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Top Dogs Miss Markets, Too

By
Commercial Real Estate Agent with Matthews Capital Markets NMLS 2415712

I know how tough it is for Realtors to convince sellers that they need to reduce their price to be competitive in a slowing market.  Apparently, sitting NAR President, Tom Stevens needs to read his own press.

In this article, on Monday, President Stevens was quoted:

NAR president Thomas Stevens said sellers need to lower prices to current market conditions if they want to sell within a reasonable amount of time. "In some areas, home sellers are not making sufficient adjustments in their listing price, so their homes are staying on the market and contributing to the build up in inventory," Stevens said.

Another quote in another article last Sunday, he said:


"Pressure is being felt in the housing market due to rising mortgage rates," said NAR President Thomas M. Stevens. "With rising interest rates, homebuyers have become exhausted financially, which explains why sales have tumbled in higher-priced regions of the country."

He said housing prices are expected to continue to have a limited fall throughout 2006, and sales will continue to slip through 2007.

But alas. NAR President, Thomas Stevens isn't really following the advice he doles out to the press.  As the lead cheerleader for NAR. Mr. Stevens is telling sellers that they should lower their expectations.  The Washington Post reported that President Tom listed his Great Falls. VA home for $1.45 million last October (that's 2005) and it has remained on the market for over 355 days without a price reduction.

Mr. Stevens recently appeared on CNBC to discuss the softening market.  He was unaware that the reporter from CNBC was tipped off about Mr. Stevens uh, (how shall we say this?), lengthy listing time for his home.  The response was not that of a polished negotiator or seasoned professional.  He blamed his woes on his "lengthy travel schedule" and choosing to "refuse the good advice of his listing agent".

In the Washington Post article of September 2, 2006, Mr. Stevens was quoted as saying, "Who knew last September how long this trend would continue?".  He lamented, " What I should have done was listened to my agent and cut the price by $50K-$100K early on and the property would have sold last October. "

I guess the topic will be...um...taboo at the NAR convention this November in New Orleans?

Comments(3)

David Eiglarsh
RE/MAX Concierge - Weston, FL
CRS, CDPE, Serving South Florida
Too funny! The problem is that we can dish out the advice but can't take our own wisdom! I can solicit price reductions all day but I refuse to lower the price on my own personal investment properties. It goes back to the old saying, about representing yourself you have a fool for a client!
Sep 28, 2006 01:00 AM
Michele Connors
The Overton Group, LLC Pitt & Carteret County - Greenville, NC
Your Eastern North Carolina Realtor

My office got a kick out of the article a few weeks ago when that article hit the paper! My BIC read it to the office...

Good way to put a twist to what we are trying to tell our clients before the expired end up in an ther agents hands (of course for the lower price you attempted to get!)

 

Sep 28, 2006 08:26 AM
Susan Trombley
Trombley Real Estate - Wake Forest, NC
Broker/Realtor, Raleigh, Cary, Wake Forest, Youngs
My momma always told me, if you dish it, you better be able to take ir back in folds.
Sep 28, 2006 01:00 PM