There is a house for sale in my area that is listed for 60-70k more than it’s market value. The house is in great condition but the sellers think it’s worth the listing price and are almost avoiding the fact that they are pricing their home way over its market value . How do you get a seller to come down to a on their price closer to market value. I know they probably think they are sitting on god but their price is not practical for the area . What would you say/ do to get the seller to come down on their price ?
@Thomas M. I’d say there’s not much you can say. Make your offer and they’ll either accept or waste more money letting it sit. If they’re listing for something that outrageous then they either need a specific number or they aren’t motivated. Either way, shouldn’t affect your offer.
It just has to sit a while and they may get the message or may miss their window.
I'm a Realtor in a hot sellers market and it really all depends on the motivation of the seller. I make sure my sellers understand the pros of "pricing right" but if they aren't in a rush or bothered by keeping it on the market a while, there isn't much you can say to make them drop the price except to submit an offer and see if they engage. Once the listing is "stale" or if it has fallen out of contract once or twice, you might have a better chance, especially if you can offer cash or quick closing or something else to make the offer especially attractive to them.
@Kate Blalack thanks for your response ! Yeah it’s fallen out of contract before with other potential buys. The listing expired and now it’s back up for only 10k less than than their original price point . I submitted an offer and I received a counter that knocked 15k off their asking but still no where near market value .
@Thomas M. - At least you are on their radar - if they finally get motivated they might come back to you. Good luck!