I just passed on a listing. Zillow says the house is worth $331,000. I ran comps six ways from Sunday. The best I could do was an optimistic $295,000. Then, even if I took a reduced commission, the owner would walk away at best breaking even and at worst writing a check. And that is before a buyer asks for repairs, closing costs or monetary concessions. Unfortunately the owner believes Zillow. I wish I did too. Pricing houses isn't easy, but this is an optimistic $36,000 difference. But, probably more like a $46,000 difference.
My kids like food with their meals, and this one would have cost me more than I would have made. I don't need to stick my sign in a yard to advertise I over-price homes for living and just don't know what to do. I can't think of any other message I would be sending to the general public.
Often, I tell new agents not to be desperate. Not all clients are created equal. Spending all of my time with a seller who will require a lot of attention takes up space in my life that could be reserved for clients with more realistic expectations. Honestly, I don't think this seller is ready to sell. Maybe the stone cold truth will make a difference and he will come back. Or maybe some clueless buyer will believe Zillow, buy the place and all of the property values in the neighborhood will go up.
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