What To Do When The Price Is High
Dealing With Inflation
These sellers have listened to a real estate salesperson over-inflate the value of their home in an effort to obtain a listing. There is a natural tendency on the part of sellers to list with the real estate agent who gives them the highest promise. When a real estate agent gives the seller a high "value" in an effort to obtain the listing, these homes can be 10-20% overpriced.
These sellers may need a "dose of reality" for a few months before they begin to realize that their home is way overpriced as compared to others in the area. The longer an overpriced home is for sale, the more likely we can get the seller to face reality and sell at a fair price.
A Little Overpriced!
These sellers fall into 2 categories:
- Those that feel their home is worth every penny of their asking price.
- Those that want to leave a little "negotiating" room. These homes can be 4-10% over market value.
Fair Market Value
These sellers and their realtors have carefully and realistically studied other homes for sale. They have priced their homes very competitively. These homes usually sell within 14 - 21 days at or very near the listed price.
In an active market, timing is everything. In the good old days, you might have the luxury of viewing a home several times - even dragging your relatives to see it... before you actually made an offer. "He/she who hesitates is lost" aptly explains buyers who dally to make a buying decision today.
Priced Below Fair Market Value!
These homes are priced below value. Perhaps the seller wants a fast sale. Perhaps their real estate salesperson recommended too low of a price either accidentally or on purpose. These homes usually sell within 7-10 days, at or above the listed price. There are usually multiple offers in this situation, and you may need to make your first offer your best offer.