The trying to convince that seller that the agent possesses the golden Midas touch, that everything he or she touches, lists turns to GOLD. Over priced with a bank appraiser at the throttle is not going to get front row tickets to a real estate closing conference room sit down for the slide the keys that way, the check with your name on it this way please. Over priced properties waste time and resources. Hurt your batting average.

They are saying "based on current market conditions and statistical data, this is overpriced". There is no way to take in the emotional factor when preparing a Price Opinion based on data.

Sure it can sell... but probably at a huge discount. Last year I lost out on a listing where I told a seller her mother's home wouldn't sell over $350K and to price it at $355K. She went with another agent who priced it at $430K. Sat on the market for 4 months and they dropped the price to $419K. After another three months it sold at $330K--$100,000 less than original asking price in a market where homes sell at about 97% of asking price. I have no doubt if she's priced it right the first go-around, it would have sold quicker and in the $340,000's.

More often than not it's posturing on the agents part.

I read the bold print first, of course . . . then silently mouthed the words in the additional info. It will always depend on the market phase, the property, the buyer's needs/ability to pay and a bazillion other factors. 'Over recent market' might be a better term.

It might over time in our market, especially if prices are appreciating. But usually we see multiple reductions and a sale for far less

I didn't read the original question - but it's not totally uncommon in an appreciating market for today's "overpriced" home to sell in 6 months (when it's no longer over priced...).

And of course the agent could have been strictly talking about their point of view. I may feel that a home is overpriced (in my opinion there are plenty of homes I think are better homes in better locations for less money) but some other agent and buyer have a diffenent opinion and go ahead and purchase the overpriced home. And it appraises fine because the appraiser didn't care about the busy street and the 45 degree angled driveway and other things that lead me to form my opinion that the home was overpriced for what it is where it is. So I guess that's along the lines of what I think the agent "may" have been saying.

It will sell if the seller accepts an offer that a buyer my make.

Overpriced = not seeing value.

But you are correct, the market decides price, so if it sells, someone saw value or potential for value and therefore it wasn't over priced.

Annette - good question for sure. 

And pricing is ------ relative!

What they are generally saying is "please lower the price on this home so that it will slide through the process with less effort".  Sometimes this is the wise choice, sometimes it is not, only God knows which.

overpriced .... sigh.... too much to consider at midnight

It is possible if the home is unique but it may sit too.

Yes,  It's called Supply and Demand

Exactly: what is overpriced? How can you compare a historical with architectural home or with home? If the home has no reason to be priced higher, only the owners request because they think their home is better....chances are low. 

Searching for an excuse

Over priced is sometimes in the eye of the beholder

they're saying that they are not well versed with listing and/or marketing....everything WILL sell as soon as the market catches up with that high price.....

It may have been.  People overpay for things all the time.  The test would be if they put the home back on the market at the same price right away in the same timing to see if it sells again at that price.

Overpriced loses it luster when the home sells. Sales price to list price ratio may offer some information on the truth!

Annette,

I asked this question of one of our local clients, and his answer was, "Yes, we have been surprised many times!"  A

I'm amazed at the number of overpriced homes that sell in my market - for over the overpriced asking price!

That they can do a better job than the prior agent.

If it sells below list price, I am imagining that means it was overpriced.

They know they listed it as such probably because the seller wanted it. Any house will sell when the market catches up to it - could be 2-3 years lol.

It would depend on what it sold for ... unless we are just mincing words here

Ditto under Gita Bantwal comment.

An agetn listing an overpriced listing is hoping that in time the seller will see the light and lower the price or when an offer finally comes in they will realize it isn't going ot get any better.

Yes it will at some point but with high maintenance (effort & time). I am not sure the extra effort or the wishing upon a star approach is worth it. He who hesitates (because of high price) is lost. When selling, you want to be found not lost...and then bought! Mixed message at best but greed (?) supports this

What Andrew Mooers said...

Good morning Annette. Agents say a lot of things, but if the property sells and a mortgage is involved, what happens when the property doesn't appraise.

Annette Lawrence , Palm Harbor, FL 727-420-4041 If it sells and closes, then it wasn't overpriced. The agent is probably thinking this is going to be a difficult sale.

As long as there is an accepted contract and it goes to closing it was priced correctly.

That they did not get the listing!

Yes, it's a seller's market. However, the market will teach some irrationally exuberant sellers that they can't get whatever price they conjure up.

I never figure a over price listing would sell but t=with the shortage of homes who knows.

In Denver everything is selling, and most often way above appraised value.  Buyers are making up the difference in cash. 

They are sometimes speaking "reality"; other times "make it easier for me to sell it".