Testing an Unrealistic Seller

It seems to be happening a lot in today’s housing market:  Buyers find something they like, but — based on the Comp’s — the Seller’s price appears to be high.

What to do?

One option is to simply wait.

Overpriced listings have a way of coming down to earth, and Buyers who can afford to be patient can often pick up the property at a (much) better price once the Seller has become more realistic.

Testing an Unrealistic Seller

Of course, Buyers who wait risk that the Seller will in fact accept a lower price — today — from another Buyer.

Which is why I typically counsel my clients to go ahead and make an offer on a home they really like.

In my experience, the only way to really find out a Seller’s bottom line is to present them with an actual, written offer (vs. a hypothetical, “would you take $x for your home?”).

Too, it’s often the case that unrealistic Sellers know they’re being unrealistic.

So, the showings are few and far between; there are no second showings; and the feedback (if the Seller receives any) is scathing.

For all those reasons, a Buyer interested in such a home may in fact find a receptive Seller.

P.S.:  It’s not a lowball offer if the home is overpriced.

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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