Telling a Seller their Home is Over-Priced in the Today’s Market Conditions

Most sellers want to sell their property sooner rather than later, so an agent is really doing sellers No favors if they are not totally straight with them regarding accurate pricing. Things are not like they used to be in real estate. Most sellers have NO idea of how the recession has affected real estate prices; and most sellers still believe their house is the best house in the neighborhood and should get more money than the next guy’s.

This is where professional agents come in. It is first and foremost the priority of professional agents to price properties correctly. If agents don’t inform the seller that their prices have to be priced accordingly in order to sell before their competitor’s home, agents have done a disservice to their clients.

Many Listing agents today are losing current and future customers because sellers are left with the idea that the agent is not working hard enough on their behalf. These are the same agents who use to promise to “always get the highest prices for their sellers!” These agents were always on the record for over-pricing properties to achieve that.  It used to work 2 or 3 years ago in the “hot,” uncontrolled market, but not anymore.

Over-priced properties today will hardly get any showings, much less get sold! Buyers are even reluctant to bid on properties even slightly over market value, since so many homes are available at lower prices. These “over-priced” properties are usually on the market for extended periods, and even when sellers realize they were over-priced, their home has that “over-priced stigma,” even after the price is dropped to reflect actual market value.  Typically, they end up getting less than they would have if they priced the home right the first time.

So pricing homes correctly the first time is paramount if agents are going fulfill their fiduciary duties to help their seller’s sell for the best price and in the timeliest manner.

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