Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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Page 17 - Don't Do It - You Won't Regret It!!

Earlier this month I wrote: Page 16 - Another Ping!!!
 

We attended the listing appointment described in that post.  

 

The property had languished on the market for almost a year.

 

 

When it expired, it was priced at $740K.

 

Showings had been sporadic.

 

No offers.

 

Period.

 

It turned out that the second decision maker was available to be there after all.

 

It was a great discussion.

 

They want it sold and closed by December of this year. 

 

They had an appraisal a couple of years ago that valued the property at $700K, so this was/is the bottom line number in their minds.

 

We did discuss Market Value versus Disposition versus Liquidation appraisals.

 

Digging deep into the history of the gated community where their property is located, it became apparent that properties sold very slowly, and that those that did sell were not at the price point they were seeking.

 

Without boring you with the nitty gritty of the analysis, our recommendation to them was to list it at $700K, and be prepared to accept something around the $670K-$680K mark for the time frame they were looking to sell.

 

They interviewed five other agents.

 

They selected the agent who claimed to be a "specialist in their price point" - and relisted at $725K!

 

 

 

I wonder if that agent shared with them what percentage of their listings fail to sell - Cancelled and Expired - and how many of their listings are nowhere near that price point?!

 

 

 

 

We'll be here to help the Sellers pick up the pieces when they "Expire" or "Cancel" again a few months from now.

 

The moral of the story is "However tempting, there is no point in throwing out a list price to Sellers at which the property won't sell, unless you want to waste time, money and effort marketing a listing that will never sell at that price!"

 

Is it difficult to turn away business at that price point?

 

It depends (channeling Michael Jacobs).

 

There is no point in engaging in something that doesn't at least hold out hope of being a Win/Win, in my humble opinion.

 

What say you??

 

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All images purchased and  licensed from Shutterstock , shared from YouTube, sourced from Vectortoons, or were taken by the author unless otherwise noted.

About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Technology Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
BVO Luxury Group
Keller Williams Arizona Realty
Page 17 - Don't Do It - You Won't Regret It!!
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