Why do sellers over price their properties?

Asked by Will Roan, Henderson, NV Fri May 9, 2014

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7
Diana Hellman, Agent, Larchmont, NY
Fri May 16, 2014
My guess is that those sellers who overprice don't understand that they are shooting themselves in the foot, that by pricing correctly, using comparables and the advice of their professional they might engender more enthusiasm and end up with a higher price for their home than they would by pricing it too ambitiously or unrealistically. Or they are not really motivated to sell.
0 votes
Asedd34, Home Buyer, Center Moriches, NY
Fri May 16, 2014
Because they are callus jack-holes,and find out in the end,they would have saved a year out of there pathetic life if asking a "realistic" price instead of trying to rob someone who never was,or will ever be their target...................................
0 votes
Annette Law…, Agent, Palm Harbor, FL
Fri May 9, 2014
For the same reason, on a Nov day in Tampa Bay, you can approach a group of strangers with "How about those Bucs?"

You have to start the conversation somewhere.

If the buyer does not know the choreography, they will be a poor dance partner anyway.

Why does Trulia want over $1,000 for a 1/5 of a zip code? 'Cause someone might actually pay that amount!
0 votes
Phil Rotondo, Agent, Melbourne, FL
Fri May 9, 2014
For the same reason buyers lo-ball an offer .
0 votes
Suzanne MacD…, Agent, Succasunna, NJ
Fri May 9, 2014
I find they are more concerned with their financial goals in selling the home than in the actual market value of the home. I constantly hear, well, I need to pay off the mortgage, pay off some other debt, and still have a down payment for my next home.
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My NC Homes…, Agent, Chapel Hill, NC
Fri May 9, 2014
They believe it's worth more than the market does and either refuse to accept market data or are being advised by lousy Realtors who don't really know what their doing. Given that this is 60% of everyone who has a real estate license the odds of them getting poor advice is high. Sellers can ask whatever they want, buyers will need to pay market value which is constantly changing. Those who focus on the data (which is always there for those who know how to find it and analyze it) price right and sell quickly. those who choose not to or have been given bad data inevitably take way more time to sell and the statistics are clear they tend to get roughly 13% less than they could have if they priced it right to begin with. I can't wait to see what other answers you get to this proactive question
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Jim Olive, Agent, Key West, FL
Fri May 9, 2014
90% of real estate is psychology. Many Sellers BELIEVE their property is worth more than it it. Many others just REALLY WANT it to be. Bottom line, if an agent can't talk them down to reality, it's a losing battle most of the time. Help them see that holding on for the long haul is not the best way to get top dollar, in fact, its a recipe for getting less! Best of luck...
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