6 Bad Reasons Sellers Use for Not Reducing the Price on Their Overpriced House

6 Bad Reasons Sellers Use for Not Reducing the Price on Their Overpriced House

It might seem like a contradiction, but the best way to sell your house for the highest price possible is to list it for a little less than it’s actually worth. But a lot of sellers have a tough time taking that advice, and decide to list their house for much more than it’s worth.

While their well-priced competition sells quickly — and often for over asking price — stubborn sellers cling to their price and linger on the market for weeks, or even months. No matter how many times their agent suggests reducing the price, they always seem to have a reason why they shouldn’t.

To help you avoid making a mistake that can cost you tons of time and money, let’s take a look at 6 common (but bad) reasons sellers give their real estate agent for not wanting to reduce the price of their house:

 

1. My neighbor said it’s priced well and should sell quickly…

You can substitute the word neighbor with friend, family member, barber, co-worker, or any other type of person you know, but it won’t change the fact that just because someone you know said your house is priced well, it doesn’t mean it’s true.

People are often just being polite and supportive when they make an off-handed comment that your house should sell quickly. It isn’t meant to be taken literally and used as your rationale for sticking to your guns on price.

 

2. Everyone else is just giving their house away…

It’s easy to feel like every other seller out there is under-cutting your price just to get their house sold quickly. But there’s no way everyone else on the market is just so desperate, or easily convinced by their agent to “give” their house away. They’re just priced well based upon the sales prices of other recently sold houses, as opposed to trying to get way more than any other similar house has sold for.

 

3. Prices are only going to go up…

Historically home values do always go up over time. But that typically takes longer than most peoples’ houses are on the market. So, unless you’re planning on holding onto your house for a few more years, this isn’t a good argument for not reducing your price.

(And this applies even in a hot market where houses are selling quickly and over asking price. If yours isn’t selling in a market where prices are going bonkers, your price is bonkers.)

 

4. We’re going to need that wiggle room during negotiations…

Building in room to negotiate is a self-fulfilling prophecy. Ironically, the more wiggle room you build into your price, the more you’ll eventually have to wiggle on price! If you price your house too high, it’s going to sit on the market longer. The longer your house is on the market, the more buyers will feel free to come in with lower offers… which is still better than all of the buyers who won’t even bother to write up an offer if they feel your price is way too high.

 

5. When the right buyer comes along, they’ll see the value…

If you find yourself saying that you’re waiting for the elusive “right buyer” to eventually come along, the chances are you’ve already let several other “right buyers” slip through your fingers who chose to buy another house that was priced more appropriately.

Buyers are armed with market data and won’t be fooled by a price that’s more fantasy than reality, no matter how much they love your house.

 

6. The buyers’ agents obviously aren’t selling the house well, or are missing important features…

Agents show their buyers many houses, and (for the most part) each buyer they work with only ends up buying one of them. So they’re showing a lot more houses that their clients don’t buy, than they do buy. So, rest assured that they’d love for your house to be the one their buyers want. It’s not like they’re walking around trying to find things to bash about your house, or are failing to point out custom built-in cabinets that you think make or break the sale.

But what they’re sure to point out — no matter how much they like your house, or how perfect it is for their client — is when your price is way too high for what it is.

 

If you are preparing your house for sale, click here  to learn how to do it without spending too much.

 

Do you need help in selling your home? Let's get in touch and talk about how we can attract the right buyers to your home.


Recent Blog Posts

Stay up to date on the latest real estate trends.

11 Things That Might Make You Feel Like Your Real Estate Agent Is a Secret Superhero in Disguise

Let’s take a look at 11 things that could be a sign that your real estate agent is actually a secret superhero in disguise

What Should You Not Say When Buying A House

For some buyers, stress and excitement can cause them to say things without thinking about them which could potentially cause the process to take a turn for the worse.

Feeling Like You Missed the Peak Time to Sell Your House? Well, It’s Not Too Late… Yet

The good news is you’re not the only potential seller feeling that way, and it’s not too late to capitalize on a sellers’ market.

Spring Living Room Ideas

Spring is officially upon us! Here are some of the spring’s biggest decor trends you can incorporate into your living room.

Things to Keep in Mind When Trying to Secure a Mortgage After a Foreclosure

No one wants to go through the foreclosure process, but if you have a foreclosure in your past, it doesn’t necessarily mean you won’t be able to get a mortgage.

How Long Does It Take To Buy A House

Buyers often wonder how long it’ll take to find the perfect home, so they can plan when to start their home search in earnest.

7 Things in a Home Inspection Report That Often Get Blown Out of Proportion

There are a lot of things inspectors include in their report that aren’t worth losing the house you love over.

Recent Study Finds That Price Is Becoming More Important Than Location to Homebuyers. (Spoiler Alert: Both Matter!)

A recent study is making headlines claiming that the majority of buyers now think price is more important than location. Are the tides changing? Find out in this blog.

How Proposed Changes Will Actually Impact You as a Buyer or Seller

While the headlines about changing real estate commission structures might sound exciting and like a potential game-changer for you as a home seller or buyer, they are… Read more

Work With Us