I wanted to list the house for tens of thousands more than they wanted to get because I just loved the way they had decorated their house and the fact that they had raised their kids there. They kept trying to convince me otherwise and they didn't want me to waste my time and their's in an exercise of futility by listing an overpriced property. They tried to convince me that the house was worth less than what I thought it was worth. They spent hours going over an amazingly professional CMA that they had prepared. They showed me the most relevant comparables adjusted perfectly to arrive at the price they suggested. They provided me with an extremely well thought out analysis of the current market in the area. Because they had sold 20 houses in the last year, they let me know the buying public would not react well to an overpriced listing in this market. I thought about it long and hard and decided to find another seller that was willing to price their house for a lot more than quantifiable data would suggest. I had a gut feeling.
So, that's really not what happened at all. It's actually the opposite. As agents, we spend hours upon hours analyzing the data to arrive at suggested market value range. We take into consideration the market conditions, our years of experience with buyers and everything else that goes into it and because they have a gut feeling they ignore the data.
Many of these sellers list with agents and eventually the prices come down. The house sells for less than you or I suggested because after 100 days of being overpriced the sellers have to go quickly and the listing has become stale. Many times, the seller will even choose another agent, not me or you, because they don't want to hear the old "I told you so" .
Do you think that you should take high priced listings hoping that the sellers will eventually come down or do think you are better off telling the truth and letting the chips fall where they will-even if you don't get the listing?