Based on the busy-ness of this Collin and Dallas County realtor's schedule, it is imperative that I make this BOLD statement. Most houses in these areas are typically overpriced to begin with. Some Sellers are more realistic than others often take their first price "adjustment" within 2 weeks while some do it around the 30-day mark. Some Sellers who may find it more difficult to accept this ugly fact choose to do it much, much later - and very often too late that it would not make much difference in its traffic except for new Buyers that come on the market at their price point.
With the amount of previews that I do for myself (as market knowledge) and my clients as well as my showings to my Buyers, I often have to express my honest feedbacks about my visits. After all, that is what a listing agent would be concerned about: Is this house listed correctly based on the features and location?
While trying to assist my other realtor co-workers, some of them have a hard time accepting the fact that I mentioned that it is overpriced. I had a realtor who responded to my feedback with irrelevant market "comparables". I used the word, "irrelevant" because he tried to compare houses in the same neighborhood (that's a good start) with a swimming pool (the subject property does not have a pool) but according to him, the subject property backs up to a "greenbelt". In actual fact, it was more of a drainage ditch. Then, he also tried to show comparisons with properties sold for "much more" per square feet over the LAST FEW YEARS. Ha! The market today is not the same as 6 months ago, yet this realtor tries to make comparisons with properties (and data) in the last few years. Wow. The property has been on the market for about 80 days now and it finally had its first price drop. When I made the feedback, it was about 1 week on the market.
Again, my advice to Sellers is to price it correctly to begin with. The further away you are from your initial listing date, the further you are in getting what you want for the property. It is a fact that Buyers these days are very unforgiving. When it is overpriced to begin with, they usually NEVER return for a second showing. There are just too many inventories out here to look.
