The number 1 reason homes sit on the market, is of course, price. I'm sure you knew this already. A couple of things happen that leads a home to be overpriced.
1. The sellers have an unrealistic opinion of the value of their home based on upgrades they have done and because, well it's their home and they always feel their home is better than their neighbors.
2. Sellers decided to get a Zestimate from Zillow and well we all know those are wrong. A lot.
However, the culprit isn't always the seller. Yes, the seller may be incorrect in their initial assessment of the value of their home. But, it is up to the agent to provide facts and data to support a realistic price.
The sad truth is that many agents will tell their clients what they want to hear just to get the contract with the thinking they can get them down on price later. This strategy can work if the agent takes the listing with the clear understanding to the client that the price will be lowered at the 30 day mark if activity is low. The hard truth is that most agents do not do this and take the overpriced listing anyway, hoping and praying that a buyer will come along and overpay for the home. WRONG!
I have lost many listings by sticking to my guns and telling clients what they need to hear. Not what they want to hear. Some will appreciate it, others won't. Oh well. You move on and find other clients.
I'll speak to the number 2 reason homes sit on the market next week.
Happy hunting.
Cheers,
-O
Omar Rodriguez Real Estate
National Real Estate Group
BRE 01778166
909-201-3093 mobile
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