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Carsbad FSBO's and Expired Listings: Uh Oh

Eve Sieminski and I spent yesterday afternoon studying a number of various For Sale by Owner (FSBO) sites and researching these Carlsbad listings and Carlsbad real estate through our local SANDICOR MLS.

We had initially intended to study all of North San Diego County, but ended up drilling down to just one city: Carlsbad.

The results are very interesting.

Some casual observations:

The vast majority of these Carlsbad FSBO listings are overpriced. Are the owners relying on outdated information from Zillow–or wishful thinking when pricing their homes?
Many of those who purchased their Carlsbad homes in 2005-2006 may face difficulty if they need to sell today.
The majority of the advertised FSBO’s are in short sale position. In other words, these sellers owe more than what their homes are likely worth. This leads us to wonder: How prepared are these sellers to negotiate with lenders and keep buyers on the line?
We observed several expired listings in Carlsbad that are now listed as For Sale by Owner. Prices generally stayed at the original listed price. Might price have been a reason these homes didn’t sell in the first place?

Click on Carlsbad market reports to see how individual zip codes (92008, 92009, 92010, 92011) are performing--along with our market opinions.

You may also wish to read:

Are You the High Bidder for Your San Diego Listing?

San Diego Real Estate in the Tank: Fact or Fiction?

San Diego Luxury Builder: 2007 Worst in 40 Years

Where is the San Diego Market Bottom?

San Diego Realtors Seeing Double…Offers

Posted by Roberta Murphy - Carlsbad Real Estate North County San Diego Realtor on 02/19/2008 08:19 AM

Comments (10)

carlsbad, la costa, aviara, calavera hills, bressi ranch, la costa oaks, la costa greens, la costa ridge, la costa valley

Originally posted at: The Real View: Carsbad FSBO's and Expired Listings: Uh Oh

This post has been included in California Information San Diego County, CA Information Carlsbad, CA Information

10 Comments on Carsbad FSBO's and Expired Listings: Uh Oh

FEB

2008

I agree that price is the very reason the the FSBO list there house in the first place. I just yesterday let on of my listings expire. it is in a neighborhood of declining prices and not so great lots. I asked and showed this seller where we needed to be with price. No way was always the answer. As of today it is back on FSBO and he is adding to the price to beat all. I took this listing as a friend to help him out. We agreed to lower the price after so many days. We did ..needed to adjust again with the market being very slow here. I pulled the comps and showed him everything he needed to adjust to the market . He laughs and says no way. I say OK and wait until it expires. I wish him well and i know he will call again once he fails... Big lessons learned here..Sharon Harris AllQuest Real estate Hanover PA

I have found Zillow to be the FSBO's kiss of death. I sold one house for $1.9M that Zillow said was worth $780,000. I have another under contract now for $349,000 and Zillow said it is worth $675,000. I don't know where they get their figures from. They valued, or zestimated as they call it, my house at $1.3M. If I saw $700,000 for it I would be very lucky.

Sharon:Sellers like this give FSBO's a bad name. We are seeing much of the same in San Diego.

Gary: Those same Zillow followers will be underpricing their properties when the market turns.

Roberta:

Thanks for the market up date I am a fan of statical data. I live in North County and I have been tracking FSBO's and Expires also, and you statement of being overpriced has such a ring of truth. What is lacking when you see so many listing coming up for sale many times is the sense of urgency on the sellers behalf and a lack of motivation. Many sellers are still not dealing with the real world and too many agents are letting their egos get in the way by taking over prices listing.

Yesterday I called Excel Properties they handle only REO properties about one of their listings and when I spoke to the agent he told me that they have 200 listings and they are getting on the average 50 offers a week on these listing.

I think that this fact should be mention to sellers that need to be reminded that those REO's will play a role in the sales price of the home that they are selling.

I love North County.

Lorraine

Lorraine: You are right on every point--and I share your love for our North County. We checked tax records for all the Carlsbad FSBO's and so many are likely to be in a short sale position. How on earth are they going to be able to negotiate their way through lender hurdles???

JUN

2008

Roberta, you have made some very good points! Have you started to market to expireds and FSBO? If so have you been successful? Do you happen to have anything you would like to share concerning these??

Teresa: We do have a new way to market to expired listings and FSBO's. Please give me a call at 760-402-9101 and I wlll explain in greater detail.

JUN

2008

I prefer FSBO sites, but not real estate agency. Agents take commissions and it is cheaper that money to sell your property at FSBO site. I saw many sites, but I think Fizber was the best. There are many services that can help sellers and buyers like real estate forms at http://www.fizber.com/real-estate-forms.htm for sellers or http://schools.fizber.com/ for buyers.

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