Zillow Advice: Selling Process - What advice would you offer a homeowner with an over-improved property, looking to sell in a buyers' http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ Zillow Advice | Zillow Real Estate When I run into this issue, ... http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ When I run into this issue, I recommend having a pre-market appraisal performed by a local, trusted appraiser who knows that our goal is to price the home appropriately going ON the market. It is a great way to determine exactly what the top price should be. Most buyers today have to obtain a loan and if an appraiser can't find the value and prove it to a lender, then it doesn't matter how much money the seller has invested. If the seller cannot part with the property for the appraised value or less (assuming the market is declining in their area), I encourage them to revisit their reasoning for wanting to sell. Sat, 24 Mar 2012 19:04:00 GMT http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ 2012-03-24T19:04:00Z I would offer the homeowner ... http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ I would offer the homeowner that we will keep marketing it. &nbsp;I would also give them a snapshot of what comps sold in the last 6 months within 1/4 mile of their home and present that alongside all offers for their consideration. &nbsp;This way, you are throwing the facts their way and you are not the bad guy. &nbsp; Wed, 14 Dec 2011 02:57:00 GMT http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ 2011-12-14T02:57:00Z I would say educate the seller ... http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ <p>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.<br/> 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 <a href="http://www.zillow.com/directory/real-estate-agents/">Realtor</a> educates them on the market they will make the right decision if they really want to sell their home.</p> Tue, 06 Dec 2011 20:29:00 GMT http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ 2011-12-06T20:29:00Z The biggest problem in todays ... http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ The biggest problem in todays market with over improved property&nbsp;is appraisals. The adjustments for condition, views,&nbsp;and upgrades are small relative to just a few&nbsp;years ago. I've had good luck meeting <a href="http://www.zillow.com/directory/real-estate-services-appraisal/">appraisers</a> and educating them on my listing along with the comparable sales I used to establish value. After all, I am representing my SELLER'S best interest.<br/><br/>Certain listings still demand a premium. I've taken on many listings over the years where I felt an owner occupant&nbsp;cash buyer was a real probability. With the small adjustments appraisers are making, sometimes cash buyers do see the added value and are willing to pay above appraisal value. If the improvements exist that are on their wish list, it's less costly than adding the improvments from scratch. Clearly, there is a limit for this thinking and it's a special scenario. It's normally a 1 story property that fits into a retirment or close mentality.<br/><br/>I always shoot a seller straight from day one. If they aren't willing to accept my advice, I have the option to take on the listing and say I told you so down the road, or walk away. The property and marketability will normally dictate that decision. Tue, 06 Dec 2011 20:02:00 GMT http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ 2011-12-06T20:02:00Z Price the listing for what ... http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ Price the listing for what the market tells you the price should be. If the sellers re hesistant, list the property for a higher price. If it dosnt sell, the sellers will arrive to a point where they realized the price is too high and would need to adjust. Tue, 06 Dec 2011 17:27:00 GMT http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ 2011-12-06T17:27:00Z It's always a good idea to ... http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ It's always a good idea to agree to and sign a realistic price change form at the time of listing a property. In doing so you avoid the unpleasant conversation down the road and you can do a price reduction based on time and amount already agrees upon at the time of listing. Tue, 06 Dec 2011 11:54:00 GMT http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ 2011-12-06T11:54:00Z the listing generates sign ... http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ the listing generates sign calls whether it is priced realistically or not...if after a consultation showing sellers what similar homes have sold for recently and they still don't care to adjust price to reflect comps, why should you...do you have any idea how many short sales aren't priced right..usually they're 10-20K below what they will actually close at Sat, 03 Dec 2011 23:55:00 GMT http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ 2011-12-03T23:55:00Z You&nbsp;must be realistic ... http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ You&nbsp;must be realistic for whatever market you are in.&nbsp; If you are selling in a buyer's market, remember that you are also buying in a buyer's market.&nbsp; Make sure your home stands out by making it memorable,&nbsp;have it shined from top to bottom and show like a Home &amp; Garden home.&nbsp; Don't be afraid to hire a home stager.&nbsp; Focus on the highlights of the home making it worth the price.&nbsp; Lighting and warmth&nbsp;are critical for pictures and showings.&nbsp; Make sure the pictures are professional!&nbsp; Sat, 03 Dec 2011 23:51:00 GMT http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ 2011-12-03T23:51:00Z wait to sell if you can. ... http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ wait to sell if you can. if you can't wait then come to terms with the fact that you might take a loss. Sat, 03 Dec 2011 22:14:00 GMT http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ 2011-12-03T22:14:00Z ...you wait until they HAVE ... http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ ...you wait until they HAVE to sell - which will also be the worst time for them to sell... Sun, 22 May 2011 05:43:00 GMT http://www.zillow.com/advice-thread/What-advice-would-you-offer-a-homeowner-with-an-over-improved-property-looking-to-sell-in-a-buyers%27/397670/ 2011-05-22T05:43:00Z