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“The Golden Listing”

By
Real Estate Agent with Colonial Properties LLC

In a town not too far from here, there lived a man and his wife who had the good fortune to possess a home with golden siding, a large and newly updated top-of-the line kitchen, and many other lovely features.  One spring day, after many years of enjoying their home, they decided that they wanted to move to another town before the next winter set in, and so they hired a Realtor to help them sell their wonderful home.

The Realtor rejoiced, because this was in fact, the Golden Listing!  When she met with the couple, she showed them all of her research and suggested that they offer their home for sale at a price in line with the current market values.  The couple, knowing that their home was the best in the land, said,

   "That is not enough money to ask for our beautiful home!  We wish to ask for twice as much as that!"

Well, the Realtor tried to explain that although their home was truly special, the potential buyers would know its true value and would not be willing to pay more, but the couple insisted, so the Realtor took the overpriced listing and began to market it throughout the land.

After several weeks had passed and no one came to see the Golden Listing, the Realtor met with the couple and told them that they must drop the price if they wanted to sell their home and move before winter arrived.  The couple said,

   "You must not be doing your job, otherwise we would have plenty of people coming to see our home and wanting to buy it."

Well, the Realtor explained that buyers would only look at homes that they can afford, and that met their needs.  There were many other homes on the market that were almost as lovely as the couples' home, but for only half the price.  So the people most likely to buy their home wouldn't even come look at it, so how could they see how special it truly was?  The couple insisted that their home was better than all the others, but they agreed to lower the price by 5%.

Unfortunately, by the time they did this, all of the other homes' values had also dropped and so still no one came to see the Golden Listing.  Each time the Realtor convinced the couple to lower the price, they would only change it a small amount and they just never kept up with the shifting market values.  Also, after the home had been on the market for a while, buyers began ignoring it, thinking that something must be wrong with it for it to not have sold by now.

When winter arrived in the town, the couple still had not sold their home.  Even worse, the market value of their home had gone down 20% from the day they first put it on the market!  They ended up staying in their home for another cold winter.  If they had not been so greedy, they could have sold their home for a nice profit and moved to a warmer climate.

The moral of this story is:  Most Sellers believe that their home is the BEST and that it is worth much more than the Buyers are willing to pay.  A good Realtor can help them determine a fair market value and get their home sold.

Lisa Maxwell, ABR, Realtor
Keller Williams Realty - Boston South West
http://www.maxwell-houses.com/

Oh, By The Way... I'm never Too Busy for a Referral from You in the Greater Boston area.

Dom Naidoo
Westside Properties - Venice, CA
Malibu to the Marina Real Estate

Lisa, good story! A good Realtor would not take an overpriced listing as they know it will not sell. Go Lakers!! :)

All the best of luck and success this weekend.

Feb 07, 2009 01:42 AM
Lisa Maxwell
Colonial Properties LLC - Dedham, MA

Dominic:

Thanks for reading and commenting!  All too many Realtors DO take overpriced listings.

Could you please send us some of that fabulous West Coast weather - Boston is about ready for an end to the snow this winter.  I love it, but it does make it difficult to get around and view properties.

Hope 2009 is treating you right.

 

Feb 07, 2009 02:00 AM
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Lisa~ If the sellers would just Listen, it would be a happy ending! 

Feb 07, 2009 02:10 AM
Lisa Maxwell
Colonial Properties LLC - Dedham, MA

Exactly!   Thanks for reading.

Feb 07, 2009 02:33 AM
Anonymous
Lynda Brown, Coldwell Banker A.L.M. Realtor

And yet, we have all been there

and done that! 

But always worth remembering.

Feb 07, 2009 02:45 AM
#5
Elizabeth Bolton
RE/MAX Destiny Real Estate Cambridge, MA - Cambridge, MA
Cambridge MA Realtor

Hi Lisa, This is priceless! I love it - I laughed out loud.  Really well done and so true.

Liz

 

Feb 07, 2009 09:12 AM