You are so right. If one agent has a house that is overpriced and another agent gets it but keeps the same price all we still have is an over priced home!

Midori, that is so true!  My favorite is when the third Realtor actually RAISES the price!  Great post, a must read for all "third" agents.

Maybe the third agent is thinking...."third time's a charm"!   

I just saw today another price reduction for a waterfront house on Puget Sound that has been on the market for over 650 days, been marked down almost $400,000 to $600,000, still listed with the same agent (not related) with the same bad photos.  That is a seller who NEEDS another agent....but keeps the original one!  

We can only marvel and wonder "Why?"

Happens all the time here, different Realtor, same price. Amazing.

Midori,

I'm not sure the big cut by the fed is going to make a long term impact..I think it might die out and be forgotten. I hope it does ....pricing right now even at the right price is at a stand still on most listings. Realtors are getting hurt because the time-lines are the key.

I pass a home every day that's been on the market for six months, priced way above what it'll sell for, no price reduction yet.....Great reminder.

Bob and Carolin-yes we do and it really upsets me. The house across from that house was listed then auctioned to turn around and have the seller attempt to sell it on their own.  Guess what they are still there....

Deborah-It's greed and its a shame.  I say if a seller isn't realistic find a seller that is....we do it to ourselves and then wonder why the public lacks trust.  The right thing to do is just simply walk away!  Thanks for comments.

Hi Missy-While it happens everyday in every market...we have to ask ourselves Why?  As professionals are we doing the right thing?  No...we hurt our own reputations everyday!  Thanks for your input. 

Midori,

Your a great Realtor, because your observant, and thats great!! Now the Rate Cut will make a difference, the only Question is when.. It is up to the banks now to start dropping Rates across the board, in order to Jump Start the purchase Frenzy :0) and then it's back to having too much work ;0)

Have a great day,

Tom Weiss

When realtors agree to overprice properties they are doing everyone a disservice!

Hi Midori, I see the same thing here. Someone wants the same price for their home and if it was in a different location it would have sold for that price. A very basic explination to this seller, who continues to go through realtors asking the wrong price!

Midori, Great subject with great advice, "Call your sphere and get the word out"

Hi Midori,

Amazing the amount of agents still listing properties at 04 prices...I see it a lot around here as well, not for me I just walk away. You always give good advice, thank you. :)

Great post - thank you for sharing it with the Active Rain community.

Keep'em coming!

Excellent advice, Midori ! 

Hopefully the rate drop where you are will get the buyers off the fence and into buying mode....it seems like the perfect time with so many reasonably priced properties on the market.

Jo 

Lets Party!!! 

I was sooo happy to see it drop!!! The phone is ringing! 

Midori, thanks for another great post.  I always read your posts and take away some good, useful, and practical information.  Keep it up!

Midori........ we all know the definition of stupidity....

Doing the same thing over and over..... and expecting different results.

have Fun

Alan 

Selling a home is hard work. I can't believe an agent would take a listing as number three and still keep it at the overpriced list price. Amazing!

Neal-We must remind buyers that now is a good time to buy. FED'S REDUCED RATES!  I would take it and run with it and jump for joy!  Rates are low, prices are great and they are working on the tax issues.  Remember one thing if you do not believe in what is happening How do you expect the consumer you are working with believe in what you have to say! 

With all the negative publicity we have been subjected to for months now....Turn it!  That is one of the reasons we blog right?  To be heard....Neal Bloom speaks out vs. The Fort Lauderdale news...I'll take your info over the newspaper anyday!

We dare to ask why....because many still take those overpriced listings or the listings you cannot sell or the listings you cannot get into to sell!  Its that simple....get rid of the inventory...We are doing that here in our offices.  Overpriced...goodbye....can't get in .....goodbye...won't make repairs...goodbye.....to me its our job and obligation.  Its our duty as a profession to protect the public from harm.. Hate to say it but these overpriced listings are doing harm!

Realtors need to do their jobs and price properties properly and not just obtain yet another overpriced listing.  Just as you said even if priced properly there is no guarantee...look at all the garbage mixed in with it!  I always love it when you pop by! :)

Debbie-those types of properties really upset me but the realtor who listed it makes me even more upset.  Do you know as a manager I actually run comps on every new listing?  It helps... I do my part to determine whether we will market it or not!  I would rather have zero listings than 1 overpriced listing.  You will do more work on the overpriced listing and recieve 0 compensation.  I aint in this for charity and I don't need practice. We need more sales, plain and simple! 

Tom-again at least they dropped the rates a much better report than normal on our current housing market.  Hopefully the lenders will do the right thing soon and I think they will..  We have to remember this was done to stimulate the economy and we need it.  Thanks for commenting.

