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2018-08-22 14:51:27
Has majorly overpricing homes become the new standard?

Has anyone had this happen to them? I have noticed that many properties are being offered way above the market price. I don’t know if their selling agents are recommending this or if this is strictly the sellers. One particular neighborhood had 7 solds within the last 120 days, and all of them, except 1 (which sold for the listing price) had major reductions. 4 reduced $15,000-20,000, 1 reduced $56,000 and 1 reduced a whopping $157,500 from their initial asking price. They were all really above the market price.

Is this just plain greed or something else? This sounds like the ploy some of those discount brokerages conduct to hook sellers. They tell the seller that they will offer their place for an amazing price over market price (with no legitimate basis), in order to get the seller to sign a representation contract, and after a couple of weeks of no/minimal activity, they drastically reduce the price in steps to the legitimate market price. Therefore, the seller has to wait 3-6 months to get an offer, and wait longer than that long till they can close on their replacement home. How does this best serve their clients?

Sound like the strong basis for using a Realtor® who has received additional training, signed and complies with a oath to follow a code of ethics.

If you are a buyer, make sure your buyer representative does a good job of running comps for any interested properties.

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