How bad does it have to be when a Home Buyer asks if a Home Seller really wants to sell their home? When the buyer is told "of course the seller wants to sell ther home." The buyer without a pause, answers back. "Then why have they over priced ther home by so much?" Sadly they have a good point. This Manchester NH area home is over priced.
The next question was. "Why did you not tell the seller that their house was over priced by so much." The answer was both easy and complicated in the same breath.
Upon the initial listing appointment and again month later, the seller was shown 2 pages of comparable homes. Those that sold, those that are currently for sale and what that shows us the value of the home to be. "Why then did they not listen to you?" asked the buyer. That is the question of the day.
When listing a home I like to give a range of values. To show what similar homes have sold for. What the home should sell for. Where offers may come in at and how much they should ask. There are some sellers that believe their home is worth more than any other home. In these cases, it is important to tell them that most homes in the area should go under contract in less than 30 days. My average is about 14 days. So, if there are no offers in 14 days, if the home is most under contract in 30 days, the price is too high and needs to be reduced. Most sellers will see the light and list where they should. Some other sellers choose to over price the home and see what happens. With an understanding the home needs to be dropped to where it should be if the home is not under contract.
Sure it delays a sale in most cases. However most sellers are reasonable and will reduce the home price of there is no sale. There will be that 1 in a 1000 seller that wants to stay put and have their home sit rather sell. The reasons are often completely unknown, but most often poor advice from sources such as the Internet, TV real estate shows and those around them that think they know better than market facts.
The moral of the story is that over pricing a home is the leading factor in a home not selling. The days of bidding wars is over.
That every Buyer or Seller should not choose just any agent, choose the BEST agent for the job. Having an agent that works for you is a must.
My philosophy is simple, provide more personal and professional service to guide my clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. Those that hire me, find a dedication like no other.