Today I read two very good articles about overpriced listings. One was titled "Those Two in the Bush May Never be Yours Mr. Seller... Take the One in Your Hand!" written by Sheldon Neal and the other "How and Overpriced Listing Affects Buyers" written by Carla Muss-Jacobs and I couldn't help but think of one of the very first blogs I posted regarding over-priced listings.
You will either price your home to sell or price it to sit.
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Seller! Is Your Home Dressed Up with Nowhere to Go?
Your home is at the MLS prom, its "dressed" beautifully, yet still no offers to "dance." Why?
Staging is a wonderful thing, believe me, it is one of the most underrated resources a Realtor and Seller can have in their marketing arsenals. But no matter how lovely a home is staged, the number one draw to get the offers in is the home price! Your home price says whether or not you are approachable, an active participant in the festivities and ready to partner with someone (i.e. buyer).
A stubborn seller who thinks their home is the belle of the ball and refuses to come down in price in order to compete, is equivalent to the stuck-up beauty queen, who watches from the lonely sidelines, as the Plainer Janes (homes priced at or near the "pending" comps) obtain multiple offers to "dance."
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Andi -Isn't that the truth! Luckily my wife is Martha Stewart Jr. and I've always priced appropriately so our homes have always sold quickly.
Hey Andi -- great post. All sellers think their house is the Taj Mahal. It does take a candid, honest and truthful agent to tell them that it might not be . . . but as we know -- Accentuate the positive!!
Hi Andi, I enjoyed reading this post, great analogy. I agree with you on staging and price.
Nevin - It sounds like you and your wife are the perfect team in getting a home staged and priced to sell!
Carla - I have definitely taken the "No fear" approach when it comes to being very candid with sellers about what's needed so that we can get all of the hard stuff out of the way. I guess it goes back to the velvet covered bat I was referring to before. :)
Mike - Thanks! Home Staging and Pricing is the most beneficial combination marketing approaches if you can get a saavy seller to see it!
Its always a "bang your head on the desk" moment to hear a seller say "I'm not going to give my house away" when you are only asking them to MEET and COMPETE with the comps. It's also a sad moment because we as agents know what's at the end of that parade and its no grand finale. Most of the spectators have left by then. :(
Hi Andi... you are so right on. I hope lots of the public read your post...
Andi, love your analogy. No one wants to be that wallflower. Now, if only the sellers would catch on!
Hi Peggy thanks! I would love for lots of the public to read my post...then call me to list their lovely property. ;)
Leah, I am going to print this article for listing presentations. :)
Andi - How cool that you re blog an old timeless written post of yours! Love it!
Good stuff love the way you positioned the post. Good job.
Andi - Great point and great blog. I saw a stager's blog earlier today who compared before and after pictures- the contrast was huge! And any seller who doesn't put a good dress on their house AND price it right is playing MLS roulette!
One big reason I choose not to deal with sellers, actually the single biggest reason, is that they all think their house is the best, and worth more than it really is, especially in this market.
Tim - thanks! It was a fun post.
Garrigus - I missed the stager's blog, if you drop back by can you post the link? Thanks!
Jon - thanks for stoppying by! I actually like working with sellers just as much as buyers. At least if it looks like it's going to be an unreasonable situation we can choose not to work with them. :)