Real Estate Blog - Other Homes are Losing Value, But Not MINE!

Home : Blogs : Erica Ramus - www.move2pennsylvania.com - Schuylkill County PA Real Estate : Schuylkill County Real Estate Information - Your Guide to Homes in Pottsville & The Region

Other Homes are Losing Value, But Not MINE!

Today's MSNBC has a great article all Realtors should read:

Homeowner denial: My home is gaining value Realtors struggle to convince people that their home price has fallen, too

Part of the article says:

A recent Coldwell Banker report showed that more than three-quarters of its real estate agents surveyed said most sellers have unrealistic initial listing prices for their homes.

Likewise, an unscientific study released last week by real-estate Web site Zillow.com found that half of homeowners polled think their home's price has increased or stayed the same in the past year.

I personally seem to spend more and more time of my day consoling home sellers and assuring them that YES the reason we are not getting showings/offers is that the market has FALLEN. And yes, your home, too, has fallen in value. No it's not nice. No it's not fair, but it's true. The above article should be printed out and sent to every home seller we have who believes their home is immune to today's market.

--------------------------------------------------------------------------------------------------------------------

Erica Ramus is Broker/Owner of Realty Executives in Pottsville, PA.

If you're looking for a PROFESSIONAL to represent you in all of your Schuylkill County real estate needs, call Realty Executives at 570-622-6006.

We can meet all your buying / selling needs ... and will exceed your expectations. That's what being an EXECUTIVE is all about

Serving all of Schuylkill County ... Pottsville, Orwigsburg, Schuylkill Haven, Auburn, Pine Grove, Frackville, Minersville, Ashland, Shenandoah, Port Carbon, Palo Alto, St. Clair, Barnesville real estate. Click on the link above to search Pottsville PA homes for sale or any Schuylkill County homes for sale. We have all properties listed for sale in the Schuylkill MLS on our website -- free search!

We also operate Schuylkill Appraisal Services, for all your appraisal needs.

Posted by Erica Ramus - www.move2pennsylvania.com - Schuylkill County PA Real Estate on 11/11/2008 08:53 AM

Comments (9)

Falling Home Values in the Sales Strategies / Tactics Channel

Originally posted at: Schuylkill County Real Estate: Other Homes are Losing Value, But Not MINE!

Post is included in group: Best Business Practices
Post is included in group: Learn to be a Top Producing Listing Agent
Post is included in group: Realtors®
Post is included in group: Selling Soulfully
Post is included in group: The Ninety-ninth Percentile

9 Comments on Other Homes are Losing Value, But Not MINE!

NOV

2008

Erica - I missed the article but will check it out. Reality can be a hard concept to take heed too.

All sellers think their homes are worth $$$$$$$ and buyer think it's worth $ (especially now). Getting sellers to see their personal upgrades aren't worth wht they paid for them... it's so hard.

Erica, I just got off the phone with a client, who believes this to be true, She currently off the market and I've given her the comps, here comes the battle again...

Looking for some Divine intervention here!!! Please

Good luck Paul!

NOV

We all like to believe our houses are worth more then the one down the street and you CMA doesn't mean much because they know of houses that have sold for more.

NOV

Erica - I have some buyer clients who had a home to sell on the west coast. They were in denial about the falling prices and we sure that their home's value had not dropped. Now after 10 months and finally dropping the price significantly their home has sold and we have a contract on a home in Virginia for them. She emailed me last week with the link to this article and said that if she had listened to her agent instead of being in denial about her home's market value it would have saved her a lot of grief.

I noticed this problem more rampant last year (2007) more significantly than this year. They seem to be more realistic after seeing the expireds, price reductions that I bring to the meeting. I'm always upfront and prepared for these objections.

NOV

Gene--How true. Most sellers seem to have an inflated perception of their value. It's so personal to them, it hurts to think their house could be worth less than a neighbor's or less than what they have into it.

Pam--If only they had listened a year ago!

Loreena--YES. I find it's easier to get price reductions this year, after you show them the numbers. Could be the media's negativity is HELPING us with this one.

NOV

Thanks for sharing this article since I missed it. I have had several of these kinds of sellers and I have also walked from several listings recently when sellers were in LA LA land.

Tim

This blog does not allow anonymous comments