Why in the World do agents think they have to somehow stir the magic pot of real estate and obtain something else, other than reality? They are so protective of their listings, guarding them against lower pricing like a mother hen watching over her chicks. Six months later the listing expires and some aggressive agent who carries a thousand listings garners it at a 30% price reduction....
Listen up all you Real Estate Mother Hens: The market is what it is! I didn't make this market; I'm just reading it ACCURATELY, thank you very much!
I brought a "Reality Price Offer" on behalf of one of my Buyers a couple of days ago and the listing agent called me back today with the answer. No, the seller did not agree with my Buyer's point of view and will continue to keep the home on the market. The agent seemed a little perplexed by my offer and asked: "Aren't you concerned about the comps? Don't you have a listing a few doors down from this house", she asked. "Yes, we certainly do have a listing a few doors down. And yes, I told those sellers the same thing I'm telling your sellers: an offer that may appear too low today, may be tomorrow's high offer. I didn't make this market. I'm just reading it!" Correctly, I might add...
Stop protecting your listings against Reality Pricing! The market is what it is... Stop losing your clients' money and embrace Reality. The market is not moving up; the sooner your Sellers accept that, the sooner they sell and stop losing even more money!
Your Myrtle Beach Real Estate Connection, Mirela Monte, GRI, ABR, BIC, NC & SC
http://www.myrtlebeachhomes.us/
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Real Estate Brokerage - Sales & Rentals - for the entire coastal region between Charleston, SC and Wilmington, NC. With membership on the Myrtle Beach MLS, Brunswick, Wilmington & Charleston MLS.
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Excellent post. Will use it with my sellers. Good job.
Team Quintana Real Estate - Spokane Washington
I have read you posts before and have enjoyed them, if you would like to exchange links with me visit my website www.TeamQuintana.com and click on the about us button and select real estate links. This way if I have a relo client I can send them your way.
Mirela, That's so true & we sometimes try to sugar coat things, for whatever reason, I don't know. It is what it is! Thanks for being to the point!
Any listing, properly priced, will sell in ANY market. If it's not selling, it's all about the price. If the area is in a declining market, this seller will rue the decision they have made (if they have to/really want to sell). However, they may not be motivated sellers and choose to remain in place.
Fortunately, you still have ready, willing, able and qualified buyers!
Mirela - 75% of your marketing today is done the day the home is priced and on the market. If you don't get the price right all the rest of your efforts will go for not.
Mirela, I could not agree with you more! You and I definately share similar realities. Hold your ground. Here in California, banks -- with their liquidity issues -- are beginning to fire sell properties and buyers are taking notice. It is what it is...
Michael: thank you for that info! You are extremely knowledgeable about the overall condition of the market, so your point of view is very important to me! By "fire sales", do you mean "foreclosure" sales?
Mirela - amen to that one! people need to start pricing homes to sell, not to sit!
Yes and no. What I mean is that whether they are foreclosures or short sales, banks have been quite willing to take significantly lower offers than their list prices. In some cases, they will knock down $100,000 (or 20% +/-) of the price from one week to the next to garner offers. Buyers out here know what's up, and few are looking at the list prices as if those were real numbers. The rest, see those prices and automatically discount 10% to 20% off the top just because. For myself, a person in the market, I know the banks dispositions at the moment and know that their is much opportunity out there. My sentiment may take sime to catch on though.
Mirela,
Many sellers have a hard time accepting that the market is soft and to move their property it has to be priced accordingly. Agents can help them understand that cold fact and steer them professionally into the proper range.
Great job. Love to hear this it just reinforces what I know and makes me stronger when I present to sellers a CMA or current sellers price reductions. Pricing it right is 50% of the sale. Thanks.
Thomas: Thank you! Please do make use of it!
Rick: Thank you for that comment and I feel very honored to be invited to exchange links. Thank you! I will ask my assistant to do it next week (I'm not very good at these "tech" things).
Don: Thank you! I appreciate it!
Vickie: Right you are; but those words truly resonate in a market such as ours... The discounting needs to keep being fine tuned as the market keeps dipping...
Bill: Where did you get that figure from? That would be a good one to quote to our clients when we take the listings...
Barbara-Jo and Bill: Thank you!
Esko: I love the way you worded it and I will quote you!
Susan: Thank you! Do you mean to tell me that your market is so bad, that your values have dropped over 50% in the last 6 months? That's alarming!
...And last, but definitely not least:
Michael: Thank you very much for the clarification! I believe that you are the best source of information on valuation in this entire AR! You have a firm grip on understanding the market with all it's subtleties and nuances. I feel that I can put on my long list of accomplishments: "Currently attending the Michael Tarabotto School of Economics and Real Estate Evaluation". Thank you, Michael for being an extraordinary asset to our AR Real Estate Community!
Mirela,
You're of the few in AR who can make me *blush* from so far. I hope my next post (inspired by this post) lives up to your expectations. It expands deeper on the last comment I made here.
Your friend and tutor :-)
Michael
I look forward to reading it, Michael!