Recently I’ve been working with a Cash Buyer who also happens to be a Realtor in another city. I was showing homes in the Palm Springs Desert Area of California in a city called Rancho Mirage. She and her husband are SERIOUS BUYERS, but they are NOT STUPID and NAÏVE BUYERS. Here’s the problem I’ve recently encountered when looking at many of the homes currently on the market.
Many of the Homes Are Grossly Over-Priced and the Sellers Refuse to Price their Homes REALISTICALLY. They will only sell if they get THEIR PRICE, not the price the market is telling them their home is worth!
We saw (3) homes the buyers liked. All three homes were $50,000 to $90,000 over-priced and in each instance, after discussing this with the Listing Agent, each agent said they had shown their sellers what other similar homes in the area were selling for, but their sellers refused to come off the price the Seller felt their home was worth. They didn’t care what the market was showing them. All three homes had received very good and reasonable offers in the past, but in each instance, the sellers turned these offers down. And in all cases, these homes had been on the market 170-307 days!
I have to wonder “Why would an agent take a grossly over-priced listing when they know the sellers will never be able to sell at that price?” In doing so, this is a huge waste of time and money for the Listing Agent. It’s also a waste of a buyer’s time as well as the agents who is showing them property. The Listing Agent knows the home will never appraise and a buyer will never be able to obtain a loan on that home. So WHY put the home on the market? Perhaps this was how the market was back in 2004-2006, but this is 2012 and this is NOT WHAT THE MARKET LOOKS LIKE TODAY. “Hello…..wake up Sellers! Since when did you become the EXPERT in Pricing your Home to Sell?”
I long for the day when we will have a larger inventory of well-priced homes to show our buyers…….I long for the day when a Seller will actually want to SELL. I long for SANITY to return when it comes to buying and selling homes. Oh, for the good old days of yore!
What have you seen in your market?
IMPORTANT: If you or someone you know is interested in buying or selling a home in the Palm Desert Area, try searching properties on the same Desert Area MLS Realtor’s use, or give me a call….or visit my website at Palm Springs Homes and Estates. I will be happy to give you or your referral my “red carpet service.” After the sale, I will send you a $50 Gift Certificate towards dinner in a fabulous Palm Springs Area Restaurant so you can celebrate!
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