Selling your home in today's marketplace is hard. Selling your overpriced home in today's marketplace is downright MISSION: IMPOSSIBLE.
You're doing yourself, your home, and your agent a huge disservice by overpricing your home in the current buyer's market. Overpriced homes get shown last, if at all, and they sit un-sold much longer than homes that are priced right. You think that old strategy of pricing higher than your absolute minimum acceptable sales price will work because now you're adding some ‘padding'?
Seriously?
You think that's a good strategy?
Uh...no, it's not.
It's a terrible strategy and it absolutely does not work in today's market. Moreover, you're doing a great thing for your neighbors' agents. You see, by pricing your home too high, you are helping to sell your competition's homes -- hard pill to swallow, but oh-so true.
Today's market is not the market of just a few years ago and your home will sit on the market while the seasons change, the well-priced competition goes to settlement, and the days roll by.
Do yourself a favor and listen to your well-informed, professional real estate professional. This is what we do. As Realtors we research your specific area and give you a price range that reflects myriad factors affecting your home's saleability. We listen to your needs, your wants, and your motivation in order to create a marketing plan specific to your home.
Personally, I spend lots of money out-of-pocket on the marketing of your home and I won't touch your home with a 10-foot pole if you and I are not on the same page when it comes to pricing. Why bother? Why waste time, energy, and MY money? A broke Realtor + a frustrated Seller = 1 Hot Mess.
You want sell your overpriced home? -- change that ACTIVE status to PENDING and then SOLD? Realize the gold mine you have at your disposal. Your agent did the hard work, researched the information you needed to make a decision, and provided that information to you quickly and efficiently, right? Now, the onus is upon you to use that information to make a well-informed decision and price your home right the first time. Don't get caught ‘chasing the market'!
What's ‘chasing the market', you ask?
Well, ‘chasing the market' is...another blog altogether!
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Well-said. Think I'll copy this for my "over-priced" sellers to read. Thanks
Thanks for stopping by, Tom.
Feel free to copy and use! We need to get the word out that overpriced listings are just a waste of time and money.
Lanette - Have your overpriced seller put his hand right next to your hand while you hold a ball. Tell him to catch the ball as soon as you drop it. THAT's chasing the market! Tell him to put his hand directly under the ball and catch it as you drop it. THAT's pricing to catch a buyer!
Lanette, I agree 100%!!!! I refuse to take overpriced properties too, I don't have that kind of time and money to waste. What's worse than an overpriced listing is the seller that relists with another agent after it expires and blames you for the property not selling. Great post and thanks for sharing.
Lanette,
You would think that sellers would listen to the well educated and experienced Realtor......but it happens time and time again.....Some won't. They know for SURE that their home is worth more than you are telling them. YOU want to sell their home for less money so that you can collect a lower comission....and they are going to put their foot down and stop you .......yeah that makes sense.
Great post
Have a Great Day
Make This YOUR Best Year Ever
Leander
Well said. And can't be said enough. Don't take an over-priced listing if you want to stay in business!
I can't imagine trying to sell an over-priced listing in a market like we've been experiencing.
Greast advice. People would be wise to listen. Otherwise I end up looking at the property on a bank balance sheet :) Thanks for the informative post.