Your House Is Worth What? I'm Not from Missouri, But Show Me!

By
Real Estate Agent with Keller Williams Realty - Atlantic Shore

Your House Is Worth What?  I'm Not from Missouri, But Show Me!

As local experts we strive to keep up to date home values and trends for our market area, or at least we should. While preparing for appointments in Ocean County's retirement communities, towns and neighborhoods, I gather all the facts and figures...I look at the trends.

And I talk to the owner on the phone.  From those conversations I know that the price stuck in his/her head is too much.  In fact the price mentioned is usually the price the home was listed at more than one year ago.  Even then it was too high.

"But my house is special," the owner states.

My new response is, "If you still think your home is worth that after we've reviewed your competition and previous sales, pretend I'm from Missouri, SHOW ME!

Laura Giannotta
REALTOR® at the Jersey Shore!

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Rainer
133,502
Kimberly A Norgard
Devlin McNiff Halstead Real Estate - East Hampton, NY

Laura, Unfortunately you're tight.  Sometimes sellers get a number in their head and despite the current facts in the market, can't get that number out of their head.

Feb 21, 2011 09:59 PM #1
Rainmaker
594,825
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

Kimberly-It's very frustrating!

Feb 21, 2011 10:13 PM #2
Rainmaker
574,407
Brin Realty Associates Team At Bean Group
Bean Group | Brin Realty Associates - Amherst, NH
Amherst NH homes and Southern NH real estate

It is interesting today, some sellers get it, they understand the market.  Others say they do, they agree values have fallen, you need to price a home right to sell it in this environment, but then they don't apply it to "their house."

Feb 21, 2011 10:38 PM #3
Rainmaker
1,578,454
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

The problem is that those who think it's worth so much more seldom see the light even if it's a train bearing down on them at night.

Feb 21, 2011 11:10 PM #4
Rainmaker
433,526
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

Laura - Working with agents, I see this a lot. They can't handle what the market dictates and come up with a number base on when they bought their home years ago and then add more to it if they've made any improvements. It is what it is and it's not 5 years ago, but sellers resist this all the time. Must be really frustrating trying to explain how you came up with a price to list at.

Feb 21, 2011 11:44 PM #5
Rainmaker
594,825
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

Rene-Are the one's that get it all in NH??

Bob-And many try comparing apples to oranges to come with their price...and some agents listen!

Kristine-It is a unfortunate realty in today's housing market.

Feb 22, 2011 12:38 AM #6
Rainmaker
3,978,839
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

That is what I also tell people.   Show me the value thatI missed.

Feb 22, 2011 01:36 AM #7
Rainmaker
594,825
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

William-Then they get this glazed look...

Feb 22, 2011 02:32 AM #8
Ambassador
779,288
Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

Usually the "number" is the sum of 1) mortgage payoff 2) credit card bills 3) car loan 4) down payment on their next house (which they will hope to attain for pennies on the dollar)

Feb 22, 2011 04:01 AM #9
Rainmaker
3,211,284
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

What is worse...much worse is that they think they can....after all...they painted this, replaced that...updated the....repaired...added...and when you total all that expense,...add the labor....and sprinkle in appreciation...as only the seller can...you get what they showed you....yicks !

Feb 22, 2011 10:38 PM #10
Rainmaker
650,247
Barbara Hensley
RE/MAX Properties - Rockwall, TX
Homes for Sale in Rockwall County, Texas

Too, too true, Laura!  Sellers such as this are correct in saying their home is "special" - it is special in their own eyes and special because of the very "special over pricing" that sets it aside from the others, the ones that are selling!

Feb 23, 2011 12:53 AM #11
Ambassador
1,153,996
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Like you Laura, when I come across a "seller" who thinks their home is worth so much more than their competition, I ask them to SHOW ME!

Feb 23, 2011 04:05 AM #12
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Rainmaker
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Laura Giannotta

Your Realtor Down the Shore!
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