Hawaii Randy's Real Estate Opinions: February 2007

Your Price is TOO HIGH!

While showing property the other day to one of my clients we say two almost identical homes.

Both properties were in above average condition.  Both had some nice upgrades to them.  Both were built by the same developer and were in the same neighborhood within a planned community and were the same model with identical floor plans about two blocks apart.  The one my client liked a little more had nicer floors and nicer kitchen cabinets.

HouseThe real difference in the properties was this they were priced $13,000 apart.  The one my client liked better was priced at exactly what the last comparable closing was; the other $13,000 more.  The higher priced home had been on the market about 6 months and the other two weeks.  The lower priced one is getting lots of interest including my buyer, who may be submitting an offer later today.  The other is sitting and rotting.

I got the magic phone from the listing agent for the higher priced property:

  • Listing Agent:  Are you bringing me an offer?
  • Me:  No, my client has decided he did not want to make an offer on your listing.
  • Listing Agent:  Did you client like to home?
  • Me:  He liked it very much.
  • Listing Agent:  Why isn't he bringing an offer?
  • Me:  When we compared it to similar properties your price is too high.
  • Listing Agent:  Why don't you offer less?  
  • Me:  My client liked the lower priced property 2 blocks away better.  You have been on the market a long time.  Have you considered a price adjustment?
  • Listing Agent:  My client feels his property is worth more than the others.

Those were the magic words I was expecting.  The home is priced based on the seller thinking his worth more than all others for some unseen reason.  Have you heard this one before? 

Inexperienced or desperate agents and unrealistic sellers is a bad combination.

 

--------------------------------------------------------------------------------------------------------

Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comment balloon 40 commentsRandy Prothero • February 16 2007 06:39PM
Your Price is TOO HIGH!
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