This is only complicated for sellers

35 Boulder brook

I see that the owners of this run-of-the-mill mid-country house have fired their broker and brought in someone else, along with a slightly reduced price. Ho hum.

This place is assessed at $1.2  million so anyone with even a stirring of nerve life could have predicted that its original asking price of $2.475 a year ago April was guaranteed to ensure it wouldn’t sell. And it didn’t.
So the owners have now endured a full year of inconvenience, keeping their house ready to show, letting their schedule be disrupted at the whim of non-buyers, while gradually whittling down their price.
As of yesterday, they are asking $1.895, which is an improvement, but the property now has the stigma of being a year on the market – buyers see that and ask, “if no one else wants it, why should I?”
I long ago ran out of sympathy for sellers. If they insist on overpricing their houses and refuse to acknowledge reality, that’s entirely their choice, but I won’t waste my or my clients’ time showing those properties and certainly won’t grieve when, years down the road, their house sells for a fraction of what it might have gotten had it been sensibly priced to begin with.

3 Comments

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3 responses to “This is only complicated for sellers

  1. Peg

    So true, Chris. I’m sure we’ve both heard tons of stories of sellers who turned down one offer – only to sell their home a year or two later at something quite reduced from the original offer price.

    The reality is that even in this market – you can see homes sell quickly – and even in competition! But, they have to be priced accurately and rationally for the current market – something way too many sellers seem unable to accept.

  2. I have a friend in Atlanta who put her house on the market because she’s relocating. She hasn’t had a single showing in 5 weeks. She insists it cannot possibly be overpriced. Her agent tells her to repaint the bedroom.

    There are none so blind, etc.

  3. foobar

    a friend of mine sold his house in the DC area. Lovely place, superior location. They insisted for over a year that it was worth 4MM. The bids consistently came in at 2.9. They finally got someone to go to 3.1 and they took it.

    Never argue with the market. Once the house is listed and one receives bids, it is what it is, as they say. And if you receive no bids that is a message in and of itself.