House overpriced down the road from me had Open House and no one shows up. (recommendation, negotiation)
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There is a house on my cul-de-sac that was way overpriced. It's been on the market now maybe 2 months and the price has already been reduced twice. I think it's still overpriced compared to the houses in my neighborhood. The pics of the house online show nothing out of the ordinary that would make this house worth what they are asking.
They had an Open House last weekend with the balloons at the subdivision entrance adverting it. There was a sign at the end of my street with balloons also. Open House was last Sunday and not a soul came to the house. The realtor put the balloons out at the house but no one showed up. I was out washing my car and packing boxes getting ready for my move and could see the cars going up and down our street...none went to that house.
Are they not looking at the comps? I could understand if this house offered something that others houses didn't offer but if anything, that house has less yet they are asking more.
Did they really think an Open House would get things moving? I blame the realtor for agreeing to put that kind of price on it. They put a price on it asking almost 30.00 per sq foot more than houses are selling for here. The value is definitely not there.
It just baffles me. I've never seen anyone over there viewing it. When mine was up for sale for the first few weeks I had all kind of traffic coming and going and viewing the home.
Oh well...just an observation that has me wondering what they are thinking.
Don't blame the realtor automatically. I have had customers insist on pricing their home too high despite my recommendation despite CMA reports. When there are no inquiries on the home the seller usually gets the hint and agrees to lower the price or blames the realtor.
Well...everyone is free to waste their own time--homeowners and agents alike. I'm just surprised that no one showed up for the open house. Open houses are best for allowing nosey neighbors to snoop around.
I have turned down sellers in the past for unrealistic asking prices. Nobody is going to hold a gun to the head of the realtor or the seller, it's all part of a negotiation.
Don't blame the realtor automatically. I have had customers insist on pricing their home too high despite my recommendation despite CMA reports. When there are no inquiries on the home the seller usually gets the hint and agrees to lower the price or blames the realtor.
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There is a lot of truth in the above. I know of a couple or three realtors here who are known for overpricing their listings. They always get kudos for the "Most Listings" but not so much for closed deals.
Open houses often "get things moving." Sometimes people who aren't even officially looking will stop in and become emotionally attached.
Who knows what's up with this house, though. I guess they overpaid and think they're going to get it back? Was someone murdered there? Is it built over an antebellum graveyard???
The Realtor could refuse to list it. I have respect for a realtor that can give good advice and advise that that price is way too high. I looked at the For Sale sign and I would never use that realtor. What is the point of listing so high? You are giving the sellers unrealistic hope. You are wasting everyone's time. Explain to the sellers why it is a unrealistic price.
When I see that crazy price on a home and way above comps for no reason, I think in my mind it must be a inexperienced desperate realtor.
It is hard to know who is at fault here or why. It could be an owner that is unrealistic or maybe does not want to do a short sale, so hoping for a cash "sucker". It could be the agent who promised more than they can deliver, but gets the benefit of having their signs up and gets noticed as a "neighborhood expert". Either way, when the owner gets serious they will probably fire the agent or adjust the price.
The Realtor could refuse to list it. I have respect for a realtor that can give good advice and advise that that price is way too high. I looked at the For Sale sign and I would never use that realtor. What is the point of listing so high? You are giving the sellers unrealistic hope. You are wasting everyone's time. Explain to the sellers why it is a unrealistic price.
There are realtors who do that. The problem is that there's usually another one who assures the seller that "his" price is the right one and that realtor gets the listing over the realistic/truthful one.
Open houses often "get things moving." Sometimes people who aren't even officially looking will stop in and become emotionally attached.
I've often heard that Open Houses are only good for the Realtor. They hope to get new clients by hosting an open house.
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