Zillow Advice: Home Selling - Do sellers believe it if a potential buyer says too high priced?

I would try to get more info. ...

Tue, 07 Oct 2008 16:11:00 GMT

I would try to get more info. What are they basing this on? Do they think the house needs work, is it the neighborhood? etc. If the only thing they have to say is that is priced too high with no reasons, then they are fishing and you should dismiss it.

I do agree with the suggestions though that a broker open would be a great way to find out about the price.

good luck to you!

As for feedback..think about ...

Tue, 07 Oct 2008 05:00:00 GMT

As for feedback..think about the process. Agents who have sold a lot of real estate for a long time, will tell you that buyers will know when they walk through the front door if this is the house for them. In fact, if dealing with a married couple and they both have that "gut" feeling...it is probably the right home for them.

When an agent gets feedback think about the process. If a buyer does not get that "gut" feeling when they walk through a home, and an agent asks them what they don't like...of course they will comment on carpet, wallpaper, etc.

Where many of these posts are correct is that you want to look for similar, consistent feedback. One time is not enough to change carpet, wallpaper, etc. when you have only received that type of feedback once. When you see it over and over again...then you really want to start to listen to what the buyers are saying.

If you have a competent agent with experience, they can help you truly determine what the market is saying about your home.

In many markets right now, it is a Beauty Contest AND a Price War. Stay tuned in to your local market conditions.

Just do the comps and show ...

Tue, 07 Oct 2008 04:36:00 GMT

Just do the comps and show the seller waht has been sold in the area over the last few month. this is the pricetag or sometimes below this, NOT above it.

Most sellers do not think ...

Tue, 07 Oct 2008 04:01:00 GMT

Most sellers do not think their home is ever over priced, even if it is. A lot of the time the buyer's are right. They've probably already seen a lot of the competition and the condition of the homes on the inside, and their list prices. When homes are on the market as long as they are today you need to be constantly checking out the market. Take into consideration the other homes on the market that are comparable to yours and price it competitively. Make your home the best home in its price range, stage it, and it will sell.

Those upgrades in this market ...

Fri, 03 Oct 2008 21:25:00 GMT

Those upgrades in this market will only make the house stand out from the crowd as best house if its priced the same as the others. They will not break even they will stand a better chance of selling however if they keep their price , that is a good thing right now in a market of no sales.

Lisa

Somewhere over the past several ...

Fri, 03 Oct 2008 20:18:00 GMT

Somewhere over the past several years we lost sight of the old rule that even genuine upgrades can only be expected to return a fraction of their cost at time of resale. Now people seem to want to break even or even profit.

Oh, blame HGTV for that. With flipping shows and My House is Worth What? viewer (and there are many) keep hearing that a $20,000 remodel will yield $30,000 and so on. Never have I heard them say something like, "Beautiful job. You'll only lose about 5% on this kitchen." Which is the truth if one recoups only 95% of value. (My percentage is not based on actual fact, but to make a point.) I think those shows have changed people's perception on how to make money through housing and so expectations are now so out of whack. After reading through this forum, I KNOW that the money we are spending to fix our driveway should not be added to any listing price. Anyway, this is getting off-topic, sorry.

Sellers are going to have ...

Thu, 02 Oct 2008 00:59:00 GMT

Sellers are going to have a bias towards overpricing their home, and most RE agents I've met seem willing to go along with this (losing) strategy until the house has been sitting for a while (and the owner is feeling less confident).

Neighbors who are selling near us seem to consistently overvalue the "improvements" they have made to their houses, whether it's a crazy paint/decor scheme or an over-the-top kitchen done to their personal taste. Somewhere over the past several years we lost sight of the old rule that even genuine upgrades can only be expected to return a fraction of their cost at time of resale. Now people seem to want to break even or even profit.

I'm not wasting my breath trying to persuade sellers of the real situation, not this year, and maybe not next year. They can hold tight to their asking prices and their meaningless appraisals, and follow the market down. I'm a buyer-in-waiting, and time is my friend.

They do. To the same extent ...

Tue, 30 Sep 2008 19:36:00 GMT

They do. To the same extent that buyers believe when sellers claim that the property in question is, in fact, underpiced ;-)

In my case, I don't think ...

Mon, 29 Sep 2008 19:55:00 GMT

In my case, I don't think our appraisal was fixed. We had our home listed 25K higher than our home appraised and the appraiser was aware of our list price.

Hee, hee. You can use ...

Mon, 29 Sep 2008 19:30:00 GMT

Hee, hee.

You can use zillow for comps in terms of sale price if and that's a big if, you know the house is comperable. The "comps" zillow pulls for my house are always way off. They just use stuff that's sold recently, not something that's comperable to my property. By that, I mean, they pull things from the next town over (O.K., city of Chicago, but still) that's in a far worse school district. They pull things that have smaller and larger square footage, different amount of bedrooms, and so on. It's not a great resource unless you live in a cookie cutter, and still, it's not so great.