BrokerageIndustry News

Agents: Just say no to overpriced listings

Sellers often have unrealistic expectations about value of upgrades

Overpriced listings have always been the bane of the real estate business. Given the tough lending environment, there is no longer any wiggle room when it comes to pricing. If your sellers aren't willing to be realistic, even if they do get into contract, there's a high probability they will never close. It used to be that placing a property under contract was the toughest part of the transaction. Tight credit and major changes in the appraisal process have made it exceedingly difficult for agents to close transactions. In fact, when it comes to the appraisal process, many agents are finding themselves in an entirely new world. For example, in the past, if a property had high-quality upgrades such as granite countertops, custom wood cabinets, hardwood or marble floors, appraisers would normally upgrade the value of the property. Today, that is almost never the case. Recently I had a conversation with Lynda Conway, the coach and trainer for Austin, Texas-based J.B. Goodwin...