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Overprice or Underprice: It Does not Matter

2 Big 2 Fail
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It no longer matters what your house is priced at. It does not matter if you are overpriced or underpriced. Either way you will get no offers or only lowball offers. In a "perfect" world, you can price your house competitively, and then sell it for close to your asking price. Now, no matter how much you drop it, greedy buyers will lowball you. That is why you should overprice. This way, you can have more room to accomodate a lowball offer duirng negotiations. I know this goes against everything you learned, but dropping the price is not that effective anymore. Overprice your house so the buyer thinks they are getting a good deal.

Thoughts?

And let's keep the comments constructive please. Ok doomers?

November 21 2007 - US

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Angelique01
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Nope. Not true. Underpriced houses sell.

November 21 2007

2 Big 2 Fail
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Also, you should not lower your price, because then you can start a chain reaction. If you undercut your competition, there is a good chance that they will reduce AND UNDERCUT YOU. Then you must undercut them, and then they will undercut you yet again. Do not start this dangerous chain of reactions.

November 21 2007

2 Big 2 Fail
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"Nope. Not true. Underpriced houses sell. "

Not here. I only see the less competitively priced houses selling.

November 21 2007

PJ Sassifras
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Actually, in my city, the houses that are selling are the ones that haven't lowered their price even when they've been on the market for 60-90+ days. Now, they are selling for less than their asking price by 10 - 20K, but they're selling. I don't think people from Chico know about Zillow or what a doomer is.

November 21 2007

2 Big 2 Fail
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Most of the buyers here don't speak English or only have limited English knowledge so I doubt they are doing any research and looking at comps. Sorry, but I doubt they even know what a comp is. They ask me so many questions about the house, yet, the answer to those questions are on the MLS sheet they are holding in their hand! I don't mind answering since they probably can't read the MLS sheet, but it would be nice if they made an offer!

November 21 2007

2 Big 2 Fail
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In my town, there are 2 condo buildings. One was built in the early 90s, and one that will not be ready until 2010. The new condos are priced at about $200,000 more than the comparable older ones and the developer does not give any incentives. I will give you 3 guesses which ones are sellling and which ones end up as stale listings or $3,500 a month rentals.

November 21 2007

PJ Sassifras
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Alpine, you really have to stop with the "not speaking English/limited English somehow equates to a reduced capacity to understand what is going on" theory. Both of my parents are English as a second language and they could both mentally kick your butt with one hand tied behind their backs. Seriously, knock if off. Sheesh.

November 21 2007

K101
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Wrong Alpine.

The "good" houses (lot, size, upgrades, school system) that have been reasonably priced in comparison to their competition have been selling in my area.

It is true that there will always be some level of buyer demand for housing. It is just that sellers are competing for a much smaller number of buyers and need to do what it takes to get their attention.

November 21 2007

K101
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Who ME?

November 21 2007

CORONA NICK
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Alpine... your comments are ridiculous but may be true... just like the road up to the peak... everyone kept raising prices and the dumb banks kept dishing out loans that they could not back...if I was close to foreclosing, of if you dont see the light at the end of the tunnel and you know you overbought... I would ride it out and save my money for the future rent that will be required after foreclosing.

November 21 2007

2 Big 2 Fail
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Let me ask you a question JSegress: If I went to a foreign non-English speaking country and bought RE there, do you think I would be as sart of a buyer as the natives?

And FYI: My mother and her parents both came to this country without knowing any English. My grandfather could speak 5 different languages.

November 21 2007

pop goes the market
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pop goes the market

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This stinks of desperation.

November 21 2007

2 Big 2 Fail
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"This stinks of desperation."

Pop goes your brain

November 21 2007

midwestgal
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Homes are moving faster that are priced about $250,000 less than us. So even if we lower it, we are not going to be affordable for a broad range of buyers. The right buyers have been showing up at the higher range; it just takes longer.

November 21 2007

Caleb Yamanaka, "CHUTTA"
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Alpine,

Your generalization of sales or what sells in a market, could be market specific. I don't know the New Jersey market so will not discount what you are saying, but I do have a solid grip on what's selling in the Hawaii market.

Houses are selling, but they are selling at significantly lower prices then a year ago. The low ball offers are a reflection of the market in general. If you are a buyer out there right now why would you offer full price for a property even if it is priced correctly? There is no reason to offer full price because there is less competition (Buyers) for more like properties. The question all falls to the motivation of the Seller. The first thing I look at for my Buyer's is "when did this Seller purchase the property?" If the property was purchased in the last 2 years and is already on the market. I find out what the property sold for and assume that the Seller must be highly motivated. It doesn't matter to me as a Buyer's Agent if the property is priced correctly. My job is to get my Buyer the best possible deal on the property they want. If the Seller doesn't want to sell at the price offered they can always say no.

I don't follow your reasoning on listing a property at higher then the comps, you might get lucky and find somebody that wants to buy and has no idea of what the market or comps are, but the odds are that most of your buyers should have somewhat of a clue, so in the end you will be offered what they are willing to pay not what you arbitrarily decide to list a property for.

November 21 2007

ghennis00
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wow, your circular reasoning tactic is always the best alp, all homes should be priced at $66Billion, even though they are all underpriced at that level.

Keep comments constructive you say? How about keeping threads constructive???

November 21 2007

PJ Sassifras
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<<<<Let me ask you a question JSegress: If I went to a foreign non-English speaking country and bought RE there, do you think I would be as sart of a buyer as the natives?>>>>

You? No. You're not even smart enough in your own country. Don't assume others are like you. My parents speak with an accent, they don't "think" with an accent.

<<<<And FYI: My mother and her parents both came to this country without knowing any English. My grandfather could speak 5 different languages.>>>>

What a shame you grew up with such cultural diversity and yet, you've learned nothing from it.

November 21 2007

mpal
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you go Pj!! HIgh Five!!

November 21 2007

Carrie R
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hi fi

November 21 2007

mpal
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lol

November 21 2007

PJ Sassifras
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LOL.....ty ladies!

November 21 2007

Carrie R
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you know how it is....forizzle we gotchu

November 21 2007

mpal
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we gotcha on the down lo

November 21 2007

PJ Sassifras
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UIH? UIH? LMAO!!

November 21 2007

Roberto Ribas, "azrob"
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I live out of the country several months a year. Americans are viewed as big easy targets that are easy to seperate from their money. Signs are posted with one price in english and a cheaper price in the countries language.

November 21 2007

mpal
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Alpine..it's size that doesn't matter

November 21 2007

Carrie R
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uh oh here cones DAniel with the motion of the ocean...did you have to bring it back mpal?

November 21 2007

mpal
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ROFLMFAO

November 21 2007

PJ Sassifras
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Dammit, did I miss a post?

November 21 2007

mpal
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way back when PJ

November 21 2007

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