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We've all had that client who truly believes he can defy the market and list his home for 20-40% over a solid CMA value. I get one (or more) every year who thinks there is something so extraordinary about his home that savvy buyers will simply ignore the obvious and pay too much.
When negotiating with that client you've got to be honest and tell him that "his baby is ugly." Be easy. I know, it's painful to hear, but it's true. Then, while he is gasping for air you can give him a list of things that may not make up that 20-40% difference in CMA values, such as:
We all have our own list, but trying to convince an overpriced seller that his price is never going to bring a buyer is like getting a pacifier out of the mouth of a four year old. It has the potential to be ugly, but it has to be done. Be honest, even if it costs the listing.