Real Estate Agent pricing property too high or good strategy

[Ray Johnson]

I’ve decided to sell one of my Condo rental properties in Washington, DC. to facilitate the purchase of a new primary residence in Orange County California.

The issue is my agent priced my property based on her opinion of Comps in the area, I felt the listing number was too high in my opinion but went with the professional who does this for a living. The first 30-45 days buyer agents said it was priced right and there was plenty of traffic but no sale came from the traffic, only a couple of lowball offers. I decided to go with what the buyers and my selling agent were saying about it being priced right and leaving the price higher than I personally thought it was worth.

We are now past the Two month point so feeling it was overpriced In my opinion and wanting to narrow down the issue, I had an appraisal done and sure enough, the appraisal came back $30k below list price, I said lets list it really close "$5k" to the appraised value, my agent says no one wants to pay list in the DC market now that it is softening and becoming a buyers market, so I will end up selling it below current appraised value if I did that, especially if the buyer ask for concessions which will happen and be expected on a property over 60 days on the MLS.

Anyone ever market a property close to or at the appraised value and disclose the appraised number so they don’t get lowball offers?

What’s the best strategy to try to sell this property quickly but stay near the appraised value?

[Cassidy Burns]

Its really dependent on the particular neighborhood.  I have seen a few lower appraisals but they are mostly from larger corp America banks.  When an agent is accepting an offer , the purchase price isn't the only thing you should be looking at.  The "team" of the buyer is just as or more important in making sure everything moves smoothly .