I perform Broker Price Opinions (BPOs) for lenders who are deciding whether tp accept an offer, re-negotiate a loan or whatever. I have been doing these BPOs for a couple of years in my specific farming area. I know the values here.
Now, my beef....
When I see a home listed for $100,000 more than the comparables I cringe. Where do these agents get these prices? I use the comparables that are the closest, most similar and sold within the past 2-3 months.
Are these agents doing the comparative market analysis or just using the bigger idiot theory.
Sales are up in Brevard County Florida. Prices are down in Brevard County Florida.
Your listing may be nice but it ain't that nice! Get real!
Gary Waters, Century 21 Baytree Realty, Rockledge Florida, serving buyers and sellers in the Viera, Rockledge and Suntree areas of Florida's Space Coast.
Read my blogs at www.moving2brevard.blogspot.com and www.movingbrevard.blogspot.com.
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Full-service Real estate professional serving Florida's Space coast (Melbourne, Viera, Rockledge, Suntree) - all within 45 minutes of Orlando Florida! Golfing communities, waterfront & more!
Not every seller is desperate...
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Gary: some sellers are as thick as their basement walls. You just can't get through to them. I had one who insisted on listing his house $149,000 overpriced. So his $600,000 home sold for $500,000.
Listed for $749,000 sold for $500,000 after 8 months. Go figure.
Ken - I guess you are right. It takes time for some sellersto let the market value become a reality. Thanks.
Gary, I always do a price comparison before making an offer and I just cringe when I run it to that type of thing. I feel like I'm spinning my wheels when I make offers on those homes.
Marchel - It does create issues...especially when the list agent finally has to tell the sellers the facts. Thanks.
Well, if the seller wants to get that much for the property, maybe all realtors should decline entertaining that unrealistic seller, then they will get the message? I have witnessed several of these listings, the seller ends up going through 2 or 3 realtors and major reduction in price before coming to grips with reality. Maybe there should be more regulation that addresses this?
Just my opinion
SV
Steve - Listings are the lifeblood of a real estate agent. I guess any listing is better than none for some. Thanks.