Why would a Seller overprice their home?

By
Real Estate Agent with Premiere Property Group,LLC Portland Metro & Suburbs Oregon
http://actvra.in/rhb

Why would a Seller overprice their home?

I was asked this question today from a buyer wanting to buy a home in the Tualatin area. They were wondering why a seller would have their home priced much higher than other homes in the same neighborhood especially after it's been on the market for a long time?

Family looking at an overpriced homeWhen it comes to putting a home on the market, a seller has choices, but if they truly want to sell their home, they will work with a REALTOR® that will give them an honest opinion on pricing as well as other things to do to the home that will make it shine when it comes time to marketing the home..and ultimately SELLING the home.

My answer was that it most always comes down to motivation. When a seller sees the comparables, and still chooses to list higher "to test the market" or wait for that right buyer that loves it enough to pay more than others that have sold in their neighborhood, they are not motivated to sell.

Perhaps they really don't need to move...but are just waiting for that buyer from California who thinks $400,000 is peanuts. Perhaps, they put in some updates and feel that a buyer will happily pay for them...even though the other homes priced $30,000 below have updates as well. Even if a buyer will happily pay for them...there is always the appraisor that will be coming by to use those same comparables that the realtor showed the seller at the start.

Of course as a buyer, you'll never really know the motivation of the seller unless you submit an offer. Only then will the seller have something tangible in front of them and perhaps in that moment their motivation has changed.

Why would a seller overprice their home? Motivation...or lack thereof.


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Cindy Westfall ABR,GRI

Premiere Property Group,LLC

5000 Meadows Rd., Ste. 150, Lake Oswego, OR 97035

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Cindy Westfall, Portland Real estate

 

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Topic:
ActiveRain Community
Location:
Oregon
Groups:
Advice for Buyers
Advice for Sellers
Portland Metro Real Estate
Portland Oregon Home Buyers and Sellers
Posts to Localism
Tags:
selling a home in portland
buying a home in portland
overpricing your home

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Rainmaker
466,326
Cindy Westfall
ABR,GRI Your Tualatin & Portland Metro Real Estate
Premiere Property Group,LLC Portland Metro & Suburbs Oregon

Hi Andrea, in this scenario, it looks like the sellers are original owners, so the emotional attachment might be a big part of holding them back from really wanting to sell...thus pricing the home too high. It's so much work to have your home on the market, it makes you wonder why sellers want to even put themselves through that!

January 15, 2012 12:09 AM
Rainmaker
169,004
Debbie Holmes
Gets the job done!
Gold Key Real Estate

They often overvalue their improvements or they can't believe the marekdet is that far down.... Just sells other peoples listings.

January 15, 2012 12:24 AM
Rainmaker
466,326
Cindy Westfall
ABR,GRI Your Tualatin & Portland Metro Real Estate
Premiere Property Group,LLC Portland Metro & Suburbs Oregon

Hi Debbie, that's exactly what it does...but sad that the buyers that really like the house might not ever get to own it because the sellers on unrealistic. How you feeling btw? better?

January 15, 2012 12:50 AM
Rainmaker
592,274
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Tahoe Real Estate Agent Helping Buyers and Sellers
Coldwell Banker, Tahoe City, CA (530) 414-1260

Cindy - You've given us a lot to consider.  Sellers have to be motivated to correctly price their property right if they want to sell in a reasonable amount of time. 

January 15, 2012 02:10 AM
Rainmaker
466,326
Cindy Westfall
ABR,GRI Your Tualatin & Portland Metro Real Estate
Premiere Property Group,LLC Portland Metro & Suburbs Oregon

Hi Laura, it usually is about motivation..of course other things can come into play.

January 15, 2012 03:12 PM
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Rainmaker
466,326

Cindy Westfall

ABR,GRI Your Tualatin & Portland Metro Real Estate
Feel free to contact me with your questions!
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