Get real with unrealistic sellers

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

In some areas there is a shortage of desirable, well-priced listings. Sellers who don't need to sell now are waiting for a better market. Many sellers who would like to sell now have unrealistic expectations about what a buyer would be willing to pay for their home. If you like a listing that is overpriced for the market, one approach is to keep your eye on it and wait for a price reduction. The risk of this approach is that another buyer might come along and start a negotiation with the seller. It would be unfortunate if you were to find out later that the listing sold for a price that you would have been willing to pay. A better approach would be to start the negotiation process and hope to find a price that is mutually acceptable to both you and the seller. Be prepared for a protracted negotiation if the property is listed considerably over a fair market price. Recently, a pair of buyers made a very low offer on a listing that was priced a little higher than market price...