Who the heck Priced that House? There is trouble brewing...

Great Post Scott, I plan to share this info with other agents and even some of my customers.

Hi Scott, great post.  It touches on many issues we face today.  With a cut back in inventory levels, many homes here are going to multiple offers, and it is hard to explain to buyers how that works, until they lose a home or two.  Definite re-bloig.

The word is "SHIFT".  The market is always moving and you need to move and adapt with it or before you know it you are out of business.

Where is the LIKE button!!!  Well said my friend!!!!

Many valid points, but not every market is the same. In New Castle County, Delaware, listings were up 14% last year, and sales were up 20% while prices were down 20%. So this shows that when prices meet the market, houses sell.

The benefit of using an experienced agent is that your home will be priced correctly to sell quickly rather than sitting on the market! Thanks for a provacative post!

" Sellers need to be realistic, buyers need to be more realistic and agents need to be on top of their market to be able to provide the service your clients want and need."

very well said there Scott

thanks for sharing

jimmy phan

The days of buyers making low-ball offers and getting them accepted ended a few years ago here in Las Vegas!

From your lips to their ears.  No matter how hard we try, Buyers still don't want to believe the market has changed. I guess they want to learn the hard way.

Great job handling the story from all angles & all parties involved. It is true that some buyers just don't get that maybe the low ball offers are no longer appropriate in some areas. Glad things are changing for the better in your area.

Great article.  Our area is also faced with reduced inventory so most any nice home gets multiple offers.  I have an out of state client who wants a "bargain".  We have tons of bargains but they are the homes that have the horrible location, the miserable floor plan or the giant electrical towers in the backyard.  The well priced attractive homes seem to go within the first two weeks.

Bottom line.......A house is worth what somebody is willing to pay for it!  I wish the banks dealing with short sales would get that through their thick skulls!

I could have taken pages and pages ranting on that kind of stuff and summed it up very well.  This is Amazing.   I don't think I have seen you before but I am really impressed with what you wrote and how you wrote it.

When an agent practices #4, it wastes everyone's time and puts the seller at risk.  Agents need to educate their buyers more than ever now (#5)

Down here in coastal NC we still have a lot of overpriced homes on the market, some for over 1,000 days! Don't understand why some agents aren't suggesting that the listing be taken down for 90 days, review the CMA based on current sales and relist at a realistic price. Buyers here still have some bagains, avg sell to list is 94% and I just sold one at 88%.

Educating unrealistic sellers is still very important, but the message often falls on deaf ears.

Wow Scott!  Great blog tarketing sellers, buyers, etc.  I liked the list of great blogs and the cal to action for short sales!

Good post Scott.  Price it right and hold on tight.  The market will tell the seller what the correct value is.

I ran into a case last summer where the listing agent said the BANK told her to reduce the listing price, and then would counter 20% higher, and had several offers walk.  it certainly discouraged me and my buyer from playing the game.   DO they not know that a listing is a contract and an offer to sell at that price?  fortunately I think this practice has fallen away...but