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I dont know slang terms what is scratch? It just seems to me if the agent gave them a reality talk and they priced it low from the start they could have sold it and been done now it will sit and sit until eventually they lower the price to the low it should have been a year before... but it may not sell even then because price drops have made it less attractive. Why dont they see they need to price low and sell quick?
What is the longest a home should sit at one price before it gets lowered?
Lisa
Money. Scratch is money. lol
As long as it takes to get the house sold. I know one down the street, 472K loan on it... been sitting vacant for 3 years now. REA is a friend of the family.
Been sitting vacant 3 years ? Wow i guess they have lots of money and can afford two mortgages, unless they have moved in with their rea friend lol. The sad part is in this market its not unusual to not get sold in years.
Lisa
Often the real estate agent owns property in the area that they are trying to sell. So if they take the listing and keep the price high, it's less competition for their own sales.
Often the real estate agent owns property in the area that they are trying to sell. So if they take the listing and keep the price high, it's less competition for their own sales.
That comment is bullspit.
possibly the agent is either owns the home or knows the person that owns the home personally and is farming buyers? I have one 3 doors down from that has been slightly over priced for atleast 2 years.
I think the agents tell you that you house is more and they can get you more just as a way to grab your business. Then you end up paying payments on it, reducing it time and time again until you get to the right spot! If we had listed our house at where we are now, we'd be done! Already closed and moved on. But i bit that deal that it was worth 15,000 more! Sounded great at the time! I think REA need to take a big look in the mirror. The lie to get your listing then don't do crap once the sign is in the yard. But they still want the big check once your house sells. I think their commission should be reduced according to the amount of time the house is on the market! They would work a little harder to get it sold when they could get more money!
I agree sandi I didnt think of that they probably think they will tell you what you want to hear to get your listing then feel they cant admit the truth and get you to lower it until much later?
Lisa
Since October 2009
Better yet, why do sellers insist on overpricing their home. I cannot remember the last time a seller told that their home was not nicer than the comp sale down the block. Most sellers choose the agent who tells them the highest price and the lowest commission. Not real smart, you choose the least experienced agent to try and get you that unrealistic price. We are finally seeing some sellers who are willing to listen but for the most part seller still want 10% more for their house than it is worth
Michael, my philosophy is to take action on what you can control rather than to complain about the things that you can't.
People are difficult at times. Everybody thinks their house is worth more than the competition. I will not take overpriced listings any more it is a waste of my time and money. I will work hard to get a house sold but it has to be priced right.
I agree with Deboroah. We can only make a recommendation but the seller determines the price even if agents think it is too high. I've been on several listing appointments lately and we couldn't come to terms on price so those folks chose other agents. Sometimes the market teaches sellers a lot better than any agent. Agents telling sellers what they want to hear isn't a good way to run a business, but even for some top producing agents the objective is how to make money "now", not thinking about the referrals that might come from the seller's friends down the road. Just my opinion.
I'm watching all of those "lost" listings and comp them occassionaly...they are still on the market and overpriced. Being right doesn't necessarily make money, but I sleep well at night.
"I'm watching all of those "lost" listings and comp them occassionaly...they are still on the market and overpriced. Being right doesn't necessarily make money, but I sleep well at night."
Not only that, but I find that the unrealistic sellers tend to be more difficult to deal with during the contract period.
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Sometimes a seller can not price for the current market. Many either purchased or pulled out equity by cash-out refinancing during the height of the market. Some may not have the means to bring cash to closing. Also some may want to maintain good credit and not go the short sale/preforeclosure/foreclosure route.
Very true, Durenda, very true indeed, and there are a LOT of those listings out there these days.
In most places sellers are still in the "denial" stage. Once the majority reach acceptance, you'll see a race to the bottom as panic sets in.
Lisa,
These types of listings don’t tend to have flyers or info. So until you call the agent you have no way of knowing it’s over priced. This is the point where they tell you the price and you don’t sound interested.... so they offer to show you other homes in the area that might be a better option. This will help them distinguish if you are a buyer looking in the area or a nosey neighbor. I am sure after awhile you get fairly good at telling the difference. It’s cheap marketing... cant say I blame them for trying... it's a lot easier on the ego than renting a chicken suit to get noticed.
Sometimes life is good.
I have been working with a contractor who builds spec homes and custom homes. I list all the specs and he pays me to be involved in all the custom homes, even if I had nothing to do with finding bringing a buyer.
He owns an investement property that he "told" me to list more than two years ago. I told him it was "way" over-priced" and he responded by saying ok, I don't care, if somebody buys it, great, if not, oh well.
The home is in a resort community and very, very unique. It has an incredible pull to curious buyers, some who then end up buying something else.
I have repeatedly told him, "I'm making money not selling this home." He alwsya responds with a "Good for you."
He knows that I tell prospects that it is over priced, but he is absolutely fine with that. He even had an offer below asking, but beyond actual value and turned it down despite my efforts. (And I tried) to convince him to take it.
Is this farming? If so, not deliberate and certainly not un-ethical. I am fortunate to have such a loyal client. I might add there are other agents who have benefited from this home "not selling" too.
Now that I've opened myself up here, before I get the shaft, consider what you really would do given the same circumstances and consider that buyers did buy something in the area they wanted. Oddly enough, everybody is happy and I am in a once in a lifetime position.
Again, what would you do?
Personally I don't see the problem with marketing an overpriced home (but I'm probably just naive) if you are upfront about expectations and lay out the most likely scenarios (long periods on the market). Personally, I'm more concerned about personality conflicts and strong differences of opinion concerning marketing strategy. Pricing can always be negotiated and adjusted.
Just because, you me and the walls believe a property is overpriced doesn't mean that its not the dream home for someone else.
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I dont see anything wrong with it JK your doing what is asked. I have objected to these means of marketing in the past from my own frustration with having to look at a for sale sign 3 houses away for the last 2 years. It's fine if when I call you ask me if I would like to see other listings, I respectfully decline and you accept that. Consider my frustration after calling and having to defend my purpose or position.
Why my agent isnt showing me around and maybe I need to find a better agent. If my agent was looking out for my best interests ..yadda yadda or being called repeatedly for weeks afterward.
We won't take an overpriced listing for several reasons.
First off.the best time to sell a home is .in the beginning..when most of the interested parties come to see the newly listed home. If everyone can see the home is overpriced..it stops the "buzz" that is needed to sell a home. (That is, a neighbor telling her daughter, who tells her co-worker who's sister has been looking)
Secondly, it looks bad..we look unprofessional (or worse). Thirdly..as the home languishes on the market, month after month..we also look incompetant!
Nothing looks better to the neighbors then a SOLD sign on a listing.
Most likely its becuase the SELLER is unrealistic about pricing. Home values are falling hard and fast in many areas. Its hard for people to come to terms with this. House may have been priced right in the beginning but is not keeping up.
Of course really its all my fault. I live my life to screw as many people as I possibly can.
There are some realtors (and they get a reputation among agents) who will go into a listing and tell the seller what they want to hear about price. They know the home is overpriced but they want the listing.
(and they get a reputation among agents)
They get a bad reputation with buyers as well. Lotsa bloggers are devoted to exposing agents who 'buy' listings.
... and, it's free and anonymous
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Why do realtors agree to take overprices listings?
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Staresce
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I see many houses for sale that have sat and sat on realtor.com a very long time with no end in sight . All with the same problem. They are all priced too high. What makes a realtor not only agree to do that but convince the buyer it can sell?
Lisa
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