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Wednesday, June 22, 2011

Real Estate 101: A Flawed Pricing Theory

I showed a house over the weekend located in a very nice gated community in Viera, Florida.  I must admit that this particular house was not necessarily one the buyers had selected but rather one I chose as it was vacant.

It was Father's Day and I did not want disturb sellers unless my client really had a real interest.  This opportunity did allow me to further define my client’s preferences.

As it turned out this one was pretty much what they had in mind.   Of course I told them the price was way too high and why I chose to show it.

After I gave the seller's agent feedback on the price I was advised the seller knew it was way too high but wanted to guard against getting low ball offers.

Such flawed selling thinking because…

Sellers have no obligation to entertain low ball offers – reject them or counter the offer, period.

Sellers usually don’t get showings if they are not reasonable on the price  (a let’s talk price).  This vacant home was getting shown as an example – not as a real consideration.

If you are really interested in selling your Viera Florida home, price it to sell otherwise it will likely just be ignored!

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