What To Do When The Asking Price is Too High?
If a seller insists in listing above current market price, agents can go for it but should do so with a strict time limit in mind. The seller needs to understand that there will need to be a price reduction if the home hasn't had an offer after 3 - 4 weeks. Leaving it on the market without any necessary adjustment only accumulates days on the market (DOMs) which stigmatizes a home and people start to wonder what's wrong with it.
Unfortunately, some sellers don’t understand that buyers don’t care what they "need" or “want” out of their home. It is all about what the home is worth to THEM. Buyers are very savvy these days. The seller will end up "buying" his/her own home himself month after month if nobody else wants to buy it since it is overpriced.
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