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What advice would you offer a homeowner unwilling to adjust his asking price to reflect true market value?
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I would say educate the seller at the time of the listing appointment with facts on paper where they can actually see what the market says their home should be priced at. If they don't agree .... or they just want to see what they could get, I list it as long as they understand that it is above the market value, and agree that in 30 - 45 days if we have not received an offer then we do a price correction. Sellers sometimes just want to feel the market out and if it sells to quickly because they priced it where you said it should be they then think they had it priced to low. If one Agent doesn't list it and go through the process with them another one will. I feel that it is the sellers home and as long as the Realtor educates them on the market they will make the right decision if they really want to sell their home.
It depends on a few things.First a strong understanding of how you arrived at the point of listing the home,where the client wants to be in the future and what motivates them.Sometimes everyone has the best intentions and things change.That doesn't make clients unwilling,just new information has changed or distracted their focus.Most times if I hit a road block on price,it has NOTHING to do with price.It has to do what has changed in the relationships.Ours? theirs? Have the moved out of state for a job transfer and they do not like the job? Second thoughts can slow down the motivations to a hault.Only there IS a reason.It is finding out what is it that is stopping them .Data can only go so far,software,charts MLS sheets and CMA"S are when you are dealing with logic.Most times we all know selling a home is emotional.Getting to the emotional road block will clear the path for information to be received and processed so you can get the home sold.Only then will a price reductions make sense.When something seems to hard and defies logic..there is something else going on.
If your the listing agent than time is money.If your seller is a move-up buyer I would promote the fact that they will be saving money on their upgrade so it's okay to take less on their sale.If the seller is just wanting to sell for no particuliar reason I would explain to them why the price needs to be dropped. If they refuse to drop the price I would tell them to look for another agent.Some sellers just don't understand why their home isn't selling for the price they had in their minds. If you can't sell the home at the current price and they refuse to lower the price than you have 2 options. Cancel the listing with them or let it expire. Either way it's not worth it for you to continue dealing with a listing that won't sell.Best of luck!
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