I'm not so sure he was that far off. What's really happening in the marketplace? The prices aren't really all that down, but buyers sometimes think they can offer 30% less for a house in the "bad market." They do make those offers.
So why shouldn't a seller overprice his listing by more than that? Sounds reasonable enough.
But I couldn't do it. I ran the comps and we were $30,000 away from the very highest listing sold in a neighborhood where houses are going for 1/2 of what he wanted to list it at ($170,000). I flat out told him, "Sorry, but I can't lie to you. I couldn't in good concience put it up for any more than $150,00 and even at that, I'd be asking for reductions, I'm sure."
As an afterthought I called him up the next day to suggest another Realtor, but it was already listed. Just goes to show that you WILL find someone to take that overpriced listing. Even in this market.
Too bad. Maybe I will catch up with him when his contract expires. That seems to be the trend.
Been there, done that! It is a WISE decision. It is not worth your time, money or reputation to list something that won't sell. Good for you!
There is always someone out there either hungry for the business or not educated. The key is only work with clients that listen to you and agree with your analysis.
I like your wallpaper! You did the right thing.
Raylene, Thanks for your support. That comment makes me feel great about it, not regretful.
Rob, I think sometimes they just want the sign on the lawn for leads. You are right about working with people that will listen. I call those people "logical." LOL
Stacy, good job! It isn't always easy, but I still believe that it is the right thing to do! Some agents are sure that they can get a price reduction or whatever. I doubt that it is worth the headache.
I would rather spend my time & $$ on something productive than to spin my wheels on something I know will not happen. I recently had a listing appt. that required a $250K price reduction. I was fairly certain it would not happen & it didn't. But no one else has listed it either. Lifes to short. But there will always be agents that will promise the stars, or just think having their name on that sign is the most important.
When a listing will end up being so over priced it is best not to waste time taking it-- the owners will end up getting angry that you can't sell it that high, and you will be spending a lot of marketing dollars that may not in the end even work if the home can't sell.
Georgina, Thanks!
Tony and Darcy, Yeah, I don't like to bank on the price reductions. Too many times burned on that.
Claudia, Wow, a $250,000 price reduction! A price range I can only visti, I am sure. LOL.
Bob and Carolin, I like to keep a tight fist on my marketing budget.
Aloha Stacy,
Great job!!! As a realtor we live or die by our reputation. There are always agent who will take any listing at any price but don't want to be one of them. Buying a listing is bad for everyone involved. Especially in a falling market there is nothing worse than listing too high and then chasing a following maket. Good on you and I would buy oceanfront property from you any day of the week.
Great point thanks for sharing. Some times its just not worth it!
Andy Laughlin
You mean you didnt want to put a 100 dollar sign up and do hours of marketing on a home that wont sell? Print ads are so cheap...LOL. Good call I would have walked as well!
Bill, "buying a listing" I like they way you put it. Thanks for your support, I would love to live where you are!
Andy, thanks
Laura, Time well spent, right! LOL. Thanks!