Memo to Sellers

Lots of Sellers, in lieu of reducing a too-high asking price, are instead directing their agents to tell prospective Buyers that “the [asking] price is negotiable.”

Here’s a news flash: they already know.

In the vast majority of these cases, the issue isn’t that no offers are coming in — low, high, or otherwise.

Rather, the problem is that no Buyers are even looking at the (overpriced) home.

No Showings = No Offers

Buyers typically don’t make offers until at least a second showing, and often times a third.

If and when they reach the point of making an offer, many Buyers today feel obliged to start with a number that, to be generous, is “unrealistic” — especially if the home is upper bracket and has lots of competition.

Once that’s rejected — and it always is — the negotiation can begin in earnest.

P.S.: discussing hypothetical offers on a home that’s not even getting showings reminds me of one of my favorite lines, “if your parents don’t have kids, you won’t either.”

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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