“Theres a house my wife and I have fallen in love with. But the owner wants $40,000 more than any house of similar size in the area has ever sold for. How do I talk her down to a realistic price? Thanks.”
***ANSWER:
There’s more to value than square footage. There’s location, condition, view, amenities & upgrades, lot size, garage size, etc.
But let’s assume youre right and the home is 40K overpriced. Try these ideas:
1. Your agent should ask the seller’s agent that one simple magic question, “How much will the seller take?”. Youd be amazed if you knew how often some agents will gladly cough up confidential information and give you specific answers such as, “They need this sold by next month due to a job transfer, so they’ll come down $XXXX.” (Absent permission from the seller to divulge such info, the sellers agent is violating his duty to the seller but the buyer’s agent is not prohibited from asking.)
2. Your agent should ask the seller’s agent why the seller is selling.
3. Your agent should ask the seller’s agent how they came up with the price…what comps were used, etc.
Hope that helps you.
