I loved Debe Maxwell's post "The Longer the Shelf Life, The Less Chance You Have of Selling Your Home". I wish I could send it to a couple of my sellers (previous and present). In that post she demonstrated how a seller can inadvertently derail his own sale by trying to stick to an unrealistic price. I have that same client today.
Last year I listed a house that was what I call, "Basic Vanilla." There wasn't anything special about the house. It was in an average neighborhood. It had basic features and no pizazz, but that's OK because there are a lot of people out there that can only afford a basic vanilla house. No problem.
I receive a very generous offer in the first 5 days, and I was elated! The seller countered with a higher price and the buyer countered that with a slightly lower price. At this point, I'm yelling, "Take the money and run!" My seller, for some unknown reason, decided he wanted an extra $500. Deal over!
He called over the weekend asking me to go to the buyer and coach him back into the deal. The buyer would have nothing to do with it. He was so aggravated the just wanted to move on. Deal over, dead, blah!
Now, 18 months later, he has another opportunity. This offer is 20% below the last one. What will the end result be? A year and a half has past with no offers. Will history repeat itself, or will he realize that his rigid attempt to stick with his unrealistic asking price could derail another deal? I'll let you know, but this time I'm going to be a little more emphatic about the deal.
This might be his last best chance to get a decent offer. The property value has dropped considerably in past year(20+%), and with the current market I don't see it increasing any time soon. Take a minute and go back and read Debe Maxwell's post. It should be a must read at every listing presentation!