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It's not that I don't want to list your Lake Sinclair house, but ...

By Tammy Lankford,

Real Estate Broker/Owner with Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 GREC# 169695

July 14, 2010 07:16 AM

It's not that I don't want to list your Lake Sinclair house, but ...

Today I think I may have upset a potential buyer without that being my intent. They called about me maybe listing their home. Well it's NOT my job to list homes, it's my job to SELL homes. And there are certain facts that I insist on sharing with potential sellers before I list their homes.

First, there are 379 current listings on Lake Sinclair. Since there are only 417 miles of shoreline that mean for every 1.1 mile of shoreline there is a real estate sign listing another house for sale. And that's the data from the MLS that does not include any FSBO homes that are also on the market.

217 of these homes are listed for $300,000. or less. These numbers also DO NOT include lots. Only 60 Lake Sinclair homes have sold in 2010. That means there's a 37+ month supply currently on the market. 12 of the 60 were bankowned and the additional 48 were priced like the REO comps that have sold. Currently Lake Sinclair is in a buyers market being driven by foreclosures.

Our office has two site built foreclosures on Lake Sinclair priced below $200,000.

So like I suggest to many potential sellers, you either price your house like the comps that are selling or there is no need to list it at this time. Not only will potential buyers not choose to look at your home usually when they can get more for their money just down the street, but even if you luck into it being the RIGHT home for a buyer, it must appraise for the sales price based on the comps or you don't close and we've all wasted our time.

Today's market on Lake Sinclair calls for right pricing to generate traffic of potential buyers. Correct pricing means it must be priced like similar homes that have sold in the past 3 to 6 months. 20% of the homes sold in 2010 were foreclosures. The other 80% were priced like the foreclosures that are selling. And listing homes doesn't help sellers or agents. Selling homes is the ultimate goal for both any agent (it's when we get paid) and the sellers.

So, no I don't want to list your home you wish to sell. I WANT TO SELL YOUR HOME you wish to sell. But before I list and market your home I want to give you the benefit of my constant knowledge of what is selling and the prices they are selling for to properly price your home to be competitive in our local market. And if you aren't willing to price your home to sell, I'm not willing to market an overpriced listing.

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Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

Hi Jim, I suspect all markets don't have the overflow of inventory as others, but of course proper pricing applies in any market at any time. Over priced houses have been known to sell of course... thus the now burst "bubble", but I've really taken a stand with paying for marketing of homes that are priced so high that you can't even get a buyer through the door to look at it.

Jul 14, 2010 08:40 AM

Donne Knudsen

Los Angeles & Ventura Counties in CA - Simi Valley, CA

CalState Realty Services

Tammy - Amen!!! The last thing ANY market needs is another over-priced listing. Good for you!

Jul 14, 2010 09:13 AM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

I don't know how agent keeps doing it and makes a living at real estate.

Jul 14, 2010 09:50 AM

Mary Douglas

United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO

REALTOR, Red Feather Lakes, Colorado

Tammy, you did the right thing - it's a bitter pill to swallow for some sellers and impossible to sell an overpriced home in such a market.

Jul 14, 2010 12:32 PM

Dorie Dillard Austin TX

Coldwell Banker Realty ~ 512.750.6899 - Austin, TX

NW Austin ~ Canyon Creek and Spicewood/Balcones

Tammy,

They can't and they don't! Unfortunately it doesn't help those sellers who really want to sell their home..or maybe it does when they price their home at market price. I'm with yur line of thinking 100%!

Jul 14, 2010 12:33 PM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

Mary- And frankly I don't like the competitions signs going up either, but enough already with the over priced listings.

Dorie- I have said that over priced homes in the neighborhood with my listings help my priced right listings sell faster. After all apples to apples and one costs more.

Jul 14, 2010 03:04 PM

Elyse Berman, PA

LoKation Real Estate - Boca Raton, FL

Boca Raton FL (561) 716-7824

Hi Tammy, We have the same situations here. Overpriced listings just sit. Houses that are priced right sell. Who needs another overpriced listing that just sits?

