When sellers say that they want to list their home for substantially more than the comps support, I think a good list of reasons for buyers to overpay would help both the listing agent and the buyers.
I realize that some of these are a bit of a stretch, or maybe even sarcastic, but I’m only trying to help the sellers figure out which reason is most likely to produce their special buyer?
Then if the sellers can identify the reason that they think someone will want to overpay, the listing agent will be able to focus all their marketing on finding the buyer with that particular quirk!
I think everyone likes lists of “10 Ways to …” (whatever) but I could only think up 9! Please help me out, by adding on to this list :
- The house has unique features that can’t be added to another property that doesn’t have it. (Usually has to do with the location or lot configuration.)
- The house is next door to the parents/sibling/best friend of the buyer and they will pay anything to live that close.
- The buyers just missed out in a multiple-offer situation of a very similar home. (not likely today!)
- The home offers special financing that’s not readily available on other properties (seller carry back, lease option, etc.)
- The buyers are sick and tired of looking at homes and told their agent they will “just buy the next one they see.”
- The buyer’s currency is not the US Dollar, and can’t figure out the conversion factor.
- The buyer’s agent is too lazy to show enough homes for buyers to get a feel for the value.
- The buyer has too much money and is feeling charitable.
- The buyer has more money than sense!
Which reason works for you? Or please add to my list!