This raises a lot of good points. The Buyers have been looking 9 months give or take on average. D on't you think that they might really, really, really know the market after investing this much time and research in studying the market. The best homes, the correctly priced ones, go in thirty to sixty days.
PRICE 10% TO 20% over market???
HA! The house will simply take 10% to 20% longer to sell as the home owner chases the market DOWN.
Listing agents are familiar with the questions:
"Are you going to put my home in the magazines?"
"Are you going to do an open house this week?"
"When are you going to show my home?"
"When are buyers going to see my home?"
"Are you going to show my home to agents in your office?"
"Aren't you going to put flyers in the yard?"
"Are you advertising my home in the newspaper?"
and more. Much more.
Do folks looking for homes to buy do anything but LOOK at overpriced homes??? Do those sellers or their agents do not know that BUYER'S AGENTS ALSO HAVE ACCESS TO COMPS???? More importantly, we also have access to Days on the Market, Price reductions, previous listing changes, and much more.
Then, there are those folks known as APPRAISERS. They're a dispassionate bunch who deal with reality.
Of course, this condition spawned an entirely new industry, SHORT SALES.
You gotta love it. This strategy was very popular when prices were rising rapidly in the 2004-2006 years. WHAT HAPPENED??? Buyers in those years are still not able to sell and break even. They've been a prisoner to their mortgages for almost 10 years.
I believe that owners (well, some owners) have become a bit more realistic these days.
WHO ENCOURAGES OVERPRICED LISTINGS???? BROKER/OWNERS. The work and investment made by the listing agent isn't always their interest. BROKER/OWNERS want MARKET SHARE and the more YARD SIGNS with their name, the more successful they appear.
AS ALWAYS, I COULD BE WRONG.
Of course ALL listings with ActiveRain members always sell for higher than market all the time. Don't they??
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