Aug 25 2016 23126 1

Dated: 08/25/2016

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Recipe for disaster: The Overpriced Home

By: Linda Piercy


Ingredients:

  • A real estate agent who gives unrealistic valuations to the home owner

  • A home priced well-above neighboring properties

  • Peculiar amenities in the home – can be substituted for lack of amenities in the home

Instructions:

  • List the property online with the higher-than-comps price. Watch very little traffic occur.

  • Show the home a few times, but not a steady stream of showings.

  • Receive the common feedback word for the property – “overpriced.”

  • Home owner refuses to lower the price, citing that they want top dollar.

Expected Results:

  • The home can be marketed for months without a single offer.

  • The longer the home is on the market, the less value it has in the eyes of buyers.

  • The home owner might receive only low-ball offers for their property.


Has this happened to you? Perhaps it's time for a re-evaluation. Should you take the home off the market temporarily? Is there something about the home that can be improved? It’s not a crime to want top dollar for the property, but make sure that it doesn’t affect the overall appeal. Good luck out there and let me know how I can help!

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