My team members are listing agents, and I market continually for new listings. We have years of experience in representing sellers in good and not so good real estate markets. The one lesson that we've all learned is that past statistics tell us that "the first offer is usually the best." It's our job as listing agents to show the seller where the market is for that home, at the time of the offer. We never know what the future holds for market conditions. There may be a further decline within the next month or market conditions could improve. We only know what we have in hand and what the conditions are presently.
To roll the dice, and plant your feet firmly, in this economic environment is risky business. As each offer is delivered to the seller, it's the job of the listing agent to ring it out until the last dollar is contributed from the buyer. Then the seller needs to step up to the plate and participate. It's good business, and this is not a sellers' market. The listing agent needs to be realistic with his/her seller and the realistic picture of the market needs to come to life, for the good of that seller. Illusions of grandeur will not work today, and sometimes the seller needs a reality slap. Tough terms but that's in the sellers' best interest, and listing agents must always act with the sellers' best interest in mind.
So, if you've listed a property and fluffed it too much, in order to secure the listing, you will pay dearly later. Realism starts at the listing presentation, and to be realistic with a seller means discussing the positives and the negatives of marketing a home in this terrible economic time. As Henry David Thoreau quoted so eloquently "truths and roses have thorns about them."
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