An overpriced home is a home that is basically a sitting duck on the market because it has developed a stigma. Some Houston real estate agents will list an overpriced home in the Houston MLS just to get the listing. After getting the listing they will try to convince the home seller to reduce it later to get it to sell.
Sellers who have overpriced their homes have probably insisted that the Houston Realtor list their home at a certain price for many reasons.The most popular reason is that they do not want to just give their home away because they have put “X” amount of dollars in upgrades into it and want to get that money back or it is selling close to what they purchased the home for 20 years ago or We want it listed high just in case we get a low ball offer that insults us.
Three ways spot that overpriced sitting duck home that has all the bells and whistles the home buyers love so much and make it a steal of a deal.
Have your Realtor to look up the history on the home. It may have been listed several times with several different agents. All the agents may have overpriced it to please an unrealistic Seller who is insisting the home is worth more than what the market will bare. The Sellers may be desperate to sell now and realize they have been overpricing their home.
2. Days on the market
Have your Houston Realtor to look up the homes current days on the market and compare it to other homes that have sold and their days on the market. If the home has spent a considerable amount of time on the market more than the comparable homes that have sold then the buyers now have two positives in their favor.
3. Listing Expiration Date
Have your Realtor look at the expiration date of the listing. If the expiration date is within 10-15 days of expiring the Realtor listing the home has either given up on the home selling, hoping the Sellers will extend the listing expiration date so they can convince them to lower the price or they are ready to move on to a more reasonable Seller.
All three of the points above are positive for a buyer looking for a steal of a deal on the home of their dreams. The Seller’s and Realtor are at this point willing and ready to negotiate any offer that comes along even if the asking price is below what the Sellers are asking because desperation and exhaustion have kicked in and no one wants to lose out on potentially selling this great home that has been on the market for so long. There is nothing wrong with the home physically. The property is stigmatized due to continuous overpricing and sitting on the Houston real estate market.
At this point, the buyer just has to submit their offer and go through the backward and forwards price negotiations until ultimately the buyers and sellers agree upon a price. The Sellers, in the end, will usually pay the ultimate price… that is selling their home for lower than the comparable homes in the neighborhood because they shouldn’t have overpriced it in the first place.
The Houston home buyer walks away with a steal and perhaps a little equity all because of an overpriced listing.
…. And that My Friends is how to get a great deal on an overpriced Houston home in just 30 to 45 days. The 30 to 45 days time frame is the time it takes to get the buyer financing and closing of title.