Home Selling in West Babylon>Question Details

Cheron Dinki…, Real Estate Pro in East Setauket, NY

Why are seasoned Real Estate Salespersons still taking over-priced listings?

Asked by Cheron Dinkins, East Setauket, NY Mon Sep 5, 2011

This additional inventory is hurting the market and slowing the recovery; foreclosures, short-sales, and REO's are too plentiful. The homeowners are not selling their homes and the Salespersons are not making any money!

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Just yesterday I declined a listing if the seller insisted on an over market price because I felt that I would be doing them a disservice to do anything else. The inconvenience of being on the market without the possibility of success - a real nonstarter - and most importantly, the passage of time as the listing price takes the dreadful march through correction will not be kind to the property's value and the seller's bottom line.

Jeanne Feenick
Unwavering Commitment to Service
Web Reference: Http://www.feenick.com
1 vote Thank Flag Link Tue Sep 6, 2011

This may be the $64,000 question.........

.....and I've done considerable thinking on this issue only to come to the appreciation that it's not the agent's fault. Under proper supervision, one would believe, management would insist that agents stay in step with the current local market activity. As a broker/manager, by not staying on top of the "over pricing" issue you are costing your company money.

Yes, we should question agents that over price their listings but one shouldn't overlook the broker's part in this.......

0 votes Thank Flag Link Sun Apr 22, 2012
Homeowners need to listen to their agents. We are not telling you to lower your price to get a quick sale we are telling you what the price range should be in this market. If we sell your house at the higher price it will not appraise. We want your sale to go to closing. We go by the comparable sales in your area at this time just as an appraisor would. If you overprice your home it hurts the chance of your house selling and it will help the other houses to sell. We want the best for you. We really do.
0 votes Thank Flag Link Sun Apr 22, 2012
Along Jeannie's lines . . . all too often, when taking an overpriced listing, the Seller thinks you did them a dis-service, rather than providing them the valuable service of testing the market. The end result is that you get fired, disparaged, or otherwise insulted, the Seller gets another agent, and somehow - as if by magic - the new listing price is lower than the one you had.
0 votes Thank Flag Link Tue Sep 6, 2011
Mostly, Cheron, it's because real estate agents like to have listings, and it's no longer especially expensive to carry them.
0 votes Thank Flag Link Tue Sep 6, 2011
In my area, we have a mix of what I would consider overpriced listings and "market value" listings. I agree that agents that overprice listings are not doing any owner, buyer or their fellow professionals any favors. I think some of these agents accept the unreasonable listings to try to get owners approval for a short sale. Other agents may accept them because they have not accepted the new reality today's market themselves. And truly I think that some agents hands are tied by the owners who owe more than the market will bear for their property, but who have not accepted that fact.

The market has changed a lot in a relatively short time and agents have to do their best to stay in touch with local values, market trends and buyer sentiment. This turbulent market can make that difficult.
0 votes Thank Flag Link Mon Sep 5, 2011
I try not to take overpriced listings. I advise my sellers if no showings or very few and no offers then it is overpriced for the market and they need to reduce it until we have more activity. They usually listen.
0 votes Thank Flag Link Mon Sep 5, 2011
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