Why Making Offers On Overpriced Homes Can Land You A Deal

 

 

 

Everyone Goes For The Low Priced Listings 

I've Never Heard Of Those Interested In The Overpriced Ones

Until…

 

 

From my experience, the lowest priced listings always get tonnes of action.  Many low priced listings even receive multiple offers and sell for more than asking price.  

Although I help my clients look for the lowest priced homes, there are times when I tell my clients to consider the overpriced listings.  It's completely contradictory and unconventional wisdom.

 

So, why do you give them that advice?

 

There are times when I've seen overpriced listings that have sat on the market for a long time, all of a sudden sell for below market value.  So how did that happen?  

I thought about it for some quite time and started thinking in the shoes of the seller.  

If I was the seller and I haven't been getting showings or receiving offers on my property for a long time (probably because it's priced too high), I may be more understanding if someone came and gave me a lowball offer.  I may start to doubt my pricing strategy and convince myself saying, "well, it's a lowball, but since I haven't been getting much action, I'll work with this offer…"

And before I know it, I end up taking a lower offer than I had originally thought of.  

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