Hudson Valley Happenings Blog : A Note For The House Seller - Don't Let This Happen To You

A Note For The House Seller - Don't Let This Happen To You

Dear House Seller,

    I am sorry we missed you when I took a lovely young couple out to look at houses today.  It really is a shame that they did not get to see your house because it is perfect for them but you have your house priced too high.  
    I know you think that the buyers will come to look at your house even though you went against your listing agent's advice and priced your house above the comparable houses the agent showed you. I am aware that you feel that the buyers will want to negotiate so you want to have room to wiggle a bit but the sad truth is that if they never come through the doors they won't even make the initial offer.
   You are probably asking your agent why no there have been no offers.  Well, with your pricing, the buyers who are looking at listings in that range are not interested because does not have the features of the other houses they are seeing.  Honestly, why should they bother coming out to see Your overpriced house when they can get so much more for the money elsewhere?  The buyers who would actually buy a house in the price range your agent recommended will never look at it because it is not in their current price criteria so they don't even know it is available.  
    So there you are sitting on a perfect house for my clients but they are buying something else. I do feel bad for you and I feel worse for your listing agent because no doubt you will be looking for someone to blame.  I do wish you all the best with your efforts to sell.

Sincerely
Betty Buyer's Agent 

To all house sellers everywhere, don't find this note in your mailbox.  Please price your home in the range that the comparables suggest.  You won't find someone willing to pay more.  You won't find a bank that will finance the property for above appraised value.  You will be frustrated and end up either lowering the price or taking the house off the market.
I'm Paddy Pizappi - Work with Me and You'll be Happy!

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Paddy Pizappi, Associate Broker for Buyer Representation
 RJ Smith Realty - A Real Estate Solutions Company
Serving the Greater Hudson Valley of New York
from Pine Bush, NY at the corner of Orange, Ulster, and Sullivan Counties
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8 comments • Paddy Pizappi PineBush & Hudson Valley NY Real Estate • May 12 2008 01:59PM

Comments

Very powerful!!!!!! You will never get this one as an expired!  Wish I had the nerve to print this out and hand it to my sellers!!!!!!!  But, today we did get a promise of price reduction, but why didn't they listen in the first place???? 

Posted by Ernie & Barb Suto (Century 21 Preferred Realty) over 2 years ago

I can't answer that.  It seems to me that this is the only business where the client often thinks they know better than the professionals that they are hiring.  We are in the trenches every day and can give them up to the minute data. Besides the more the house sells for the more we make so why would we want to price something lower than market value???  Congrats on the reduction. 

Posted by Paddy Pizappi PineBush & Hudson Valley NY Real Estate (RJ Smith Realty Real Estate Solutions) over 2 years ago

Sometimes one can take a slightly overpriced listing and then find out that the owners will never come down to the price you suggested in the first place. This market is a difficult one. Owners believe they have the best available even though they have not upgraded it and even though there are 20 more on the market. Be careful sellers! It is not necessarily your agent's fault that your property does not sell. Look carefully at the comparables and see what they have to offer. Upgrades are important. Pricing is important. Location is important.

Posted by Pat Festino over 2 years ago

Your advice is most important Pat.  Slight price adjustments OK but if an agent is taking grossly overpriced listings they are asking for trouble from their clients in the end.  Thanks for the comment.

Posted by Paddy Pizappi PineBush & Hudson Valley NY Real Estate (RJ Smith Realty Real Estate Solutions) over 2 years ago

Paddy- The problem is that by the time they realize they should have listened to us the market value has dropped even more.. and it continues.

Posted by Barbara Carter Ulster County Real Estate Professional (Associate Broker Exit Realty Services) over 2 years ago

Paddy:  If only you could leave a note like that for a seller.  I think there are some buyers out there that are also in need of a wake up call.  Market value is market value.  If a listing is priced at whrere sales are happening, that's market value.  Don't shave 10% of the list price and expect to steal a house. 

Posted by Chris Ann Cleland, GRI, SFR (Long & Foster, Gainesville, VA) over 2 years ago

Paddy, love it. The note is one I'm sure agents would love to forward to some of the sellers.

Posted by * Rate A Home (Rate A Home) over 2 years ago

That is true Barbara-I am hoping that the trend toward decreasing market values will slow down myself but a seller needs to be aware that his professional agent will be updating the assessment based on current market figures.  they need to believe the person they hired.

I know Chris - again we have to let the buyer know what the market value is and let them know that is where we believe the house will sell.  It is all in the numbers of the moment.

Thanks Duane I wish we could get the message out to everyone. 

Posted by Paddy Pizappi PineBush & Hudson Valley NY Real Estate (RJ Smith Realty Real Estate Solutions) over 2 years ago

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