Realtors run into this situation more than we like to admit. We present our “comps” in the area of homes similar in size and amenities offering, and tell the potential seller what we believe is the List & Sell price.
I like to present all the factors in the neighborhood of solds, competitive, already on the mkt listings, time of yr, positive and negatives of the subject property, avg days on the mkt, etc. I feel the more info the better.
But, of course, the seller being emotionally tied with the home, sometimes believes that it is worth more than the figure we propose. I often get the analysis that if we start to low we have no negotiating room. My rebutal to that is you are in the driver’s seat Mr/Mrs Seller and you choose the price you are comfortable with on selling.
In a short summary, how do u sell an over priced home? Answer- you dont/ At least not without time elapsing, price reductions and sometimes many conversations on why the home is not getting activity on showings or interest…..
I almost always convey to my Clients, if a home shows well and is priced to the condition and mkt- it will sell, its just a matter of when the right buyer comes along for that particular home.
Have a great weekend!