Saturday, April 3, 2010

Looking Twice at Overpriced Homes

Common perception says that if a home doesn't sell, there has to be something wrong with it. Physical defects or location are not always factors which drive away homebuyers.
The number one reason why an otherwise attractive home doesn't sell is price. Homes that are grossly overpriced often don't sell at all. Why? Because homebuyers don't even bother to make an offer on them.

Why Don't Homebuyers Make Offers on Overpriced Homes?
1) They don't want to offend the seller. It really goes against human nature to offer substantially less than the asking price to the seller. It's insulting to the seller and embarrassing to the buyer.
2) Buyers truly believe that the seller knows the home is overpriced and is just waiting for that 'special buyer' to show up and make them an overpriced offer. They believe that if a seller would be willing to sell for less, they would simply lower their price.
3) Buyers also assume that the sellers have already turned down 'low-ball' offers from other buyers because surely someone, somewhere along the line, had offered a reasonable price to the seller. But, many times, there had been no offers at all!

Your Real Estate Agent is a Professional. We know the real estate market, forwards and backwards. There are no special tricks to determining the market value nor do we offer our opinions on pricing your home. We create a Competitive Market Analysis which compares sold homes, pending sales and homes still on the market, all just like yours so you can see where your competition is priced.

No comments:

Post a Comment