I recently went on a listing appointment, comps in hand, statistics in hand including days on market, average sold price in the community, etc. When we got to the pricing part of the presentation, the seller's wanted to put the house on the market for $100,000 more than they could get in today's market. After spending time, reexplaining the market trends, they came down to $50,000 over market. I still didn't feel I would be doing the seller any justice by taking the listing so I told them I was sorry, I would love to work with them but it just wasn't in the cards right now. So I walked away - now an agent has come in and taken the listing for $80,000 over the market price. When I left the seller, I did tell them if they list with someone else and if it didn't work out to call me and I would be happy to talk with them again. How many of you have left that door open and have you received the call of reality?! I am going to sit back and watch and wait - but it seems seller's still think their homes are lined with gold!
Sad. You have the pleasure of watching a competitor choke on a listing.
Unfortunately, the consumer will be the real loser. If time is of the essesce, they could lose their shirt.
Good for you.
Bonnie I agree with Lenn. That is tough to do but in this market you totally did the right thing. Keep us posted when you get that listing.
With so many properties for sale and only a handful selling, why bother with an over-priced listing.
Hey, Bonnie. This has happened to us and when the seller finally listened to us, the home sold in two weeks. Keep up the great work, Jim
What is the best approach? Follow up with them in 3 months, and see what you can do to help at that point?
It is the job of the agent to help the seller set a realistic price. It is the job of the agent to give the sellers the truth about the value of their property in today's market, not sugar-coat it. We all understand that there are often sentimental and financial reasons a seller may want to price a house a certain way but to do it in spite of what your comps are telling you is unprofessional. Kudos to you for sticking to your guns.
Kathy
Bonnie,
This post is one of many I have read on AR relating to overprice listings. I feel you did the right thing. Save yourself the head ache of wondering if or when it will sell.
You did the right thing-- you would have ended up with a listing that never sells.
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