When House For Sale gets angry at House SOLD

Our market is not weakening short term either. My office is in Danville CA and demand is strong.

LOL! That totally sounded like a line from a reality tv show called the "Real World". They say, "stop being poilte and start getting real". Sorry, just reminded me of that. Any way, great post Ardell. I think we have all dealt with sellers that are simply "unrealistic" in terms of selling their home. Like you had said, if it hasn't sold since April, holding out for your price is not the way to go. You understand that, I understand that, but sellers don't seem to get it. Which reminds me... I thought the sellers were the experts these days :-) With the constant media attention, Zillow, etc, everybodys an expert now right?

ARDELL, that is a good way of getting the point across. Helping sellers realize that now will be better than next spring is my $.02 worth as well. "Giving it away" mentality when it sells for market value is not understanding the current market trend.....for sure.

I love the folks who tell someone who has had their home on the market for months that they are under priced.  I guess their advice is if they raise their price it will sell faster.

LOL I thought it was cute that one house would get mad at another!  But it is just like that!  No need to get mad, just get real.  Getting mad won't get you sold.  Do what the house did that got sold, price it to sell!

Ardell, that's good....I hadn't thought about it quite that way before, but you are right! It's taking a long time for some sellers to get realistic...they don't want to give it away, and they "need" or "want" so much from it. I tell them that the buyer doesn't care how much they "need," only how much they're willing to pay. ;-)

Ardell, the center of the world revolves around each of us.  I guess the sellers world is one where their perceived value should be the reality, not the one that is happening before their eyes. It was a pleasure to meet you. AJ

Ardell,

I agree. I see lots of people who put in on, pull it off. Makes little sense to me. Ends up potential buyers know the whole scoop anyway and know if people are desperate.

Ardell - we had a panel of high volume agents in our office last week, and one of the big discussions was price reductions. One of the best has his sellers agree to a 1 percent reduction in price every month until it sells.

I did the same thing with my personal home 2 years ago, and it worked, but it did make my neighbors angry. They wanted the price to be higher, so they could ask more for their own home? The market will decide what the selling price will be. When the price is right it will sell.

 I agree as agents we have to balance getting the home sold and for the most money within the time that the seller wants,and taking the home off is sometimes worse, there is less competition during winter.

I agree, in my humble but accurate opinion, the old prices were inflated and unsustainable.  The new prices are here to stay.  Deal with it, or stay put.

It's all about do they want to price to sell or price to keep. Bottom line.

Ardell

I could not have agreed with you more. Thanks for the great post

Good advice...just GET REAL and you'll sell it! 

I always explain that the market will bear out the real price for a house and if a client really lists their home "too low" ( a neighbor) it will bid up to market price, so if the house sold, it was just an indicator of what the market will bear.

I actually have had some realtors mad at me for how I priced homes to sell as well.  I just think we all need to do the same.

Ha!  Thats funny I've had that happen too! I'm out putting up a 'sold' sticker and sure enough a neighbour will come out and do just that, tell you you undersold!  Then they tell the Seller, ....that makes Seller very Happy.......and usually generates a call to Realtor........who then explains how very very savy the Seller was that he had such a Good Realtor  and that they're blessed to have had their house sell!  :-)))

Very well stated Ardell.  Our market is actually declining in value each month, so if you are overpriced in April and have not had one price reduction and now it is August, you are now probably the highest listed home in the neighborhood.  Your home will never sell, as there are at least 20 more just like yours selling for less right down the street.

Sellers need to know what homes are selling for (not listing for), and decide if they can sell for that price, or take their home off the market.  It serves no purpose to the seller, the agent, or any prospective buyers, to have an overpriced listing on the market for over a year.

Either you are selling your home or not.