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Pass Christian, MS|MLS Week in Review

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Services for Real Estate Pros with NOW Sharing the life and spice of the GC one day at a time

     There were 7 new listings ranging from $141, 500 to $424, 000. 5 listings went from Active to Pending--we should see them change from Pending to closed soon.

Pass Christian Showed the following Price Changes:

Original List

Original list Date

New Price

$165,000

09/05/07

$150,000

$253,000

06/01/07

$215,000

$209,000

07/25/07

$249,000

$264,000

09/09/07

$253,777

$349,000

09/07/07

$339,000

 

O List Date

O List Price

Pend Date

Close

Date

Close

Price

DOM

Prev Listed

Prev Price

08/14/07

$179,000

9-19-07

10-11-07

$173,000

58 +4-2-7/6-29-7

04/02/7

$223.000

07/13/07

$145,000

9-11-07

10-19-07

$145,000

     +10-27-6/6-01-7

10/27/6

$144,900

Pending to close=22 days and 38 days respectively.

I find it ironic that a seller sometimes won't lower their list price with the current agent. But, upon re-listing with a new agent will list at a lower price.

There are currently 198 homes listed as Active in Pass Christian, MS as reported by Mississippi Gulf Coast MLS.

List range currently starts at $53, 900 and ends at Beach front listings or other water front property $3, 450,000. (That last one is a Bed and breakfast and most likely should not be listed as a single family home. It has 4bed, 5full ba, 2 1/2 ba over 9700 sf.)

At this time there is not a reliable list to close ratio, or days on market because of the fact that both of these homes were previously listed with a different agent, then went a period of time expired. As a seller, and the last agent of record you would likely want only the last listing to be taken into consideration. But, for buyers it could be important to know the property history.

If you are working with a buyer agent, most will automatically research property history for you.

If you need assistance please click on my profile.

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Comments (5)

Mike Norvell Sr
Morris Williams Realty - Leesburg, FL
Norvell Consulting Group

I have noticed the same thing Suzi, I have had no less than 5 homes expire with me and then be re-listed at a much lower price and then sell.  Its a lesson to me that i need to get stronger without being a bully with the sellers. I think we tend to get gun shy with the sellers sometimes, and the relationship gets awkward. The sellers don't want to admit they have been wrong, it must be the agent. With a new agent, they can appear to be more reasonable, blame the old agent for lack of competence, and list the house properly.

Since this also happens to many of the top producers in my area, I feel it must be a mindset that develops with the seller when we lose their confidence....This sounds like a new post for me.....Best Wishes Mike Norvell Sr

Oct 21, 2007 11:57 PM
M. Suzi Woods (Gravenstuk)
NOW Sharing the life and spice of the GC one day at a time - Grand Canyon, AZ
Suzi Woods, Prior Independent REBroker in MS

Mike, I am not sure that situations such as the above are revealed to buyers in their own searches, or that buyers realize how deep agents can go in researching property to help arrive at a "scientifically" based offer. Many people also assume that when you let a property expire for a month or so, then relist with a different agent--that the previous listing evaporates. Not so. It is still revealed in the MLS records.

For instance, when I was looking at the above records I noted who the original agent was. In both cases, the agents were strong, respectable agents. It was obvious to me that the seller just was not ready to listen to reason and perhaps the original agent should have passed on the listing to begin with. Now, the original agents spent time and marketing $$ on the listing only for agent #2 to reap the rewards.

Oct 22, 2007 05:28 AM
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com
Suzi, good news is property is moving. Bad news is that sellers are sellers. good luck.
Oct 22, 2007 11:06 PM
Keith Perry
Coldwell Banker - Hiram, GA
REALTOR - West Metro Atlanta
We see that often too where its a re-list before dropping the price. And I do believe you are right where the second agent gets the benefit. That is exactly why expired listings are such a big part of our business plan. Another great post Suzi, you are on a roll!!
Oct 22, 2007 11:17 PM
M. Suzi Woods (Gravenstuk)
NOW Sharing the life and spice of the GC one day at a time - Grand Canyon, AZ
Suzi Woods, Prior Independent REBroker in MS

Frank--that is exactly why I do reviews. Hopefully, the presentation is in such a way that the prospects can understand some theories as well. For instance, sometimes if you listen to your agent to begin with you may be able to avoid relisting with someone else and lowering your price anyway.

Keith and Robin--I missed my point! I was looking at it from the perspective of backing up the original agent, I had not thought of the information as backing up the rationale of marketing to expireds. Ok. Eureka! But, I will always wonder if the expired is unreasonable. How were the counseled by teh original agent? Did they listen? If you market to expireds; do you find that many others are also doing so?

Oct 23, 2007 12:04 AM