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Where do these agents get these prices?

By Gary L. Waters Broker Associate, Bucci Realty

Real Estate Agent with Bucci Realty, Inc. BK3064647

April 23, 2009 01:37 PM

I perform Broker Price Opinions (BPOs) for lenders who are deciding whether tp accept an offer, re-negotiate a loan or whatever. I have been doing these BPOs for a couple of years in my specific farming area. I know the values here.

Now, my beef....

When I see a home listed for $100,000 more than the comparables I cringe. Where do these agents get these prices? I use the comparables that are the closest, most similar and sold within the past 2-3 months.

Are these agents doing the comparative market analysis or just using the bigger idiot theory.

Sales are up in Brevard County Florida. Prices are down in Brevard County Florida.

Your listing may be nice but it ain't that nice! Get real!

Gary Waters, Century 21 Baytree Realty, Rockledge Florida, serving buyers and sellers in the Viera, Rockledge and Suntree areas of Florida's Space Coast.

Read my blogs at www.moving2brevard.blogspot.com and www.movingbrevard.blogspot.com.

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Kenneth Cole

Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com... - Staten Island, NY

NYS Licensed Real Estate Salesperson

Gary: some sellers are as thick as their basement walls. You just can't get through to them. I had one who insisted on listing his house $149,000 overpriced. So his $600,000 home sold for $500,000.

Listed for $749,000 sold for $500,000 after 8 months. Go figure.

Apr 23, 2009 01:56 PM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

Ken - I guess you are right. It takes time for some sellersto let the market value become a reality. Thanks.

Apr 23, 2009 01:58 PM

Marchel Peterson

Results Realty - Spring, TX

Spring TX Real Estate E-Pro

Gary, I always do a price comparison before making an offer and I just cringe when I run it to that type of thing. I feel like I'm spinning my wheels when I make offers on those homes.

Apr 23, 2009 03:56 PM

Marchel - It does create issues...especially when the list agent finally has to tell the sellers the facts. Thanks.

Apr 24, 2009 12:04 AM

Anonymous

Steve V

Well, if the seller wants to get that much for the property, maybe all realtors should decline entertaining that unrealistic seller, then they will get the message? I have witnessed several of these listings, the seller ends up going through 2 or 3 realtors and major reduction in price before coming to grips with reality. Maybe there should be more regulation that addresses this?

Just my opinion

Jun 15, 2009 06:36 AM

Steve - Listings are the lifeblood of a real estate agent. I guess any listing is better than none for some. Thanks.

Jun 16, 2009 03:59 AM

Where do these agents get these prices?

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Gary L. Waters Broker Associate, Bucci Realty

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