Ahhh...I I had a dollar for every time I heard that one...

This would lead me to have a conversation about home values, appraisals and market comps. If the seller dismisses all of it, I'm pretty sure I'm wasiting my time.

I think that is in the sellers handbook that they all pick up somewhere when the rest of us aren't looking.

Yeah, I've heard it and seen walked away several times. I always enjoy watching another agent list it and see it stay on the market 6 month or a year with nothing happening. If sellers are nor realistic, I wont waste my time.

I think you know the answer to this one Debbie, a very common concern and statement.

I hope it worked out well with your client.

Yep, that's why I never talk about what I think it's worth.  Only what the market says it is worth and thus appraisal.  One cannot argue with market forces.  Well, they can, but it leaves their home sitting...with the other Realtor who overpriced it.  I list homes to sell

And many of them think that the agent who agrees to list it at that price will get it. Famous last words. Often these sellers don't stay with that agent. Have seen homes change agencies several times until it finally sold--at below what they could have gotten originally. Why? Because by then it's become "stale" and few agents will even show it.

Famous last words!

Heard many times and quickly forgotten when the seller finally has to lower the price to the market.

I have heard that statement several times Debbie.

Everyone wants to get as much as they can, hopefully they will learn to trust your judgement.

I would point out it is only worth what some one is willing to pay.  What you have to figure out is if they are flexibly deep down or stupid.  

Debbie, it's impossible to be a real estate agent for 5 minutes and not hear this comment! All we can hope to do is have our homework done and show them what the appropriate price is. Then again, I've found that deep down, every seller feels they gave their home away and every buyer feels they overpaid. I suppose it's human nature. And a related comment is "I need to get as much money out of my house as I can because...."

Oh yes. At that point if they choose not to accept what I am telling them about their property I kindly thank them for their time and wish them the best. I won't take their listing. It's a waste of my time and theirs.

 Good Tuesday morning Debbie. I think that some folks have unrealistic expectations as to what the property is worth.

Good morning Debbie. I hear the term all the time. It is an emotional time for anyone selling their home, it just means more education is necessary.

Debbie - I would imagine that we all have heard some version of this more than once. I don't know of any home owner who thinks their home is worth one amount, only to be told that it is not worth that much, who wouldn't think they are giving their home away.

It can also go the other way, when a home owner has felt their home was worth one amount, only to find out they could sell it for a lot more.

Oh yes. I have sellers like that now. They have done nothing, but waste my time. I'm going to let this listing go. 

Yes, I have heard that before.  Then they go through 2 or 3 agents before they drop the price down to reality.

That does sound familiar.  That's when you know it's going to be an uphill battle.

Debbie:

My counter to statments like that is - 'Let us see what the market place tells us'. 

I make it clear in the listing agreement that we will review - the number of showing, and any comments received, after thirty days.  I hold atleast one OPEN HOUSE and one BROKERS OPEN during that period.  Asking comments at both.

Then is no movement at the thirty day review, I bring out the release addendum already signed by me.

I would tell them HOW and WHY your listing the home at said price. I have a realtor right now that has a seller who is insistant about selling their home $30k above the average in the area. The home has been listed for over a year. Seller tried to get frustrated with her, but realistically, only 3 homes in their price point sold in one year. In addition everyone at brokers tour priced it at $30k less. You can't fix stupid.

Thats when you need to have the conversation with your Seller , and say Do you want to stay? or Go? The market is telling you "no thank you" at the current price.

They call those FSBO's folks.

Make it a Great Day.

Once they say they don't care that means they don't value your opinion. There is not enough money in the world to trade this type of listing for your sanity. 

When I hear that I let them know that we are not going to be giving it away, but that the market will twll us what it is worth.

Hi Debbie,

I hear it all the time! I don't think I have had a seller that actually think their house is worth what it really is!

I don't know that it was said quite like that, but definitely the "I am not going to give it away!"  Most of the time they are not "giving it away."  

Groan, hearing that phrase makes me want to pack up and head for the exit door.

I think it's in the sellers handbook.   

Yes.

In which case they are the high bidders for their home.

Debbie - I think that is the most common refrain in our industry.

I had one similar. I showed her overwhelming proof of what her house was worth and what it should sell for. She said " I don't believe in comps, I believe in setting the comps". I told her that there was no sense in me wasting everyone's time trying to sell it then. She wanted $100,000.00 more that all recent comps.

It is understandable that after living in a home and loving it  sellers think their house is worth more than the market.  This is why we have to take the emotion out of the process and always refer to "the market" which sets the price.  Showing comps, then asking why a buyer would pay $$$ for your house when they can get several others that are similar for $$ can get them to think.  What we "want" and what we "get" in life is often different.  The motivation of the seller is key.

"Yes, I understand.  Maybe you need to keep it until the market improves and can support your price."

Yep I've heard it more times than I'd like to remember.

I think this is a "statement" that all sellers learn and they drill on perfecting it.

I hear it at least one a week..

A few times. I still try to work with them but if the price is so far out of reality that it's unworkable even with a price drop then I move on.

Debbie Reynolds Famous last words from a seller who wants to justify their over priced property. Next!

Yes i hear this and then i tell and show them what their house is worth in todays market, how i arrived at it and why it is important to not over price a home, 

I've heard it often and oddly enough the seller is right far more often that one would expect.  I'm in a situation now where the buyer offered 850K Seller countered at 890K Buyer came back at 860K Seller came back at 880K.  Both side put their heels in and refused to move.  My seller told me he wouldn't take less than 875K.  I relayed this to the buyer's agent and was basically told to pound sand at 11 AM.  While I was answering this question the buyer's agent sent a text to see if they can get into the house at 10AM tomorrow.  It's the Seller's home and they are the bottom line.