As a Realtor in SE Wisconsin (Kenosha and Racine counties) of almost 30 years, I have had a number of situations come before me – from buyers and sellers.
Today I am going to address a subject commonly heard and my response to my seller. My hope is it will help you as a Seller or as a Realtor when having this "discussion" as many of us have -- and that it will help you in making the right decision for your situation.
I had a Seller who was in a position of not wanting to reduce their sales price because their “neighbor” sold for so much more "just 6 months ago" and they felt their home was equivalent or even a little better than theirs.
"I Don’t Want to Reduce the Sales Price of My Home"
There are several reasons a seller may not want to lower their price: 1) they want the highest price because they are looking to purchase another home at the same time; 2) they have an emotional and/or sentimental attachment; 3) pride of ownership; 4) not really needing to sell; 5) overvaluing upgrades and improvements; 6) seller expects a buyer to negotiate (just bring us an offer); or 7) they believe eventually the “right person” will come along and pay the price the seller is asking (good luck with that).
When meeting with a Seller who is reluctant, it's important to discuss and express that you want to see them get the "best possible value" for their property.
Unfortunately, the best possible value varies over time according to various factors. Even though demand and prices may go up at some future date, allowing a seller’s home to linger on the market for an excessive length of time will tend to reduce its "relative value". Especially, in the eye of the “beholder” – the Buyer. And then there’s the question of "how long you are willing to wait?" plus the risk that you may never receive an offer at your "asking price" -- no matter how long you hold out.
I believe the best option in our current real estate and marketing situation is for us to get together and discuss all the relevant information with regard to correctly pricing the seller's home. We can review recent market activity, such as sale prices of comparable homes and what type of properties have been selling in their current price range. We can discuss the level of interest generated by signs, ads, and open houses, and what prospective buyers are saying. Then we can analyze this information and adjust our pricing and marketing strategy accordingly in order to sell the home for the best possible price in a timely manner.
If you or someone you know are thinking of selling your home (now or in the near future), please give me a call at your earliest convenience. We can decide “together” on the most appropriate course of action to take so we see a SOLD SIGN in your yard in a reasonable amount of time according to our market. I will provide you with a Free Market Analysis ... I look forward to hearing from you soon.
Hella M. Rothwell, Broker/Realtor® typically that would be an inexperienced Real Estate Agent. And when a house has been overpriced and doesn't sell ... that seller is going to find new blood ... or an Agent who has a better track record. Thank you for your comment. Have a great weekend.