Do Buyers Make Offers on Overpriced Homes?

“Do Buyers Make Offers on Overpriced Homes?” is the next video in my series of videos for home sellers. Are you thinking of listing your home for sale but you’re not sure where to price it? Don’t make the common mistake of listing it too high, but don’t make the even bigger mistake of not adjusting the list price if you need to.

“Buyers don’t make offers on over priced homes; in fact, they rarely even see them. Correct  pricing is more crucial than ever in the internet age. That’s because buyers aren’t going to open houses like they used to, they’re not driving neighborhoods and pulling flyers from tubes like they used to either. They’re searching on the internet,,and when they do, they’re searching by price range.

The market sends pretty clear signals to sellers, in fact I can tell in the first thirty days if a home is going to sell at it’s current list price or not; it depends on how many people are coming in the door. If you’re not having multiple showings in that first month, or at least some talk about one of those showings bringing and offer, then you’re overpriced and you’re going to need to adjust your list price.

Now I know some sellers view adjusting their list price as giving in, and they tell me they’d rather just wait it out, kind of wait the market for it to get better or for the right person to walk through the door. But that’s not really how it works, remember what I said upfront:  buyers are searching online and they are searching by price range, if you’re not priced right it’s almost like you are invisible to them.

So, pricing is a crucial as ever, you’ve really got a small window to get it right, and if it’s not right you need to listen to the market signals and you need to adjust quickly.”

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Comments

  1. You are right Rich. Buyers have lots of online options to get a rough estimate on a home’s true value before they ever call a Realtor. Sellers who right price their homes according to the current market conditions always have the best opportunity to sell.

  2. To answer the question. No, buyers do not make offers on overpriced homes. You’re quite right to say that when they search online they might not even see it, since it might not show up in the price range they’re looking at.

    And even if they do happen to view an overpriced house, unless it’s totally unique and there isn’t another one like it in the county they still won’t make an offer. Buyers like the road of least resistance and if there is a comparable property out there that is better priced they will go for that.

    Great post. I don’t think sellers realize that they’re shooting themselves in the foot when they overprice their homes.
    Denise Hamlin recently posted..Selling a Home in Iowa City – What is a Subject to Sale Contingency?My Profile

  3. Great video and so true. If they never see them how can they offer. It helps to have a real estate agent price it correctly from the start resident chasing the market down.

  4. It’s amazing how some home prices escalate over and beyond what it’s worth… then to come to your appraisal post about it not being worth that much.
    Linda Abraham recently posted..How Much is my Home Worth?My Profile

  5. Never say never. I made the mistake of listing a home too high last summer. But we did get an offer and we did close. Sellers were resistant to price reductions but when it came to a live buyer they were willing to deal. So we sold at 88% of asking, should have been 95/7%. So in general I agree, but every now and then things happen anyway.
    Corinne Guest recently posted..Commercial Real Estate in Barrington and Northwest SuburbsMy Profile

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All content by Albuquerque Real Estate Agent Rich Cederberg, 505.803.5012, unless otherwise noted. eXp Realty, (505) 750-1846.