When sellers list a home at the wrong price, it sits on the market for months with little or no showings, creating opportunities for patient, educated, and savvy buyers.
"Chasing the market" or making multiple incremental price drops but never quite catching up with the market causes a listing to appear stale and plants a seed of doubt in the mind of home buyers.
Instead of, "What a pretty kitchen!", buyers are left wondering, "What's wrong with this house?".
Oftentimes, sellers don't realize that a high price keeps buyers from making an offer (assuming they went to see the home in the first place). The thinking goes, "If a buyer likes my home, he will OBVIOUSLY make an offer, even if it's much lower than asking price.".
Except that's rarely the case. Buyers don't want to "insult" a seller with a low-ball offer. It's not customary to offer substantially less than the asking price for anything, much less someone's home - the place where they raised a family and created countless memories.
Buyers assume that a seller knows his home is overpriced. "After all, if a seller is willing to sell for less, he would OBVIOUSLY lower his price.", the thinking goes.
Although that's likely what the seller should do to get the home sold, it rarely happens.
As a result, buyers and sellers miss out on opportunities EVERYDAY.
Why Buyers Should Make Offers on Overpriced Listings
Nobody knows what the seller will do because nobody knows what the seller knows.
Your offer gets the ball rolling. It's a starting point for negotiations. What's the worst that can happen? The seller rejects your offer? No love lost, Mr. Overpriced Seller.
The timing might be right.
Believe it or not, sometimes a listing agent doesn't know the seller's motivation to sell.
A written offer brings that conversation to light. You'll be surprised at how many sellers are willing to keep the negotiating process going once they identify their true motivation for selling.
At times, the listing agent isn't experienced with the market in the area. This happens more often than it should in Coral Gables where architectural styles and location within a neighborhood have a tremendous impact on a home's market value. If a listing agent doesn't understand the nuances of a particular market, he is unable to advise the seller properly.
The seller might not know that his home is overpriced. Submitting an offer and attaching all relevant market data supporting your position (we do that for you, of course) may get a seller to change his position.
How to Find Overpriced Listings
You're in the right place. And because of that, we created a list of Coral Gables single-family homes that present the best possible buying opportunities today.
The following single-family homes have been reduced in the last 2 weeks. These homes have been on the market for an average of 299 days and received an average price reduction of -8.8%.
That spells O-P-P-O-R-T-U-N-I-T-Y.
Look over the list of homes. If you find anything interesting, let us know and we'll set an appointment to see the home.
If you like the home, we'll gather all relevant market information about the home for you to help you make the most informed decision possible. Simple and plain.
Without further adieu...