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Never a dull moment in Real Estate #10

By Anne Hensel

Real Estate Broker/Owner with South Beaches Real Estate Professionals BK 652174

August 17, 2008 01:53 PM

Why do people always have to learn the hard way?

When I go to a listing appointment, I am honest and straight forward about the price. Everybody keeps saying. "In this kind of market it is so difficult to determine the asking price" Sorry, I do not agree, it has never been easier. If you know your market and your area, just look at the sold properties, compare to your listing and keep in mind that a potential buyer will NOT pay more than what the neighbor sold for. Even if he was willing to pay more, it would not appraise and therefore the lender will not give a loan to the buyer. It is that simple. I have been to a few listing appointment last year where I did not get the listing. The seller had a very unrealistic price opinion and they chose to go with a Realtor that would agree with their opinion. All of them are still on the market, been reduced a few times, but you can clearly see, that they are "chasing" the market and that just does not work. So, what have they gained? The lost time, lost potential buyers, spend more money on maintaining the property and pretty much put their lives on hold.

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Brian Brumpton

Keller Williams Boise - Boise, ID

Boise Idaho Real Estate

Good points Anne. The sold properties are the ceiling right now and not the ones that sold 1 or 2 years ago. The ones that sold no longer than 3 month prior.

Aug 17, 2008 01:57 PM

Rich Mielke

REMAX Results, Frederick MD - Frederick, MD

REALTOR, Frederick Maryland Real Estate

I tell sellers to look at solds and look at pendings, focus on the DOM on pendings and price, including reductions from list. "Lets try... " doesn't work in this market.

Aug 17, 2008 02:00 PM

Vicky Chrisner

Fieldstone Real Estate - Leesburg, VA

Can you believe we are starting to see a corner reached here? Small levels of appreciation are popping up everywhere. OH... it's exciting, but confusing because it's not the cases other places, and try to get a BUYER to believe you! Our market is changing, right in front of my eyes - again. If it's been a week since you wrote an offer where I am, you're already at a disadvantage. Sorry to say, in Florida, I think you guys still have a way to go. But, if you have anyone moving to the DC Metro area, you can give them a heads up.

Aug 17, 2008 02:01 PM

Anne Hensel

South Beaches Real Estate Professionals - Saint Petersburg, FL

Realtor - Broker - St. Pete Beach, Treasure Island

Vicky,I really believe that the real estate market is a very local market. I work in Pinellas county and trust me, every subdivision is different. We have some that have still ways to go down when it comes to asking prices, others are about to balance out and a few, just a few, have stabilized already.

Aug 17, 2008 02:05 PM

Brian Lee Burke

Kenna Real Estate - Lone Tree, CO

Broker & Advising Expert-Kenna Luxury Real Estate

I used to live in Pinellas county... I miss it. Anyway, it is difficult sometimes to convince the seller to go with the realistic price for their home and so many go with the agents who will list at some high number that I sure can't figure what comps where used? ~Rita

Aug 17, 2008 02:11 PM

Rita Sinclair

Alain Pinel Realtors - Hillsborough, CA

Your Scottish Realtor

You are so right, we still have sellers who believe we are still in 2005 when our area was at it's height. I have turned down 2 listings this year cause the seller wanted $100,000 - $200,000 over what the last comps were. The sellers have to be told the truth.

Aug 17, 2008 02:32 PM

Mike Wong

Keller Williams Realty Southwest - Sugar Land, TX

Realtor: Commercial, Residential, Leasing, Invest

Real estate is a local market, unrealistic buyers exist everywhere. Its a common dilemma we all encounter once or if not many times. Im up front and realistic with my clients. I explain they are wasting time, creating a stigma on thier property, and losing to the competition.

So usually if thier expectations are within a percentage of mine I make them aware after an agreed deadline there will be a price adjustment. That way we try thier terms first, to prove my point. Then me the professional takes over and my full marketing kicks in. If they dont allow the price adjustment I dont put my marketing dollars into the unrealistic listing and dont want my name on it.

I have been suprised and took some over priced listings just for leads. Turns out I closed those overpriced listings in less than 2 weeks each, and got some great leads off them.

Aug 17, 2008 02:51 PM

Never a dull moment in Real Estate #10

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Anne Hensel

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