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The Bubble Eviscerated Itself All Over Everything!

By David Eiglarsh

Real Estate Agent with RE/MAX Concierge SL0475285

September 24, 2006 09:19 AM

Forget about the bubble bursting, it’s making a mess all over everything! I’m not saying that I’m not grateful or appreciative for the offers that are 25% less than my already low low asking price (upwards of $100,000 below asking). I’m just having the time of my life presenting these offers to my clients.

It’s already bad enough that months go by without anyone coming to see their home. It’s even worse that I’ve solicited 3 or more price reductions and still nobody comes! It really sucks that I’m spending a fortune on advertising (making up for the past few years where I didn’t have to leave my bed to sell a home!)

My most recent thrill was a listing that we took at $1,100,000. A Fort Lauderdale waterfront home with Ocean access. Several price reductions later, we are at $850,000. The seller agreed to our most recent reduction but told us “I won’t take a penny less than that!” Of course an offer came in yesterday at $750,000! Do you think the seller will be thrilled that he finally got an offer or will he be pissed at us for bringing him such a low offer! Considering he may not see another offer anytime soon, he should probably negotiate it in good faith! Now is definitely not the time to sell unless you absolutely have to!

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Rick & Ines - Miami Beach Real Estate

Majestic Properties - Miami Beach, FL

We are all in your same shoes, We have a couple of cases that are very similar to yours. It's a market to be patient unless you don't have the luxury to wait. Waterfront is waterfront and in my opinion it's the most stable market at this time. Look at it positively, at least you are bringing in offers, you are the only one that can tell wether or not the offer is good and make the necessary suggestions to your sellers. I do think that you need to counter though, you never know if the buyer is willing to go up and if they were just testing the seller.

Sep 24, 2006 09:37 AM

Scott Daniels Florida Real Estate 2.0. Agents Earn 100% Commission.

Florida List For Less Realty, Inc. Broker/Owner. - Cooper City, FL

David,

The market has spoken. It`s not in your control nor your sellers to decide.

Sep 24, 2006 09:38 AM

Angus in Naperville IL

RE/MAX of Naperville - Naperville, IL

We are seriously lacking in ocean front in Naperville! David,

You need to set the stage with your Sellers ahead of time, so that they expect low offers. Just tell them that it's normal... and sometimes they work out! I always warn the Seller, and then remind them... it's not where you start that counts... it's where you finish.

If they know ahead of time that a low offer could happen, then your call is so much easier to make. You can even joke around with them..."remember when we talked about that really low offer?... well guess what...?"

Moo in Naperville IL

Sep 24, 2006 09:54 AM

Eric Bouler

Gardner Realtors, Licensed in La. - New Orleans, LA

Listening to your Needs

Buyers know the score? the offer may not be that low when all is said and done. he should be expecting 800k.

Sep 24, 2006 10:45 AM

Sharon Simms

Coastal Properties Group International - Christie's International - Saint Petersburg, FL

St. Petersburg FL - CRS CIPS CLHMS RSPS

You can only present market conditions, trends, past sales (or lack thereof) - then it's up to the seller to decide. But it IS worthwhile to counter! Many of these do come together.

Sep 24, 2006 12:43 PM

Peter Andres - Lic. in FL & NY GRI,SRES,CNE

REALTOR - The Villages, FL

In my listing presentation I make sure I ask what they know about the current market trend and then what they know about their neighborhood. By the time we are done, they know what may happen and what plan I have to counter. Usually they get angry but I'll remind of our plan.

Sep 24, 2006 03:11 PM

Karen Hurst

RICOASTALLIVING.COM - Warwick, RI

Rhode Island Waterfront!

Unfortunately, this may be the ONLY offer. Your sellers need to take this into consideration.

However, I personally think a seller should ALWAYS counter the offer if its really low.

The latest trend is for buyers to come in with lowball offers, all looking for a deal.

Sep 25, 2006 03:53 AM

Savoy Wilson

Business Consultant - Orange, CA

I have seen the prices plummeting out here in Southern California. There seems to be a real scramble for unloading properties. Sellers are trying to hold out for the best price and buyers are in command. The tables have turned.

Sep 25, 2006 04:30 AM

Eddy Martinez

Nationwide Funding Group - Highland Park, CA

At least you got an offer in , this may be the only one.

Sep 25, 2006 07:19 AM

Roberta Murphy

San Diego Previews Real Estate - Carlsbad, CA

Carlsbad Real Estate and Homes

David: These are the times when we all need to sharpen our negotiating skills. In this market, though, buyers tend to be happier with their real estate purchases--while sellers experience relief. The tables have indeed turned!

Sep 26, 2006 01:59 AM

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