You are in the market to either sell or rent your home. You meet with three agents from different local companies. Two of them give you much lower prices than you expected to hear; although, they were able to back up the price with recent sales or closed rents from your area.
The third agent tells you your home should be listed at a much higher price.(Higher than it’s actually worth based on market conditions).
Of course, you decide to go with the third agent who seems confident that they can sell your property at this higher price. This agent, with their lies, has just “bought your listing”. Now you can sit back and wait and wait and wait and eventually your agent will convince you to lower your price over and over again. This is a common practice for some agents and one reason why Realtors® have a bad reputation and why it is so much harder for the honest agents to get a break.
Look at all the facts (sales or closed rentals) presented to you. More times than not, the lower price is usually the more accurate price.
If your home is overpriced:
- It will sit on the market longer
- People will think there is something wrong with your home
- The longer it sits, the more money you lose.
- Homes that are overpriced often receive an offer to purchase that is lower than it’s actual market value.
