Overpriced Homes Cause Headaches

Home buyers are wise; technology is transforming real estate to their benefit. Some home sellers however, aren’t getting this message or don’t care to believe it. These are the sellers of homes that remain unsold despite historic inventory shortages. While there might be a variety of reasons, even a few valid, the market tends to have the last word. Buyers and agents are the first to send the message by letting the home sit. Should a buyer bite, a second harsh message is often sent by appraisers and underwriters when value or marketability issues arise.

This short video illustrates how homes that languish look to agents and appraisers…and buyers. Zillow pulled back the curtain for buyers; they see the long or repeated listing histories, death spiral price reductions, past sales and even how long a home sits vacant. Most important, they see the Zestimate – trust them or not, they’re getting better and buyers rely on them.

Pushing the price envelope with a foot in supportable data is one thing, being completely unreasonable on price because “it’s worth it” or “we can sell for less” is another. Work with a competent agent (google them) and avoid the headaches that come with overpriced homes. Click the image and have a look.

 

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