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How to...
Bring sellers back to reality and arrive at a realistic selling price
It’s not uncommon to find a seller with an inflated opinion of his home’s value. Comps and market conditions can help you bring expectations back in line with reality. But how do you deal with a homeowner still convinced his selling price should be considerably higher than the market will bear? Here are a few ideas:
- Take the seller on a tour of homes priced at what he hopes to sell for. If the differences between those homes and his aren’t apparent to him, point out the features the homes have that his lacks.
- Ask the seller to tour his own home as if he were a buyer looking at it for the first time. After living somewhere for years, many people stop noticing the shortcomings. Ask the seller to list the pros and cons of the house.
- Get an appraisal. Offer to split the cost, or, if you think the listing is worth it and the seller will trust the appraiser’s estimate, pay for the whole thing yourself.
- Explain that many buyers will not return to a house once they’ve rejected it, even after a price reduction. If possible, show the seller actual examples of overpriced homes–how long they sat on the market, how many times the sellers reduced the price, and how much below their value the house finally sold for.
- Ask for a commitment to reduce the price by a specified amount if the home hasn’t sold by a certain date.
- Don’t take the listing. Only you can decide when a listing is worth your time, but if you suspect a seller won’t budge on an unrealistic price, leaving the listing for someone else might be your best option.
Photo © Artville.
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Buyers & sellers,
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REALTORS®, visit www.texasrealtors.com.
