Today I took buyers through numerous properties in Suburban Montgomery County, PA. They are keenly interested in 3 of them and will probably purchase one in the next few days.
Acting as their designated agent I began to search for sold comparables so that they can make a bonified offer and get to closing. WOW!!!! What a suprise. The three properties are condos listed in the range of $159,000-$180,000. Two of the three are listed $20,000-30,000 over the last sale. HOW CAN THIS BE????
The reason homes are sitting on the market is because they are over-priced. This is a prime example. I think that Listing Agents owe a service to their sellers to give them accurate data to price realistically. We are certainly not in a market where each unit sells for 10-15% higher than the one before it.
Agents - start taking a stand and show your sellers what they need to do to get sold. There will be far fewer disappointments on all sides and more closings to attend.
Sellers- if you want to sell your homes or investment properties, start following the info that your listing agent gives you and you will succeed.