Overpricing Your Property For Sale

 Overpricing your property for sale

It is incredibly tempting to overprice a property that you have for sale. No one wants to leave money on the table when they sell their property, and that includes real estate professionals.

 

When I came to Lafayette, IN, 10 years ago, I inherited a listing on the market a couple of years before I got here at an outlandish price.

 

Being new to the area, I took the assignment and began working with the owners to try to show them data that says the property is not worth nearly what we are asking.

 

This seemed to fall on deaf ears, and reluctantly, two years ago, I told the family, "I'm not going to renew this listing contract. This is a total waste of time for me and for you."

 

About six months later, they came back to me and said they were ready to get serious about selling this property… and it seems that they were.

 

A short story long… the property sold almost to the dollar of what I told him it would sell for five years ago.

 

This family had been trying for 10 years to get more money, which was never going to happen.

 

What's the lesson to be learned here? Pricing your property at a reasonable value always pays; overpricing your property for whatever reason will always cost you as the owner.

 

If you would like to talk about commercial real estate or farm real estate give me a call or give me an e-mail.


Brad Neihouser

765-427-5052

bneihouser@shook.com

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