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Replies (15)
Right on, Randy.
Well, the seller will be screwed in the end. They will find out eventually that they are being poorly represented (by a pansy agent who clearly doesn't have the guts to give them a reality check). Then, of course, the resulting ire the sellers will feel once they open their eyes to reality will be channelled toward their agent for "allowing" them to hold firm to an over-inflated price.
- JimSulli456
- Contributions:2850
"oh, but that isn't a real comparable because they have to sell. My clients know what their house is worth and they're prepared to wait until a buyer recognizes that."
I truly cannot believe that people will still hold to the "that's not a real comparable". Yeah, the days on the market will tell you how real it is. If they "had to sell" and they stayed on the market for less time than the average DOM, that can be considered, but it doesn't make it any less real.
- JimSulli456
- Contributions:2850
And why would an agent take a listing such as this. I mean, if one of my listings is on for more than 6 months, it's time for the dreaded discussion.
"I know that we've been trying to get your price for around 6 months now...and I have to tell you that that is longer than the average days on the market. My suggestion would be that we need to lower the price, or you need to prepare to stay here until the market gets better. Right now we are dealing with a depreciating market, and there really is no way of knowing when it will start appreciating. So what you need to prepare for is a continued depreciating price, and then you are going to have to wait a long while, because we will only see normal appreciation when the market comes back. So who really knows how long it will be. What would it do to your plans if you couldn't sell?"
- Randy_H
- Contributions:4385
Oh, but my wife and I just viewed a lovely view-home in Larkspur last weekend. DOM? 12. Realtor's "real" MLS view? 12 DOM.
Funny. We looked at this home in spring 2006. We looked at this home spring 2007. We looked at this home fall 2007. It does have a fresh set of paint and professional staging now! That's gotta be worth something.
Randy:
Presumably, at some point one of these new "have to sell" listings, will be to your liking! Don't get too fixed on your short list, after at one point you didn't know those homes either.
As to the sellers agents, well, since they only get paid on a transaction, they are working for free wo push a "make me move price", hell they are probably fronting some marketing expenses... I personally WON'T take a listing that is overpriced, waste of my time and energy...
- merdem
- Contributions:8
Yep,
Same here in the NOVA area. Most sellers are still holding at 10000ft. But their O2 is getting low and they will have to make an emergency descent ASAP if they don't want to suffocate.
- Randy_H
- Contributions:4385
Azrob
Trust me, we're not. We've offered on 1 of those recently. The counter was much closer than anything we've gotten yet .. just not good enough yet.
And we're using the strategy of icing counter-offers. We counter-counter when we find another comparable to offer on at the same time. Seller competition. What's good for the goose is good for the gander.
- !crazy guy!
- Contributions:568
people like you are soo greedy randy. You should be ashamed. Your such a capitalist. Here you make lots of money and you still try to talk people down . . .
- JimSulli456
- Contributions:2850
Which is part of the reason for success. Don't bad mouth him for trying to negotiate an acceptable term and price. Every American should do that...we have the right.
- Randy_H
- Contributions:4385
I am not ashamed to be a Capitalist. Though this thread has nothing to do with that. Even Socialists can negotiate well.
- !crazy guy!
- Contributions:568
I just think given the fact that you make so much money you should mellow out on trying to get the perfect price. Obviously you can afford a 2 million dollar home so why not buy one
People who have money don't usually like to part with it, crazy guy if you feel so compelled you go right out there and help those greedy homesellers who think they can find someone else to hold the bag from them.
I imagine that is what is happening where I sold inNov 07, we sold for $70K under the next comparable house........meanwhile houses are still sitting there, the only one who has lowered is the builder and has managed to move a few homes, however the resales are still at the same price as listed when I sold.......I can only imagine their REAs have determined that my house sale was from a distressed owner cause we moved out of state and left the house on market empty, yeah 6.5 months and only 1 offer.....nope we just took the only bait and ran. Oddly enough the hood has one foreclosure and it sold for $75K less than the original owner bought it for......who wins in that situation: the builder for sure.
- Randy_H
- Contributions:4385
It's about value. It's that simple. $500K, $1mm, $2mm, are just numbers. It's what you can buy with that number that matters.
Really. It's that simple.
- csslawrence
- Contributions:73
Randy ,
I will agree the "comparables" are a way for most to wiggle out of a bad spot. When you go to list that is all you here ...well 1234 Main Street is almost the same sq footage and very close to your home....that's your competition...you need to be priced below that. It makes no difference if the plumbing has been ripped from the walls and the rest of the place is trashed. That's the watermark.
Now on the other hand and this has already happened and will without a doubt happen again is you will see a property at 225K and other houses in the neighborhood are at 245K, as an example . The first excuse is oh that is a distressed property and the price reflects that. What gives ? I have sent emails to a particular listing that hasn't moved since the end of January. The price has been locked in and houses all around the immediate area are dropping like rocks and I keep asking.....Are they ready to listen or do you intend to kick sand in their face along with me. It's a business transaction. The good ole WHATS I IN FOR ME. I could care a less.....I already took my beating, now it is someone elses turn to grab their ankles. And trust me there is always somebody that will.
- jal74
- Contributions:1077
I already took my beating, now it is someone elses turn to grab their ankles. And trust me there is always somebody that will.
Moon River
More comparables frustrations
There are now more and more listings popping up which are **directly** comparable to other homes, a short list of which we've "lowball" offered previously. These new listings are all at or below these previous "lowballs", which should indicate to those stubborn sellers they're priced wrong. Dreadfully wrong.
And wouldn't you know it, those agents have been calling us more frequently than automated telemarketing machines. But still trying to push those silly 2005 prices. When I interject, "hey, 1234 Happy Life Lane is now priced at $X, which is below what I offered you guys a year ago" the answer is __always__, "oh, but that isn't a real comparable because they have to sell. My clients know what their house is worth and they're prepared to wait until a buyer recognizes that."
What exactly is the role of the listing agent again? If all they're doing is marketing a Zillow "Make Me Move" price, then the sellers are getting ripped off. They can do that for free with a couple mouse clicks.
When exactly did "comparables" come to mean "only other people just like me who don't want to sell, but want someone to make an offer I can't refuse"??? Hell. I'll sell my beloved 15 year old, 200k-miles 328i for the right price. Say $115,000. Those other guys selling for the "Blue Book" of $3,800, well, they _have to sell_.
gmafb
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