Agent

Sellers stung by wishful thinking

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

A charming home in a coveted Oakland, Calif., neighborhood almost sold last year, even though the market for high-end listings was challenging at best. The sellers selected a list price that their agent thought was a good price for the market. Two offers materialized, one at the asking price and one for $20,000 more. The sellers had their mind set on a higher price, so they refused both offers and eventually took the home off the market. After realizing they'd made a mistake, they offered their home for sale again this year at a lower price to reflect changes in the market over the past year. A deal was negotiated, but it wasn't easy. The buyers initially offered $125,000 less than the list price. It took more than four weeks to come to a final agreement. But, the transaction closed, although the sellers sold for about $100,000 less than they would have last year. HOUSE HUNTING: Don't let wishful thinking get the best of you. Realize that what you think your home is worth...