Turning Down Overpriced Listings
ByI had to do it again; turn down an overpriced property listing. I was invited a second time to a listing presentation in a complex of Palos Heights townhomes called Forest Ridge. These townhomes were built around 2001.
The townhouse I visited was originally a builder’s model and had some nice upgrades. This particular unit featured 4 bedrooms (2 up, main floor master and a basement bedroom), which is one of the largest units in the Forest Ridge subdivsion. There was also a finished basement with a family room plus another room that could be used as an office, playroom, exercise room, etc.
The last time I was there I offered a market analysis that was less than what the owner was happy with. This visit was even worse since prices have deteriorated. It also didn’t help that she waited until the end of our busiest selling season, usually from around March through August.
Listing a property over market value at our slower time of the year is a recipe for having a listing sitting on the market for a very long time. Updated activity showed a few listings that were up for sale for almost a year, and this one would have joined them at the price the seller wanted to list at.
I have turned down more listings than I’ve taken in the past couple of years. It is still a slow buyer’s market in the southwest Chicago suburbs. You absolutely cannot be priced above market value. In fact, you probably only have a chance to sell if you’re at the low end of market value. Don’t forget, your property needs to appraise unless you have a cash buyer, and we’re seeing more and more listings that are not appraising at contract price.
If you’d like to find out the value of your southwest suburban property feel free to fill out the Internet CMA form. Homes are still selling, if they’re priced correctly.
