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Pricing Listings

By
Real Estate Agent with Innovative Realty Solutions Group BK3158345

I am seeing so many reductions in price. I showed a property yesterday that came on market $30,000 above comps a month ago and has had 2 price reductions and is still well over market. In talking to the listing agent, she said that the seller is motivated to sell, she had no showings at the original price, she had a few at the second price and a few at the new price. No questions from agents other than me.  No offers submitted.

The market is speaking loud and clear!

It does the seller and the listing agent no good to over price a listing by 15%.

My MLS does a market report that lets me print out the active, pending and sold listings that show days on market and, for sold listings, listing price/selling price rations. This has been very useful in leading sellers to reality. 

Do real comps and make your seller understand the numbers and the dangers of overpricing the property. If you are not comfortable with market analysis, ask for help. This is one of the most important things you will do when planning a listing appointment. Plan for objections from suggested pricing guidelines. 

 

Comments (3)

Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Dee - well-prepared, ready-now buyers who can act decisively are often the best indicators if a property is really ready to sell.  They typically have extensively seen what is happening right now in the market and understand what is most important.  Trying to test a price may not end so great.  Motivated?  The proof may not be in the pudding but finding it can be the cherry on top of a sundae.  🍨

Jan 25, 2024 06:41 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Dee it is interesting that full price is still comping in in our area.  Make it a great finish to the week.

 

Jan 25, 2024 08:55 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Someone is not getting the message, or it's not being delivered properly. It is easy to see the market doesn't like the price, accept it, lower it and move on.

Jan 25, 2024 11:20 AM