It's that time of year. The spring/early summer market. Some guy is sitting at home with a thougt. He tells his wife (or vice versa) that he can't get over what some of the neighbouring homes are getting. So, the home owners decide on a whim to call an agent they know and list their property for sale at "top buck". No harm done. It's within their consitituitonal right.
Up goes the For Sale sign. Up goes the listing on MLS. Pretty pictures, a nice write-up, an agent willing to do the work at this price and let the marketing machine rev its engine. Lots of showings (even at this price) and what do you know...an offer! The offer is brought in under the ask price and reflects in a very transparent market the fair value. Not rocket science...our sellers used the immediate sales on their street to price their home and buyers and agents alike can do the math pretty easily. The Sellers decline the offer without a signback.
The Buyers knowing with certainty that the house is priced above market value want it so badly they return with the asking price on their offer. TURNED DOWN. What?? It's the price they want. Ya, but our friends, the Sellers, haven't begun looking for a house and remember this is all a knee-jerk reaction to seeing some great sales on their street. Now its a reality for the Sellers and now their dialogue shifts dramatically. They're now saying to themselves....if we get a ridiculous price we'd (probably-still not guaranteed) move! And this ask price, good as it is, isn't gonna make our neighbors heads spin if we sell.
So, the Sellers decline and in fact don't even signback. What to do? Walk away. No don't walk...that's crazy...RUN away.
Some agents like signage. They like seeing their sign on a nice house. Our Sellers provided that. Also, the dialogue may have been..."Hey if you get something out of this Mr. Agent...perhaps a sign call....and we decide not to sell...its not a complete loss for you. Just don't kill yourself with the marketing cuz were not entirely comited to this process." Now, the Agent figures out his/her self serving interest with this particular listing and the Sellers haven't paid a dime to play.
This is an unfortunate part of selling in this kind of market. You get the "Sellers" and then you get the "Prospectors". Your Agent should be able with little effort distinguish for you who is serious and where to maxmize your efforts!
Btw...to all those Sellers who woke up this morning and decided that they'd put on a sign on their lawn for something to do......here's a suggestion. Go golfing?!
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