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You're Upside Down!

Before we waste a lot of our time in Atlanta real estate, I would rather not be doing anything than wasting my time. I have come to the conclusion lately that many of the listed homes for sale in Atlanta are totally upside down overpriced. They are not worth showing. Overpricing a home that you owe more on than it is worth is a total exercise in futility. It is a waste of everyone's time. You cannot sell a track home in a 250K neighborhood for 450K. The agent that lists that home is a total loser and is enabling the seller to avoid reality. The home will not be shown by any real estate professional and if you get an offer it will not close. Guess what? It will not appraise.

An agent that is too weak to tell the seller the truth is too weak to sell your home or negotiate a contract. The fact of the matter is they do not understand real estate, sales and what listing a home is all about. It is about listing a home with the intent to sell it, not to pick up buyers from your sign!

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 04/30/2009 08:13 AM

Comments (24)

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Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: You're Upside Down!

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24 Comments on You're Upside Down!

APR

Bit of a rant but I agree entirely!

I do three of four prospective listing interviews a week. About 1/3 are DOA price vs loan. Another 1/3 have to have their balloon popped...and 9 time out of 10 another agent has told them a higher to much higher figure the rest a pretty much straight forward with realistic sellers.

But what is also a problem is people that are upside down and needing some help are led to believe they have value to save and will sit when they might have been able to get ouot or at least mitigate their loss.

Hi Jim

Thank you for sharing your thoughts; if it's not priced right it's not for sale.

Good luck and success

Lou Ludwig

Some realtors consistently overprice their listings and the sellers think they hired "the best." Go figure.

It it a complete waste of everyones time involved. This is not the market to overprice listings!

You are correct on this without a doubt! It is a shame that an agent would take on a listing with no chance of selling it. The costs involved with properly marketing the property make it cost prohibitive, not to mention the implication regarding our code of ethics regarding overstating the value of a property just to get the listing.

Hear hear, Jim! We see the same problem in small town Missouri. Our inventory of homes is at an almost all time high.

Preach it Brother Jim : )

Jim - It is unfortunate that sellers still buy in to the erroneous advise of an agent that tells them what they want to hear and then beats them up week after week to reduce the price until it sells ... or they lose it ... or...... Those agents give false hope, false expectations, and are committing to achieve the impossible. Those agents should be taken to task for their misdeeds, but, unfortunately, the public generally never knows they were duped. What they do know is that they don't like Realtors. I think such agents should lose their "R" - they aren't professional and they are preying on the public.

MAY

I think a lot of that comes from an agent that is afraid to lose the business. Too many are hard up for the work and dont want to be completely honest or they could lose the listing. Its a shame. But those are also the agents that do not receive a lot of repeat business because it takes for ever to sell a home (if they sell it at all).

Jim - Too bad there are loser agents who are conditioned to think that bringing in listings, any listings to their broker makes them look good. I say it makes them look like they don't know the first thing about how to price a property.

Perrin Cornell, ABR (Windermere RE/NCW) Most of what I am seeing in the the Atlanta area these days are over priced listings for the same reason you mentioned. The fact of the matter is the sellers are in over their heads. They are listed agents that do not belong in the real estate industry because they do not have the backbone to tell the seller the truth. In the long run...many of these agent turn a bad situation into one that does not have a solution. They are guilty of wasting their most valuable resource...time.

Lou Ludwig CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO, (Ludwig & Associates) Great line Lou..."if it's not priced right it's not for sale."

Alyce Martin in Albuquerque - THE Place To Be! (Keller Williams Realty) I know. They hired "Yes persons!"

Colorado Springs Realty Patricia Beck (Herman Group Real Estate, GRI) Patricia I so totally agree!

Mark Brian (Silver Star Real Estate LLC) Mark, I think many uninformed agents actually subscribe to the theory of "List to live!" I am not in that camp. It is a buyers market. If a person takes a listing, take something that has a chance of selling.

Joan Snodgrass Tri-Lakes Realtors, Shell Knob, MO (Tri- Lakes REALTORS) Thanks for telling me...I am guessing this is taking place all over these days.

Lonn Dugan (BIG Marketing Solutions) Thanks Lonn!

Jim Valentine (RE/MAX Realty Affiliates) It takes two to tango. I am not so totally sure the sellers are blameless...they are enabled by the agents that go along with them.

John Cannata - Mortgage Loan Consultant - Frisco Texas - Reliant Mortgage Ltd (Servicing Frisco, McKinney, Plano, Dallas, and more) In my area many are listed by agents that never sold one home.

Carol Culkin (Houlihan Lawrence Realty) I am in the camp there is nothing to celebrate in real estate until after a closing. Then let he party begin...once the checks clear!

MAY

Jim I agree with you opinion. Waste of time and misleading to the seller. I know I don't sell near the number of homes that you do each year. But last year I walked away from three possible sellers because they were to high. They listed with another agent and the listing just expired.

MAY

Exactly, I have a client that is trying to buy in a particular area and 2/3 of them are over priced and the mls says "not a short sale". (Yeah, not a short sale TODAY)

John W Walters Slidell LA real estate Slidell Louisiana Homes (7824 Real Estate of Louisiana,LLC) I looked at a few homes over the weekend, and I could not get over the pricing in this market. Why bother listing a loser?

Lisa Marie Flenoury (Century 21 Union Realty, CO., Inc.) I like that! LOL! "Today!"

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