bad that your new friend didn't know you back then!

Oct 25, 2018 05:55 PM #12
Rainmaker
2,086,809
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Kathy Streib Some of the buyers in today's market don't even want to pay what the market will bear.

Oct 25, 2018 06:22 PM #13
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

It has been a seller's marekt for several years in many areas. She clearly was out of touch.

Oct 26, 2018 08:47 PM #14
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Rainmaker
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