Barbara Jo and Bill-I can't agree with you more!

Diane-I think the overpriced seller's and their realtors are well matched. :(  Its really sad and a very serious situation.

Lysa-That is right....get the word out!  Share the positive....

Suzanne-Thank you....and yes you are so right.  Good for you to walk away..Now if we can get other's to follow suit true sellers may get the chance to sell!

Armando-As long as people read I will still write.  Thank you...see you on your post

Yay Monika-I love when the phone rings and I am sooooooooooo happy to hear that!  Thanks for commenting.

JoAnne-That is what I am talking about the now buyer!  Let's find them a home!  With all the great properties on the market I think we will be able to find them their homes!  Thanks for commenting....

Robert-Thank you..I say let's sell a house!

Alan-I love comments like that.  Thank you....yes you have to wonder..what the heck are they thinking?

I'm on my way to Monika's!

That's ok Gary I see it every day!  We will see who has the stamina to stay in this business.  Thanks for commenting and I will see you on your post.

Yes let's party...

Oh, Happy Day! 

Well, I happen to think it;s a good thing. Great time for buyer's to buy....otherwise, those listings aren't going anywhere!

Sally-Hooray! Happy Day to you!  Yes I do think it is so positive and the economy needs it!  Hopefully we will see the positive effect soon.  I do believe it is a good time to buy! 

This happens everywhere, there is this house I pass on the way into town, they tried many agencies including a discount broker and it still has not sold, price need to be adjusted

Jennifer...I just ask WHY?  This is what I want to know.  Why does agents continue to put themselves through this madness....seriously!  Thanks for commenting and I will see you on your post

Midori, I have to call a seller today to once again advise them that their home is priced too high, and either needs to be lowered considerably or advise that they take it off the market.  I hate calls like that, but if I don't do it I'm not doing my job.  You've just given me another reason why I have to convey the bad news..thank you.

Amen, sister.

Overpriced listing? Thanks, but no thanks... I got to pay the bills and need CLOSINGS, not listing inventory... Don't you?

Oh Midori You are so right!  We have one of "those" here in my neck of the woods also. I turned her down over a year ago. Made some great suggestions to increase curb appeal and traffic, all ignored and of course the price issue.  She is now on number 3 or 4 I can't remember but one thing remains the same....

The house is still

Kris-we have to watch prices closely...one of the things I recognize that a property can be priced right from the get go to be overpriced in a few months.  Those calls are so vital when a seller really wants to sell and you want to get paid!  Good for you!  Thanks for stopping by and commenting and I will see you on your post.

Hi Anna-you are so smart! I agree, who wants listing inventory when you can close a few transactions.

Hi Allison-People are so foolish to waste so much money on a property that will never sell.  I guess they don't get it...and that is what happens when people are not realistic.....the for sale sign changes over and over again.   

Could just be a stubborn seller.

But what's wrong with taking an overprice listing?  It's a good realtor's job to communicate information to the seller in a way that gets the seller to a place where he/she can sell the property.  Assuming the seller wants to sell...

Sounds like a good time to take the listing.  Might be like the person who loosens the cap on a jar and the next person opens it.

My questions is why have you not sold the home?  Have you spoken to the seller?

If not, is it really your/our problem?  It may help your comps and make another home your trying to sell look like a better deal.  Or it may make you look like the most knowledgeable and best negotiator out there, should you sell it.

Look for opportunity in everything!  It's there...

Hi Troy-For starters that is not my listing....As a matter of fact, if I actively sold, I would not bother!  We have so many affordable homes in our area why would I want to waste my marketing dollars?  Why would I waste my valuable time on a person not realistic. 

Obviously, they have had three CMA's....what does it take for people to be realistic?  Even Real Estate Professionals....

Do you think overpricing property is not harmful?  I do...especially when so many people are on their way to foreclosure....yes we have tons of it going on here.

Taking an overpriced listing to me is not the right thing to do!  Take them in HOPES they eventually reduce an get it priced right.

To me overpriced listings are everyone's problem.  How full is your MLS?....after you sift through all the unsaleable and the overpriced in our area we still have a good 6000 available!  Our area is small!  To me just  ridicoulous. 

Why use inaccurate comps.....Active is not a comp,,,,just the competition and if overpriced becomes an expired!  Who needs that.

I see opportunity in everything but there are occasions in life....you just gotta walk away..for the good of all!

My mere mortal opinion...but hey, by all means take those overpriced listings, sound like you believe someone has to do it!  Just not me.  Thanks for commenting...I love hearing other's perspective!