When the daily Hot Sheet comes across my desk and I see all of these overpriced properties for sale I often wonder if the sellers are completely out of touch with reality, overly optimistic about the market, or just plain stubborn.
Now surely some of you will say that overpriced listings are the fault of the listing agent. In some cases, you may be right. Sometimes the agent isn’t educated on the local market, or he/she is willing to take on a listing at an unrealistic price. But most of the time, listing agents do their homework and have a pretty good grasp of the market before they head out on a listing appointment. Agents do not like to take on overpriced listings because listings cost money. Every time I get a new listing I send out a photographer, print brochures, mail brochures, hold Open Houses and spend time showing the house. Who wants to do all that for a house that won’t sell?
So for the most part, the blame does not fall with the agent but rather right in the lap of a stubborn seller. There are some sellers out there who really don’t care what the numbers say, what the statistics show or what opinion the Realtor has. They have a price in their head, and they are unwilling to budge.
These overpriced properties are partly to blame for the massive inventory we are experiencing. It is simple, homes that are overpriced will not sell in this market.
If you think your property may be overpriced, ask your realtor for a reality check. You may cringe at the numbers, but a competitively priced home is the only way to sell in this market.
You may also be interested in: Glowing, Is Lack of Communication With Your Realtor Frustrating You?
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