Profile picture for LowerPricesProduce

250k plus homes still priced too high!

As a prospective home buyer in Tallahassee, I am disappointed that the higher side of the market still seems too high.  I don't know if it is any one thing.  I suspect that banks have held off on foreclosing on higher end properties compared to lower priced properties.  Perhaps the higher end market has more resilience due to resource availability.  One thing I am certain of is that many of these homeowners, and realtors that pander to them, are just listing these things too high.  They languish for months and then they pull them from the market.  It seems like many of the same realtors cater to this part of the market.  I notice the same names over and over on some of these higher end properties.  I may be crazy, but if your house is not selling, it is probably not the realtor, or the market.  It is your price.  Econ 1001.
  • February 27 2012 - Tallahassee
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Answers (2)

Profile picture for sunnyview
There also may be something else at work in the market. Some owners are unable to sell for less because of the amount they owe on their mortgage. They have the choice to stay put and keep paying or to try to get their bank agree to a short sale for less than they owe.
  • February 27 2012
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Profile picture for LowerPricesProduce
I agree.  Maybe that is the bulk of what we are seeing.  It is just very frustrating,  In our market it seems like half the homes on the market are not really on the market.  By all metrics some of these things are over priced by 25 to sometimes 35%.  I am not in the real estate business, but when comps, square footage, Zillow, tax books all point to an overpriced property, you are not really selling your house, you are deluding yourself.  I try to just ignore these properties, I suspect these are the sorts of people that take market offers as "low-ball" or an affront.  They are still wasting everyone's time and money and I get tired of looking at the same old overpriced properties again and again with the same handful of crusty Realtors.  
  • February 27 2012
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