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Things
to Consider in Over Priced Listings
1. Sellers
lose the positive impact of their new listing on the market and
can lose prime selling time.
2. Sellers lose confidence in their agent, blaming him, when their
hose is not sold. They complain about poor salesmanship, too little
advertising, lack of concern, not keeping them informed, not enough
showing, etc.
3. Buyers concentrate on objections and minimize good points in
the home.
4. Buyers
become confused about values and generally buy another home where
they are more confident about the fair market value of it.
5. Sales associates
lose enthusiasm about showing properties that buyers reject due
to price. They prefer showing properties where their chances of
selling are reasonable.
6. Sellers
place themselves in a poor position to obtain maximum dollars
since property can become shopworn and even though the price is
subsequently reduced, the public is "turned off"
7. Sellers
lose valuable time. Time is wasted in preparing for a showing,
when there is a slim chance of a sale. Families are separated
needlessly when sellers hold out for a price that is unobtainable
and one spouse is already transferred to a new location.
8. Buyers
become suspicious, thinking that there is something wrong with
either the home or the neighborhood, when a home has been on the
market for a long time. (And buyers always ask how long the house
has been on the market.)
9. The real
estate agency loses its reputation in the area when a property
is not sold. The neighbors blame the agency and will not list
their homes with it. They will look for someone else to do the
job.
10. Negotiations
between buyers and sellers usually break down when a home is overpriced,
because a seller does not know a good offer when he sees one.
11. The real
estate agency wastes advertising dollars.
12. Sellers
lose opportunities to buy another home if they must sell their
present home first or additional costs are incurred in carrying
two homes.
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