Grand Rapids Michigan Real Estate Blog

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We Don't Want to List Your Over Priced Home

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. 

Syndicated from Grand Rapids Real Estaet Blog

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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!

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Westbrook Realty Grand Rapids MI Real Estate

                          Contact Terry   616-292-7263

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Comment balloon 0 commentsTerry & Bonnie Westbrook • March 08 2012 09:15AM

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