Jul 14, 2010 03:20 PM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

I can't afford to have listings that just sit. And it really doesn't meat anyone's goal. So... not me. :)

Jul 14, 2010 03:24 PM

Jane Peters

Home Jane Realty - Los Angeles, CA

Los Angeles real estate concierge services

Excellent, Tammy. It takes guts to lay it out there, but the "seller" will end up respecting you for it.

Jul 14, 2010 05:29 PM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

Jane- one can only hope so. One of my agents took a listing yesterday that I feel is slightly high, but only about $5,000 more than the average price of listed comps. And he agreed to a reduction in 30 days if we don't get traffic.

Jul 15, 2010 08:09 AM

Adam Malachi

A 2 Z Realty LLC - Castle Rock, CO

QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Hello Tammy ~

Great post as usual! I like your courage and it does takes guts!

Thanks for sharing,

Adam

Jul 15, 2010 12:25 PM

C. Bartch

Newark, OH

Tammy, when will the sellers realize the market has changed and they have to price their home at todays market value. It is what is and if they are serious about selling then they better get serious about pricing their property.

I don't think buyers take into account the $$$ that go into marketing a home a REA has to put out. This should have been a featured post, I'm hitting that button girl!

Jul 16, 2010 12:57 AM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

Thanks Adam. I always hate to loose a listing, but not nearly as much as marketing an overpriced one.

Cyn- I'm sure they have no idea what marketing costs. Funny that your comment made me think about how much I USED to pay for classified ads. And thanks for the nice compliment. And how's the packing going?

Jul 16, 2010 03:33 AM

Sharon Alters

Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL

Realtor - Homes for Sale Fleming Island FL

Tammy, tell it like it is. When it doesn't sell, they'll be back. Here's my fave Floyd Wickman quote to brighten your day:

"It's better to be the first born, the second wife, and the third listing agent."

Just pick them up when they expire and you'll have a better chance being one of the 60 that sells this year :)

Jul 16, 2010 06:25 PM

Janet Sebile

Coldwell Banker Apex, Realtors - Rowlett, TX

First, I agree with you. Many of us are afraid to speak the truth especially in difficult times but to not do so is to do a dis-service to that potential client and to your business. Second, I'm of the opinion that if it is over priced "Is is Really For Sale?"

Jul 16, 2010 11:31 PM

Charita Cadenhead

eXp Realty - Birmingham, AL

Serving Jefferson and Shelby Counties (Alabama)

Tammy you knoweth what you say! When you walk in the door with proof in hand, some sellers still believe that it just does not apply to them. Go figure.

Jul 17, 2010 01:17 AM

Jenna Dixon

Momentum Real Estate Group LLC - Marietta, GA

55 & Over | New Constructions | Horse Farms

Tell 'em like it is. There is no point in sugar-coating DOG POOP!

Jul 17, 2010 02:24 AM

Candice A. Donofrio

Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ

928-201-4BHC (4242) call/text

Haha! (Jenna)

Tammy, this is a convo I have with sellers all the time. I don't eeeeeven care if they don't speak to me after that.

We KNOW what the cost of marketing properties is - signage, printing, advertising, staging, OUR TIME.

And having them not sell?

Tell ya what, Mr "But My House Is Worth More Than That" Seller.

Sit me down at a Keno machine with the money instead.

I have a better chance of recoup--and the drinks are free. :)

Jul 17, 2010 06:33 AM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

Sharon- oh how that quote made me giggle since I'm both the first born and the second wife.

Janet- Having the most listings doesn't make you a winner... I told another client today the "suggested list price" and while it wasn't what he was hoping to hear he said to me. "You know, I don't" And I'll doing the paper work on that listing on Monday.

Charita- Yes, the proof is in the comps.

Jenna- Nope, no need

Candice- I've never played keno, maybe I need to check it out. LOL It took me a LONG time to not take a listing "just to have my sign" in front of it. But I don't have to learn the same lesson anymore.

Jul 17, 2010 02:24 PM

Kimberley Kelly, SFR, HAFA, GREEN

HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA

I do Real Estate like I played polo-to WIN!

Could not agree more! I do NOT list homes that are priced inappropriately, and I spend alot of time with the potential Seller explaining why. Then it is up to them. Either come to the table to SELL your property, or LIST it with another agent that wants their signs up around town..

Jul 18, 2010 03:10 PM