Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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How Many Overpriced Listings Are There?

I was asked today how many overpriced listings there are in our market.

 

My "off the top of my head" response was, probably more than 50% - but - I would have to look carefully at the MLS data because "overpriced" listings would include Sold Listings that had been initially listing at more than 10% over the sales price, Cancelled and Expired. So that guesstimate may be incorrect - I'll check it out at some point and get back to you...

 

I realize some of you reading this post may object to my arbitrary "list at more than 10% above sales price and the listing was overpriced" position - so - those of you that do - please offer up your benchmark - whether it be higher or lower than 10%.

 

How does an overpriced listing come to be?

 

 

It could be that an agent contacts an overpriced "Make Me Sell" homeowner and offers to list and market the listing at that price (or higher) - with both the agent and the homeowner "knowing" that the property is unlikely to sell - but the agent hopes to get other transactions as a result of marketing the property.

 

It could be that a homeowner who wants to sell jumps at the listing agent who offered the highest list price - regardless of whether there is any market data to support it.

 

It could be that a homeowner insists on the list price, and an agent grudgingly accepts the listing in the hope that the homeowner can later be persuaded to reduce the price so it will sell.

 

I could go on - but I think you get the gist.

 

Apart from the benefits of market exposure and other transactions for the listing agent, what really are the benefits for the homeowner of placing an overpriced listing on the market.

 

As Ross Perot said years ago..."I'm all ears"!

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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 Haven Express @ 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 Executive Officer - Haven Express @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - Haven Express @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
Haven Express
Keller Williams Arizona Realty

Comments

Tony and Suzanne Marriott, Associate Brokers There are several overpriced listing in my area.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) over 3 years ago

Here too John Pusa - thanks for stopping by with a comment...

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (Haven Express @ Keller Williams Arizona Realty) over 3 years ago

Amazing - 77 views and only 1 comment - it appears this post has struck a nerve or two...

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (Haven Express @ Keller Williams Arizona Realty) over 3 years ago

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