Home Selling in Watchung>Question Details

Weichert Rea…, Real Estate Pro in Watchung, NJ

Overpriced listings is it ever a good marketing strategy? Why should I take an overpriced listing? Who ultimately benefits from overpriced listings?

Asked by Weichert Realtors, Watchung, NJ Mon Feb 8, 2010

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5
Frank,

We also would like to voice our opinion that over priced listings help no one.....they clog the market and put agents and their companies to embrace fruitless expenditures.

If the seller is unreasonable about the value of their home, it is a mistake for real estate professionals to list such property. In our opinion, this is another reason for agents being criticized for not knowing the market or being able to deal with customers in a factual manner.

The result of any listing that can not be priced as an accurate reflection of the current local real estate market should always be, not to list such property..........
0 votes Thank Flag Link Mon Feb 8, 2010
What's the point in taking an overpriced listing in this market? It's hard enough to sell a house that's priced correctly or under the competition as it is.

You will end up sitting on that house as the other houses priced better sell. If you are able to get a price reduction on it, it will probably be too late and all you will end up doing is chasing the market.

Also, that house has to appraise out. Should you get an offer on it at the inflated price, then what happens when the market doesn't support it?

You will not be doing the seller any service by telling them what they WANT to hear. Tell them what they NEED to hear and price the house correctly from the start. You'll save yourself alot of aggrevation in the end.
0 votes Thank Flag Link Mon Feb 8, 2010
No one benefits and its certainly doesn't help the sellers.
0 votes Thank Flag Link Mon Feb 8, 2010
Thanks Scott for your prompt reply. Regards,
0 votes Thank Flag Link Mon Feb 8, 2010
The only one who benefits from an overpriced listing is the people you pay for advertising on a home that may not ever sell. The first question to ask is what is the lowest price can the sell for. They need to be able to sell the house for at or below market value so if say market value is $280,000 and they owe $340,000 and want to list at $359,900 to accomodate commission and closing costs, that home is not going to sell. Now if thiose margins are much closer, the home has extras or a deirability to buyers above any other listings, then it is worth your full efforts. I find it is better to be upfront and not take a listing i can never sell than invest time,, money and have the seller be disspaointed and tell everyone i didnt or couldnt sell their home.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Feb 8, 2010
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