Strategies for Overpriced Offers

Has anyone of you experience with how to best proceed when you find an overpriced object that has been listed for a long time?

First check (or have it checked) whether it is actually overpriced, look at the object. If it is basically interesting, make a realistic price offer. Otherwise, just ignore it.

Has anyone of you experience on how to best proceed when encountering an overpriced, long-listed property?

Stay clear-headed and keep the goal in mind.

[*]Do I want the property?
[*]If yes: What would this property be WORTH TO ME? (Anyone thirsty ultimately pays a little more for an available bottle of water and then feels better)
[*]Make contact
[*]Negotiate
[*]If your own price expectation is feasible - go for it

Even if you buy above the "market price", you can move into your desired property. That has its appeal.

If you belong to those people who cannot get over having once paid "too much," this is not the right method, because you would not be happy in the "too expensive house" and would always regret the money. As this priority setting is completely foreign to me, I have no advice for people with this attitude.

Thanks in advance to everyone who participates and sheds light on the topic from different angles!!

You don’t need to secretly hope for that, talking to me can also be very direct, after all, I am known to have the same name at gmx (de) as here.

Thanks to you! Maybe I’ll use that sometime. I just found it a bit cheeky if I had "called" you right away in the initial post :-).

Of course, not every awkwardly and/or overpriced offered object can be a wreck. Nevertheless, it seems to me a waste of time to wait for an overpriced price to eventually lose air.

But that actually happens. And visibly, publicly, by the listing price being reduced.

Because that doesn’t make the seller any better.

That may be true. Nevertheless, insight can mature with him that his price was overpriced. Among other things, the impression solidifies for me that especially private sellers (but also agents) have a very hard time considering discounts for renovation needs at market-appropriate levels – especially at the beginning of marketing.

The quantitatively smaller yield is also just one side of the coin ;-) With "search orders" you probably mean notification filters (?)

Yes, that’s what I mean by it. They are not totally useless either :-).

Often, very often I think: the 11ant advises a lot, but apparently has no personal experience in house hunting.

Well, some of the suggestions are uncomfortable. Still, you cannot deny that he encourages reflection and reconsideration.
By the way, your posts do that too. But that's exactly why I am here and gladly read what you contribute.

The price has been set for years by the all-knowing and greedy owner, who think their house is the pearl among all houses. The real estate agent just conducts the process, nothing more. For him, a (quickly) sold house is the earned money. An unsold property is (just) work for him, no profit.

I believe you immediately that this type exists. But exclusively?
Which category then do those owners fall into who say, when asked about the reason for hiring the agent, "I really had no idea what one could ask for such a house"?
And which category do the agents fall into (I have experienced this twice myself), who already say in the first phone conversation: "Yes, of course the house in that condition isn't worth 500,000. But if I had put 350,000 in the listing, I would have received hundreds of inquiries on the first day."

In both aforementioned cases, I see the agent as a price driver. In the second case, he already opens the door to lowering the price. But not all of them are that open.

These database ghosts of real estate are not repeatedly listed for just any reason. Not only is the price too high, but most of the time it is also a complete renovation case, leasehold, or even worse, the previous owner wants a life annuity from you for the next 40 years.

All the reasons you mentioned can lead to this. Yes. However, the excessive price alone is often enough. A typical counterargument from an honest seller: "I don't need the money immediately. I can wait. Eventually, someone will come who pays that." If this conviction is deeply rooted, you stand no chance. But there are also milder cases.

Stay clear-headed and keep the goal in mind.

[*]Do I want the object? [*]If yes: What would this object be worth TO ME? (Someone who is thirsty ultimately pays a little more for an available bottle of water and then feels better) [*]Make contact [*]Negotiate [*]If own price expectation is feasible – go for it

Even if you buy above the "market price," you can move into your desired object. That has something to it.

Pragmatic. Understandable. Sensible. ...but also not quite easy: When negotiating, you need a good sense of whether statements like "I have someone who would buy next week for €500,000" are true. And even after years, I still find that difficult. Extreme example:

[*]Listing price: €550k [*]Property guideline value according to BORIS roughly €280k [*]Building expert estimates after on-site inspection at €300k [*]Bank independently values at €320k regardless of the aforementioned building society contract appraisal (100%, i.e., not lending limit). [*]House sells in bidding process for €520k.

How is one supposed to orient oneself under such conditions? Whom should I have listened to?