This morning I called on an expired listing.
The house was in a good location and had been updated but was grossly, GROSSLY overpriced.
After introducing myself, the owner let out a long "sigh" which I recognized as the dreaded "realtor fatigue."
Here's what I found out:
1) She wasn't going to list with a Realtor.
2) She bought in 2008 and then helocked herself out of existance.
3) She disputed the comps and said "they don't mean anything" because her house was better.
4) When mentioned that the house wouldn't appraise at her price she said: "not my problem, if they want the house, the buyer will have to come up with the difference."
5) She blamed the banks and buyers who didn't appreciate her work and the flat fee brokerage who charged her $800 to upload the listing in the MLS with no sign, no lock box, or advertising...etc.
6) Even renting at market price, she would be losing over $500/month.
7) She was going to wait for that "one person who will fall in love with this house" (to the tune of $1600/month).
OVER-EXTENDED, UNDERWATER AND HELL-BENT TO BEAT THE ODDS.
I listened to her for a long time because she needed to vent. She was right and everyone was wrong . Yes, it was a tiny, cute house but we have lots of cute houses for sale. And no, the new tiles in the only bathroom isn't going to make up for the fact that the competing comps have two and the new granite in the kitchen isn't worth $60,000. Not here. Not now.
All I could do was listen and wish her luck.
Stubborness and denial is not our friend. I let this be a lesson to move forward with my eyes wide open . See things as they are even if you don't like the view.
Alyce Martin. Albuquerque Realtor
http://www.HomeSearchABQ.com
(505) 331-8285
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