We Do Not Want to List Your Over Priced Home
Some sellers don’t understand the current real estate market.
They have fuzzy visions of listing their home: flocks of eager buyers will
ascend to their level of home ownership and buy an overpriced house.
They believe in the words of comic Judy Tenuta, “ It can happen! “
I hate to have to break the news to many optimistic sellers BUT
– it ain’t gonna happen! Buyers with adequate funds have researched
their area market. They are probably working with a seasoned agent
who has helped to educate them about the local market. If you are
overpriced by any amount, buyers just don’t look at your home seriously.
We recently made a listing presentation to a seller that had his home
for sale for over a year by another agent. An overpriced year, overpriced
by about 1/3 of current value, so not even close. Results: the seller had
1 showing in a year.
We had a heart-to-financial-heart talk and we gave him the facts.
Even if he found someone dumb enough to pay what he was asking, it
would not close because the home would not appraise for even close to
his price. He argued that someone with cash could buy it. In our experience,
people with that kind of cash are not careless with their money.
We encouraged this seller to get an appraisal so he could make a
decision about selling for market price. This information came as a shock.
Sadly, the reality of a home’s worth today is a shock in many cases.
The seller wanted to know why his former agent hadn’t explained this to him.
Yes, we were curious, too.
We do not want to list your over priced house. We read industry experts
and they predict further price erosions later this year. Whether this
happens or not, sellers should get an independent appraisal if there is any
question about their home’s value.
The authors of the this blog write about Grand Rapids Real Estate,
the Greater Grand Rapids MI area, and what it is like to live in
West Michigan. We believe: Grand Rapids is a Great Place to Live!
Contact Terry 616-292-7263