Good points, and so true!  Thanks for posting this... it is all about the price, especially in a market like the one we're in.

Jonelle Simons  Pricing is most critical.  No one said it would be easy.

We recently had a contest in our local office of KW...  With over 300 agents in the office, we had noticed that our inventory was growing rapidly and that our homes were staying on the market longer, much longer than last year.  We sent a team of our more experienced agents to preview some of our longer held inventory...  Withour exception every one of them was far overpriced.  This is the big problem right now on the listing side.  Seller's just are not getting it!  My personal listing inventory is down right now and on purpose.  I am refusing to take overpriced listings and have skipped past 4 in the last 2 weeks.  I will revisit them when they expire and are all frustrated and READY to right-price.  Great post, Jim!  Steve

Nice post. I agree it is important to price it right to sell .

Jim, Another great post-

But one factor that has to-be looked at is, what is the market time for the area. If the market time is 180 days, and your dropping the price on most of the listings to sell the units in 30 days, you could in fact be devaluing the area faster than the current rate of decline.

Steve Homer  Thanks Steve.  I wrote an article several years ago that talks about who is doing the interview.  I feel the agents is the interviewer not the home seller.  I choose not to take listings that I feel I cannot sell.  What is the point?

 GITA BANTWAL, REALTOR BUCKS COUNTY, PA HOMES  Pricing it the largest component of a sale.

Michael Zollo-Certified Residential Appraiser, South Florida  That may be a possibility, but I am seeing no sales in many subdivisions since last Fall.

Jim,

So well put!!! Problem is while seeking that equilibrium, what is the market called that favors neither the seller nor the buyer!!! Is there such an animal??? Thanks,   Fran

Jim, Some good sound advice there. Thanks for the post.

Jim, this is a grat post. The one thing people forget about is the value of the item. Sure the house might continue to drop - it could go up if there is a lot of demand. The issue is what it's worth to the person who wants it and how they may end up without it if they continue to wait - making it ultimately worth nothing to them.

Great Points Jim, It's very difficult to have that balance with the current flux in the market! Buyers are so demanding!

Bob Cumiskey, Your Sun City Center Realtor  Thanks!  Glad you enjoyed it.

 Steve Hoffacker Value is a component that is subjective.  What is your home worth?  What was it worth last year?  What will it be worth next month?

Klarque Garrison, "Mr. Short Sale"  The balance part is not easy!  Satisfying all parties is not a doable thing.

Perhaps then you don't experience the influx of the California migration to your neck of the woods...

When someone sells their 750 sf cottage  in Cali and finds that they can purchase a 3,000 sf mcmansion in Oregon and still have money left over to add an in-ground pool they'll never use up here, they generally don't really get too competitive over pricing...  

It is supposed to be 'a the highest value an educated buyer will pay' rather than an 'eager buyer rolling in first time money will pay'.

... a couple of years ago, it was not uncommon for one house to sell for $300,000 and it's next door similar house to sell for $450,000... just depending on how and where it was marketed... nearly 100% of the time the house that went for the higher mark was an out of state relocation...

And then there are the rentals... I would bet that there are many investors have yet to even see what they have purchased up here.  They just hand the keys over to a rental agency to take care of their investment.

Thanks Jim, Good Post.

-Mark

Sara Goodwin - Portland, Oregon Appraiser  We used to get a lot of that in Altanta.  California, Chicago, New York eyes!  They would always say... "Do you know how much this home would be if it were in... Name that City?"

Sara Goodwin - Portland, Oregon Appraiser  The investor rentals in Atlanta is where a lot of fraud lies.  I have had conversations with folks from out of state that purchased investments with out ever seing them or knowing that you probably would need a permit to carry to visit them.

Mark A. Moore, ABR - Virginia Beach Real Estate  Anytime Mark.

That is what I am experiencing in the market in So Cal too. Homes priced to sell are getting multiple offers.

 Tina Maraj Shah Realtor  Buyers are very smart!