The Question is; "Why is the price so HIGH"?

By
Real Estate Agent with Dan Edward Phillips

"Why is the price so high"? This is a question I am asked by buyers after they have viewed some home.

In some cases the home interests them and they might consider writing an offer. The problem is they have also viewed other similar homes that are priced lower, in some cases considerably lower.

How would you as the 'owner' answer that question?

If you will be listing your home for sale on the market, start working with your listing agent early to determine the current market value of your home. You may want to drive by homes that have recently sold, you may want to review virtual tours of homes that have recently sold, you may want to visit homes on the market that your listing agent feels are similar to yours and reasonably priced for the current market.

In this market, buyers will not overpay for a home (in most cases their lender will not let them) and they will look elsewhere to make an offer if the price on your home is too high.

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Re-Bloggged 1 time:

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  1. C. Lloyd McKenzie 06/05/2011 08:20 PM
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Topic:
ActiveRain Community
Groups:
Everything California
Realtors®
Tags:
dan edward phillips
eureka california real estate
arcata california real estate
humboldt county california real estate

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Rainmaker
494,130
C. Lloyd McKenzie
MBA - Prudential Allstar Realtors -
Prudential Allstar Realtors

Dan...ths is probably the most important question that a listing agent needs to address with his client.  One of the basic requirements of becoming a realtor should be to have some backbone.  I would rather walk away from a listing (and I have) than over pricing it. Excellent post Dan

June 05, 2011 08:13 PM
Rainmaker
136,058
Steve Stenros
CREIA MCI, ICC, Home Inspector,San Diego
Poway,La Jolla,Del Mar,Mira Mesa,Carlsbad,Escondido,Temecula

This is a common problem, Dan. People always seem to think their home is worth more than it really is.

June 05, 2011 09:08 PM
Rainmaker
570,426
Dan Edward Phillips
Realtor and Broker/Owner
Dan Edward Phillips

Hi Christi, thank you for your excellent comment and support!

Hi C Lloyd, I agree with you 100%, why waste the time and money on an overpriced listing.

Hi Steve, thanks for your comment, doing a realty check with clients is sometimes difficult!

June 05, 2011 10:09 PM
Rainmaker
602,279
Sheila Newton Team -- Anderson & Greenville SC Real Estate
--Residential/Short Sales/Foreclosures
RE/MAX Realty Professionals

I see the same thing all the time.. even some of the bank foreclosures I list I spend a great deal of time trying to telll them they are overpriced .. they say "tell the buyer to make an offer".. well, first of all, not all of them are MY buyers and secondly, they won't bother when the home is too overpriced..!

June 05, 2011 11:58 PM
Rainmaker
488,427
Dan Edward Phillips
Humboldt and Del Norte Counties, CA
Dan Edward Phillips, Humboldt and Del Norte Counties, CA

It is always sad to see over priced homes come on the market, they will just sit.

June 16, 2011 07:29 AM
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Rainmaker
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Dan Edward Phillips

Realtor and Broker/Owner
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