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          Buyers Avoid Overpriced Homes

          Chuck Marunde by Chuck Marunde
          September 6, 2019
          Reading Time: 2 mins read
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          Buyers often asked me how we get overpriced homes.  As a buyer you will compare many homes, and you will conclude that some are clearly overpriced homes.  Among several explanations, there’s an explanation you may not have thought about.  It may be helpful for you as a buyer to understand how a home can be overpriced.  Did you know that some agents bid for listings?

          Overpriced Homes

          Overpriced Homes by Honest Mistake

          A home can be overpriced because a seller is simply not realistic, or does not understand the current FMV of her home. Overpriced homes can also be the result of a listing agent over estimating how much a home can get in this market.  Those are honest mistakes that sellers and their agents often make. Unfortunately, overpricing a listing can be a costly mistake resulting in a home sitting on the market for years before it sells at a much lower price.  That can be a long and stressful ordeal for a homeowner.  Buyers just pass by overpriced homes.

          Overpriced Homes Intentionally

          As a buyer, part of your challenge is to drill down to reasonably priced homes, not overpriced homes.  I’ve seen agents do what I call, “bid for listings,”  which means a homeowner simply lists with the agent who quotes the highest listing price.  You can imagine how that turns out.  [Read more about Bidding for Listings.] Now you know another reason we often see overpriced homes.

          Last Updated on September 6, 2019 by Chuck Marunde

          Tags: Overpriced Homes
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          Chuck Marunde

          Chuck Marunde

          Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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          • Home
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            • Sequim MLS
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