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Homes and Land in Sunny Sequim, Washington

Homes and Land in Sunny Sequim, Washington

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What Happens When a Home is Overpriced

by Chuck Marunde / Sunday, 30 December 2012 / Published in Sequim Real Estate Prices

What happens when a home is overpriced?  A lot.  The implications of having a home that is substantially overpriced in the MLS can be tragic.  Here is what I have seen . . . more than once.  

Overpriced

A home was overpriced by almost 25%.  In other words, it was listed in the MLS at a price that was above it’s fair market value (FMV) by 25%.  How do I know this?  History proved it. What happened to this home that was overpriced?

The Overpriced Home

The home was listed for almost a year before the owner and listing agent reduced the price, but they did not reduce it enough.  It was still overpriced by 20%.  Apparently both the seller and the listing agent did not understand it was overpriced, but here’s the thing.  Buyers get very good at recognizing when a home is overpriced.  After all, buyers spend months looking at hundreds of homes online, comparing features and prices, and then they spend days looking at their filtered list of homes comparing prices again.  Sellers do not spend nearly the time or effort doing all this personal research, so it is no surprise that buyers are most often more in tune with home prices than sellers.

The Tragedy of Overpriced

At the end of the second year the house still had not sold. Because it was so overpriced, it had very few showings.  The seller was frustrated, which is unquestionably an understatement.  At the end of the third year the seller and the listing agent finally reduced the price to what it should have been three years earlier. 

The Consequences of Overpriced Homes

The house did sell six months later, which was three and a half years from when it was first listed.  During that time the market declined by 10% more than it had since this home was first listed.  The seller dealt with a lot of stress for three and a half years.  The listing agent was clearly as wrong as the seller about the original listing price and the subsequent reductions.  But the consequences of being so wrong were tragic for the seller for this overpriced home.

Possibly Related Posts:

  • Are Buyers Competing to Bid Prices Up?
  • Sequim Real Estate Market
  • When Home Sellers Chase the Price Down
  • Sellability and Appreciation
  • Sequim Home Prices Compared to Other Areas

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About Chuck Marunde

After practicing real estate law for 20 years in Washington, Chuck opened iRealty Virtual Brokers covering the Sequim and the beautiful Olympic Peninsula. Chuck is the author of numerous magazine and Internet articles with a primary focus on real estate. He is also the author of over a dozen books, mostly about Sequim real estate. Chuck is a photographer, videographer, and Registered FAA Drone Pilot. Chuck has combined his love for real estate and technology to create a growing Internet presence in his market, and enjoys building his websites and blogs, including SequimBlog.com and Sequim4Sale.com and LuxuryWaterViewHomes.com. Chuck has degrees in Economics, Law, and Education.

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Chuck E. Marunde, J.D.

Sequim Buyer's Agent
(Atty Ret.)
Founder and Broker of
Sequim & Port Angeles Real Estate dba iRealty Virtual Brokers
125 Olympic Ranch Ln,
Sequim, WA 98382
(360) 775-5424
ChuckMarunde@gmail.com

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From Los Angeles

It's rare, but once in awhile life provides the perfect collaborator for an important endeavor such as buying your new home. For me that person was Chuck Marunde. His two decade background as a Real Estate Attorney, his prolific career as an author of articles and books on Real Estate and his forthright and moral character made choosing Chuck a no-brainer. Chuck is dedicated, thorough, incredible at the negotiating table, knowledgeable about all local laws & regs but, most importantly, Chuck loves what he does. And what he does is find his client the perfect property. Chuck isn't about making the sale, he's about making the sale that is OPTIMUM for his CLIENT and this makes Chuck a rare bird indeed. I love my new home in Sequim and I am indebted to Chuck for making it happen. Kevin E.

From Seattle

I’ve had the pleasure of working with Chuck over the past three years in selling my parent's estate. It was a tough time to sell during the housing recession, but Chuck always kept things on the positive side. With his real estate law background, he offers sound, practical advice. He helps you along with the process using discussions and reason, rather than opinions and speculations. If Chuck doesn’t know the answers, he will get them for you. In several instances, Chuck took the initiative to meet with county officials to get up-to-date facts about zoning and regulations. I was always impressed with his company’s tech savvy communi-cations and internet presence: weekly email updates, blogs, videos, links, Linked-in networking, etc. He is truly pioneering the future of buying & selling real estate. Brian M.

From California

"Andy Romano is a successful motion picture character actor with over 40 years in 'the Biz.' Mr. Romano has a home in beautiful Santa Barbara, California, but he chooses to live most of the time in Sequim, Washington on the Olympic Peninsula in the great Pacific Northwest. Why? In his own words, 'Because it's even more beautiful and surrounded by more beauty in this incredibly peaceful and quiet place. With respect to real estate agents or brokers, well my friend Chuck Marunde, owner of Sequim and Port Angeles Real Estate, is hands down the best there" Andy R.

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From Florida

We do our homework for the task at hand and we look for and expect to enlist partners that do the same. It was our good fortune to select Chuck Marunde of Sequim and Port Angeles Real Estate to represent us as a buyer's broker in our search for a home in the Sequim/Port Angeles area. Chuck's site is all encompassing and super fast compared to many others, he knows the market at every conceivable level and his guidance through the process of selecting and purchasing a home is priceless - above and beyond that of anyone with whom we have ever worked. Add to all this his 20 year background in real estate law and you have discovered a superb asset in the adventure of purchasing a home. Greg and Marilyn

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