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Fingers on the pulse of the market....BUYING THE LISTING

I heard it said yesterday at an MLS breakfast that we wont know when we hit bottom until we start to climb back up... I have heard this before. My crystal ball has been broken for years so I can't even go down the road of speculating when that trip back up will be...but what I do know ... As a full time full service realtor... I know what is happening NOW. I know how to advise my buyers and sellers on the current state of the REal Estate Market. on beautiful Cape Cod. What astounds me... as I navigate listings with buyers is how many agents who tinker in the Market have not been able to educate their sellers as to the current state of affairs. There are a bunch of listings in our area where I can honestly say the sellers are being ridiculous ...or are they? Are they way off base with what they want for their property or are they just getting advice from someone whose hands aren't in the pot? I wonder the disservice we as agents can do by "buying the listing" with the romantic idea that you are going to be the agent that gets them the unrealistic price they are looking for. I also caution all of my sellers on the very real truth that the bank appraisal may humble them before they even get to a purchase and sale... and then the buyer, the sellers dreams of moving on and the realtors dreams of a closing go up in smoke. I had an offer on a property this week where it was by all accounts 50,000 over price. Difficult for me as a buyers agent to encourage a full price offer on the property... The seller would not counter ...the agent did not know how to start the conversation. I felt bad for the seller.

Posted by Annie Hart Cool, Cape Cod Real Estate Specialist on 04/03/2008 07:35 AM

Comments (5)

buying the listing, sellers, listing agents, price reductions, contracts, market research

5 Comments on Fingers on the pulse of the market....BUYING THE LISTING

Annie, Excellent blog! I would rather have a lower inventory of informed sellers then overpriced misinformed window dressing. Thanks for your post.

04/03/2008 07:50 AM

by Sara Homan (Coldwell Banker Ellison Realty Inc)

I hear this over and over again. We recently had a "big time" agent in the area join with a few people to open their own "big time" brokerage. I walked away from two properties where the Seller said, "we are going with the big time agent because they are going to list it for this". Really? Interesting.

First Property, 77 days, still on the market at the same inflated price (because the sellers need the extra money for a business venture) Good Luck.

Second Property they started over 200 days ago at 369,000, lowered to 324,900, Seller still calls me to complain about the horrible job the "big time" is doing...all I can do is listen and defend the "Business" of Real Estate. Yesterday, they lowered the price to 299,900. WOW! - I could have done that! The good news is that the property was finally pictured in the newspaper...OOPPS. "Big Time" agent had the wrong address. and price.....$599,000! The seller said "Yeah, but the "Big Time Agent" has promised me a rebate as a gift"........very interesting.

04/03/2008 07:52 AM

by Robert B. McArtor, REALTOR, AUCTIONEER, BALTIMORE, HARFORD, CECIL MARYLAND (Long and Foster Real Estate, Inc.)

I know of some sellers out there who have had their house on the market for a year and a half. I'm not their listing agent. They lowered the price for a while, but it still didn't sell. They decided to raise the price now, because they decided that if it wasn't going to sell, it might as well not sell for a higher price. (???)

04/03/2008 07:55 AM

by Cathy Glass, Oak Ridge, Knoxville Real Estate (Coldwell Banker Wallace and Wallace)

Cathy, that's the craziest thing I've ever heard. How ridiculous to raise the price. Good post.

04/03/2008 03:31 PM

by Jimmy Collins, Knoxville Area Real Estate (Century 21 Select Properties)

Annie- you could not have said better. Between unrealistic Sellers and Agent that "Buy" listings- it makes far more difficult for the "real" Seller, Buyers, and Professional Agents!

Lets set a lunch date- otherwise, it may not happen. :(

04/05/2008 06:43 AM

by Rick Tourgee - Provincetown and Cape Cod (Century 21 Shoreland)

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