Industry News

Wrestling the unrealistic seller

Part 2: Navigating a tough housing market

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Editor's note: In this three-part series, brokers and agents share tips and insight on approaching buyer and seller standoffs and ways professionals can keep a transaction moving in a slowing real estate market. (Read Part 1 and Part 3.) A rise in for-sale property inventory has halted or slowed housing-price appreciation in many markets, and sent prices down in others. But analysts say home sellers are often slow to make price adjustments in a down market, clinging to overoptimistic estimations of a property's worth. Sellers who are under pressure to unload property are willing to make adjustments, but those who can afford to ride out the downturn may stick with their asking price, even if they aren't getting any offers. The tendency of prices to be "sticky" in a down market can create headaches for real estate agents and brokers, who can find it challenging to get sellers to set a realistic price when listing, or make downward adjustments when that's what the market dictates....