At the end of the day, when a home does not sell, it usually has to do with the price being too high.
Most buyers have experienced Real Estate agents, on their side, who know how Real Estate works. You might be asking yourself, “Even though my price is a bit too high, why don’t they write an offer anyway?”
Although, you personally might press your representative to write an offer on an overpriced listing, most experienced Real Estate Agents would not. They know, having served in the trenches, that an “overpriced” listing has the potential to be a huge headache.
Let’s say the home in question is $100,000 overpriced. Some agents might be very comfortable, in a declining market, taking a listing that is this over priced. In fact, a quick breeze through the Multiple Listing Service will show there are quite a few.
A Few Issues: The agent used the inflated sales price, as one of the ways, said agent was going to secure yet, “another listing”. You can bet dollars to donuts they told the seller it would sell at that price. That shows a lack of intestinal fortitude.
Maybe they told the seller that they would “test the market” with the price the seller would like the home listed for. Maybe the seller also agreed to weekly price reductions. Remember the saying, “you never get a second chance to make a first impression…” Once a home goes onto the market – the same rule applies.”
The other side is that the Seller Insisted – and “they want to give their home away…” They might also have lived there for a long enough time that the home is paid off. They have memories in that home spanning over 30 years – they think about all of the work (usually maintenance) they have done to the home over 30 years, they impress upon their agent they have spent over $300,000 in upgrades, when that figure is inflated and only was maintenance.
Answer to someone in that frame of mind, “If you hire me, you get the whole package and I will tell you straight out what I think of your price and marketing plan. I will also give you factual justification spanning my Real Estate expertise.” But, you might not need to sell – “Why don’t you rent it?”
You have hired me to perform a service – I will extend to you my experiences (in the thousands of closed Real Estate Transactions), so the likelihood of you making a mistake are slim to none. There are all levels of Real Estate service providers – Training, Experience, Production, are just a few determining factors, that make up their “above market abilities”.
What is A Fully Proven Real Estate agent worth to you? Would you pay 7% or even 8% in commission, if your Realtor had the ability and could get the best price for your home in the shortest time possible? Feel Free to Comment.