Massachusetts Real Estate

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Real Estate Overpricing - Ten Ways To Know Your Home Is Overpriced

Overpricing a home in Real EstateIn the Real Estate industry there is nothing that will cause a home to languish on the market more than an improper list price. Of course there are countless homes that come on the market across the country daily that are in fact overpriced.

There are two ways that homes entering the market are overpriced. The first is an agent convincing a seller that their home is worth more than it actually is. This happens quite a bit and in Real Estate circles it is known as "buying a listing".

The scenario involves a perspective seller interviewing Realtors and choosing the agent to use based on the market value given for their home. This is absolutely one of the worst ways to go about picking a Realtor. Unfortunately this means of choosing a Real Estate agent happens all the time!

The second way that homes end up coming on the market overpriced is a seller having unrealistic expectations and a Realtor just going along with it. The Realtor takes the overpriced listing and runs with it. At some point the agent hopes that the seller will come to their senses and get realistic with their pricing.

To continue reading see how to know your home is overpriced. The article is a humorous look at how so many home seller's will look beyond pricing as to why their home is not selling. You will see ten ways to know if your home is overpriced. I am sure many Realtors will relate to the post as we hear these things from home seller's all the time!

We all know by experience that overpricing Real Estate is the kiss of death. Don't make the mistake of overpricing your home! Look at the market data objectively and make an informed decision. Real Estate data never lies. Please take the time to click the link.

I am sure you will enjoy the article as it will surely hit home with your experience of being in the Real Estate business with those seller's who have unrealistic expectations. if you enjoy the article please consider social sharing - thanks!

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Comment balloon 21 commentsBill Gassett • March 03 2013 05:01AM

Comments

Overpricing is truly, as you say, the kiss of death. I like my 30-10-1 rule: price is definitely too high if in 30 days you have less less than 10 showings and have not received at least 1 offer.

Posted by Gary L. Waters, Broker Owner, Waters Realty of Brevard, LLC, ... a small office, delivering big service! (Waters Realty of Brevard, LLC) over 4 years ago

We always say...we may not always be the first agent...we are the last...and will tell a seller what they need to hear..not with they want to hear.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce - Short Sale (Keller Williams 414-525-0563) over 4 years ago

Good morning, Bill... I loved this article when I read it on Google+ and I shared it.... hope everyone reads it before commenting on it...it's very funny....

 

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 4 years ago

Right on, Bill!  Nothing like a little humor to make your point, and you made it well.

Posted by Margaret Woda, Maryland Real Estate & Military Relocation (Long & Foster Real Estate, Inc.) over 4 years ago

Buyers often will ask...why is this house still sitting there? what's wrong with it?  More often than not it is because the house was overpriced or started out overpriced and now it is just sitting there on the market.

Posted by Christine Smith, Exclusive Buyer Agent & Attorney, Canton, MA (Buyers Brokers Only LLC - www.BuyersBrokersOnly.com) over 4 years ago

I think the challenge for us as Realtors is to manage expectations in a market with decreased inventory.  Maybe scarcity drives prices higher...but we need to set data-based expectations around the limits of that increase....

Posted by Scott Nowling, Prudential Starck (Prudential Starck) over 4 years ago

Hi Bill, That was a great article you wrote and so true. I used to tell Sellers that 90% of my marketing plan was getting the price right. In this market it is getting closer to 99% because the properties sell within days of listing them. I hope you are doing well Bill, and hope this market stays right on its present trajectory with a few more sellers ( inventory) in the mix. 

Posted by William Johnson, San Diego Real Estate Voice, GRI CRS e-Pro CDPE (RE/MAX Associates) over 4 years ago

Thanks everyone for all your compliments on why a seller should not overprice their home!

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 4 years ago

Bill  The first thing I look at when I pull homes up on the MLS is days on the market

Posted by Karen Kruschka, - "My Experience Isn't Expensive - It's PRICELESS" (RE/MAX Executives) over 4 years ago

Bill, there is nothing worse than a listing that is selling the other homes.  I love the branding on your other blog!

Posted by Christine McDaniel, Broker Associate (Red Key Realty Leaders) over 4 years ago

I love the use of the link to your blog. I love the look of your other blog.

Posted by Brad MacKenzie, Turning Houses into Homes on the South Shore (Brad MacKenzie) over 4 years ago
Hi Bill, informative article that discusses the ten ways to know if one's home is overpriced. Thank you for sharing and keep up the good work. All the best!
Posted by Nestor & Katerina Gasset, Realtors, Wellington Florida Homes For Sale (International Properties and Investments LLC) over 4 years ago

Thanks Katerina! A little Real Estate humor interjected into a subject that rings true for a lot of Realtors.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 4 years ago
Great stuff Bill. Thank you for sharing and keep up the good work!
Posted by Erika Rogers, St George Utah Real Estate & local info. (Red Rock Real Estate) over 4 years ago
A great source of information on how to check if there home is overpriced. Thank you for the information Bill and keep them coming.
Posted by Petra Norris, Realtor, Lakeland FL Homes for Sale (CDV TransAtlantic, Inc.) over 4 years ago
Liked this article Bill. Clear, precise and can easily be understood by readers. Hope to get more post like this in the future. All the best!
Posted by Melissa Muse Wiggans, CRS, GRI, ABR - Real Estate Muses (Real Estate Muses) over 4 years ago

Thanks very much Ericka, Petra, and Melissa!

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 4 years ago
I just find this article very informative and interesting. Thanks Bill for the details, this will come in handy in the future. All the best and stay the most consistent Massachusetts Real Estate Specialist.
Posted by Pat and Ed Okenica, Lake Oconee Ga Real Estate (RE/MAX Agents Realty Lake Oconee Ga) over 4 years ago

Thanks very much Pat & Ed for the compliments!

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 4 years ago
Well written post Bill. Thank you for sharing and wishing you a fruitful 2013.
Posted by Waynette Hoover Araj, Connecting your Dreams with the Right Real Estate (Keller Williams Realty) over 4 years ago

Thanks very much Waynette. I appreciate the compliments. As you know overpricing a home is one of the worst things you can do in real estate.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 4 years ago

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