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How's The Market Vic?

By
Real Estate Broker/Owner with Vic Steele, Broker CA DRE 01349863 CA BRE 01349863

VRES SignExperience shows, as a homeowner this is the type of question that crosses your mind every time you see a new For Sale sign in your neighborhood.  "I wonder what they are priced at?"  "I wonder how long it will take for them to sell?"  or even "Thank goodness they are moving away!".

Regardless of which thought you have when you pass that home, your next move should be to call me.  In a matter of minutes, I can tell you what that home is priced at, how long it might take to sell and sometimes even why they are moving. 

The market is strong right now.  As I told you earlier this year, I thought the market had bottomed out.  I still believe that.  We spent all summer bouncing off that "bottom" but homes never dipped below the threshold we saw values settle at this Spring.  Three bedroom homes in this area are getting 12-30 offers on them within ten days.  That's right.  That is not a typo.  A properly priced home is getting at least 12 offers and as many as 30 offers within 10 days of being listed for sale on the Internet.

As a result of the demand, ethics are taking a back seat in today's market.  Some agents guard their listing like a dog with a bone.  It's become commonplace for agents to not put the home on the Internet.  They keep the listing in their pocket until a buyer calls them to buy it.  This practice has become so common, I lost a buyer to that approach when after we wrote 20 offers on properties he told me he felt he would have a better chance if he dealt directly with listing agents.  I recommended he raise his offer price by $10,000 instead of low-balling sellers.  He hasn't had any success yet, but that is probably because he is now not listening to someone else the way he did not listen to me!  (It makes you wonder why people rely on a professional if they won't listen to the professional, doesn't it?)

If you see a For Sale sign, please call me.  There is a chance no one knows that home is for sale except you and that agent.  Let's change that as quickly as we can!

Of course, the Silver Platter Service at my company dictates that we list homes for sale on the MLS within 48 hours of having them under contract.  I will certainly show the home to my own buyers, but my ultimate responsibility and promise is to get top dollar for my seller client.  You can count on me to take care of the people you care about!  Who is the next person you know who is thinking of selling their home?  I would be honored if you would tell them to rely on me!

Posted by

Valet Real Estate Services

 

A referral is sending someone you care about to someone you trust!

Vic Steele, Broker, CA DRE License No. 01349863
1250 N. Lakeview Avenue, Suite M, Anaheim, CA 92807

Vic@SteeleGroup.net

 

Dennis Swartz
Full Circle Property Management - Columbus, OH
MBA, GRI...experience counts!

I also agree that we saw bottom of the market this summer, but someone forgot to tell the buyers. They still think homes are priced wrong and are still making ridiculous offers.

Sep 26, 2009 11:16 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Vic, lots of good points.  One answer to why many don't listen to us maybe because of all the mis-information currently being disseminated by the Internet and the Media.

Sep 26, 2009 11:57 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

The rule in our state, is a listing must be placed on the MLS within 48 hours. Some agents will, however keep it as a 'pocket listing' claiming their clients don't want the house listed on the Internet. When it's all said and done, it's still greed.

Sep 27, 2009 12:48 AM
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

Agents should never forget they are working for their clients... Sellers sould fire an agant who forgets that... if you list a home here it has to be on MLS unless the seller agrees to not put it on and signs the paperwork showing they know of this bad decision.

Buyers are all looking for the best deal and keeping thinking there must be something better out there... the perfect home for half its value... with a view .... they can be their own worst enemy!

Sep 27, 2009 05:58 AM
Vic Steele
Vic Steele, Broker CA DRE 01349863 - Anaheim Hills, CA
Broker/Consultant

Dennis, thankfully we're not seeing the lowball offers as much anymore in SoCal. 

I could not agree more that the mis-information in the media and around the water coolers is making our jobs harder Gabe.  Properly priced homes are selling quickly here.

We have the same rules here Ed and Debra, but we have a serious lack of enforcement by both our board and the MLS.  I'd like to see some MLS suspensions and some fines being handed out for the obviously unethical conduct that is so pervasive.  I had to let a buyer go earlier this summer because he was his own worst enemy; http://activerain.com/blogsview/1224226/buyer-representation-agreement-demand

Thanks for weighing in on this.  Together we can start to change the attitude, the reporting and the water cooler conversations!

Oct 04, 2009 02:07 PM