Overpriced listings......an age old dilemma with a new twist!

Picture it....Georgia 2013......

The real estate market across the State is experiencing some major transformations. Buyers are scrambling to find homes and Sellers are once again in the driving seat! We're seeing lower Seller paid closing costs contributions and home prices are steadily increasing. Multiple offer situations on well priced normal market sales are becoming the norm....it's definitely a change from two years ago.

Now....please don't mistake me for someone whose too afraid to push the envelope when it comes to pricing. In fact, I think that this market is PERFECT to test the waters a bit....for properties that are WELL WORTH IT!

On the contrary......

Just when is it too much????

I went on a listing appointment on yesterday and visited quite a charming home. It had been fully renovated and included an upstairs loft bedroom, another full bath with a jacuzzi tub, hardwood and natural tile floors EVERYWHERE, a detached man cave that actually looked like a quaint little pub, and 8+ sprawling (mostly wooded) acres! This home has it all.....now for the "iffy" items. Although the pattern on the tile flooring was consistent throughout, there were many types of different hardwoods elsewhere. I think I counted at least four different types. There were quite a few large separation gaps in the floors and three leaks in two separate sky lights (one in the detached mini pub). The bathroom with the jacuzzi tub was actually included in one of the secondary bedrooms. The master bedroom did not have an associated bath (you'd have to use the one downstairs) and the secondary bedrooms were dated. Pushing the envelope on this property would be around $185k. The seller wants to list at $200k.

My philosophy has always been to list what I honestly believe that I can sell....without having the owner want to physically beat me. So, having said that....I tucked my tail and walked away. I surely loved the character that this home has, but some relationships are simply not meant to mesh.....*tear*

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Comment by Sonia Shanahan on August 21, 2013 at 10:50pm

Sometimes it is best not to be the first agent in and they may call you back after it expires!

For me it all depends on the seller's motivation! The last thing we need is an unmotivated seller!

Comment by Renee Ciufo, SFR, CNE on August 5, 2013 at 7:42pm

Did you show him what the stats were as far as sales price to list price for solds in that area?  Sometimes that speaks volumes above the usual comp thing. He sounds like he would be a challenge to work with regardless so walking away is not a bad thing!  

Comment by Vanessa Calhoun on August 5, 2013 at 3:04pm

Thanks, Deborah! In fact, I suggested having the property appraised and explained that we would not be able to sell for more than the buyer's appraised value...he wasn't having it! Lol! It was at that point that I decided to walk away.

Comment by Deborah Wilson on August 5, 2013 at 2:44pm

I would recommend that the seller get an appraisal on the property explaining that a buyer would have to do the same thing in order for the home to be financed.  The property cannot sell for more than appraised value then unless it is to a cash buyer.  I have also seen agents list $$$$ or appraised value whichever is higher.  Not knowing if you can do that in your state or not, it may be a mute point, but the appraisal will create a realistic seller who has a value created for them by someone other than a realtor looking to make commission on the sale.  YOu can agree to refund the appraisal when it sells or see if the buyers lender will accept it. 

Comment by Vanessa Calhoun on August 5, 2013 at 2:31pm

Thanks, Adesoji!!! Wishing you the very same!

Comment by Adesoji Adewusi on August 5, 2013 at 2:18pm

I totally agree with you Vanessa. Way to go. Talking about "Standing Your Ground" Nobody can fault existing data. If its overpriced, will never sell. Smart move. Wish you lots of prosperity in your business.


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