No Wonder Houses Aren't Selling...

By
Education & Training with Sell with Soul

Okay, rumor has it that the real estate market is in a slump. Is it true? S'pose so, everyone says it is.

I've been previewing my little heart out here in Charming Old Denver, catching back up on the market since my return to the trenches. I gotta tell ya, if YOUR market is anything like MY market, I can see why buyers aren't buying.

The inventory is CRAP! I've looked at 25-35 houses in the last two weeks and of those 25-35 homes, I found 4 that I would actually consider showing a buyer. The others? Well, they're way overpriced (like up to $100,000 in a $350k - $450k range), and/or they show poorly and/or they're HARD to show.

Now, these properties aren't listed by "discount" brokers or otherwise unpopular types - they're listed by some of the biggest names in the area.

I'm dismayed and frustrated. I actually HAVE buyers that would like to buy something, but I have nothing to sell them. And I blame the listing agent community. It's our job to tell our sellers what they need to do to in order to sell their homes. I really want the listing agents in my area to do their job better so my buyers will fall in love!

Now I remember why working with buyers frustrated me. No, not because "buyers are liars" or because I hate being run all over town. I don't mind that. What I do mind, deeply, is the inability, even in a "buyer's market" to find enough decent listings to show my reasonably fussy buyers.

Okay, that's my rant for today.

sws

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Ambassador
1,878,678
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth
Jennifer, so you are saying that listing agents are "wimps." I think I get the point. They need to be more direct and frank with their sellers and tell them what it takes to sell a house. Great post.
Feb 15, 2008 06:28 AM #37
Rainer
84,353
Joe Adams
Major Mortgage USA/Branch Manager - Montrose, CO
I had the privledge of telling a client that his home that he bout almost 2 years ago is worth less than he paid for it.  That was an interesting conversation
Feb 15, 2008 08:33 AM #38
Ambassador
1,878,678
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth
Joe, we have people in homes five years that are less than they paid for it. They REALLY never understand that but prices have to settle as new neighborhoods are built out.
Feb 15, 2008 03:14 PM #39
Rainmaker
386,634
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &
Jennifer- You are probably right. I think listing agents are in a slump, the properties aren't mooving quickly and they have lost the edge. I am going to refocus after reading your post.
Feb 15, 2008 05:47 PM #40
Rainmaker
120,843
Elaine Manes Gage
Home Staging Online Services - Denver, CO
Staging done ONLINE!
Having been a Realtor, I remember feeling embarassed when all that was available to show were the "dog" listings! All I could do, was watch my poor buyers rush through the homes. It was such a no-brainer for me to become a stager, because I used to try hard to get my buyers to imagine how nice the home would be, if THEY lived in it and took care of it! Now, I actually get to physically change the homes from dogs to gems!
Feb 16, 2008 06:49 AM #41
Rainmaker
577,444
Dena Stevens Coriz
Rocky Mountain Realty - Canon City, CO
Putting The Real Into Realtor Since 2004
I agree whole heartedly. I just got done showing houses this morning. Three of the four were empty, but over priced. The fourth house was occupied by well minded renters. They turned the stereo on a nice station, turned the wood burning unit on and then retreaded to the back yard to stay out of our way. The problem? Stuff, stuff, more stuff - stuffed into every corner, cabinet, closet & doorway. My buyers just went away shaking their heads. And the buyers have to have a place soon. What am I going to do?
Feb 16, 2008 06:56 AM #42
Rainer
139,927
Kelly Sibilsky
Licensed Through Referral Connection, LTD. - Lake Zurich, IL
It used to be that it didn't matter...when we were experiencing a strong seller's market even the ugly or overpriced listings would sell. I guess it's hard for some sellers to get over that mindset. And some agents, too, apparently! What a shame.
Feb 16, 2008 11:51 PM #43
Rainmaker
484,157
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul
So... this all raises the question. If everything is overpriced... are the houses really overpriced? If you can't buy a house for less - for what seems "reasonable," does this mean that the overpriced stuff is properly priced compared to the competition?
Feb 17, 2008 12:59 AM #44
Ambassador
1,485,851
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR
So true!  Great obeservation!  Most homes on the market are filthy, over priced, not prepped, and no real upgrades!!  Oh, and did I mention they are overpriced!!!!  No surprises here!
Feb 17, 2008 01:40 AM #45
Rainmaker
373,842
Donna Yates
BHGRE - Metro Brokers - Blue Ridge, GA
Blue Ridge Mountains
Well, all I can say is this... if my market area is in a slump then bring it on.  I've been busier in February than any other Feb before and Jan, Feb are normally a dead time for the mountains.  I do tell buyers that we have some great homes in inventory right now but if you wait too long, we'll have to scrape the bottom of the barrel and it "ain't" going to be pretty.
Feb 17, 2008 08:33 AM #46
Rainmaker
484,157
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul
I was out yesterday visiting open houses and had a chance to chat with other open house visitors - everyone said the same thing - that the homes they're seeing are way overpriced. C'mon guys!!!!! There ARE buyers out there - let's give them something to buy!!!
Feb 17, 2008 11:18 PM #47
Rainmaker
332,263
Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc. - Sumter, SC

Jennifer, I have seen the same thing, including a seller sitting in their pajamas on the couch during the showing.  Any your house isn't selling because....

Feb 18, 2008 04:56 AM #48
Rainmaker
488,982
Alexander- Slocum
Premiere Property Group, LLC - Vancouver Washington - Vancouver, WA
Realty Team- Vancouver WA Real Estate

Jennifer, we've been seeing the same situation here as well.  Now we are entering a season where an increasing number of bargain REO's and Short-Sales are creating an even greater disparity with the homes in the over-priced tiers!

John

Feb 18, 2008 05:54 AM #49
Rainer
22,271
Luther Harrity - Saint John, Rothesay, Hampton, New Brunswick Real Esate
Royal LePage Atlantic/Harrity Real Estate Services - Saint John, NB

I feel your pain. We have a very hot market here (Saint John, New Brunswick, Canada) right now. It's a GREAT time to be selling, but if you are buying it's going to take a while. We have so many people looking for homes, and nothing to show them. It's very frustrating when you spend so much time prospecting.....for homes! No longer are the days of prospecting for buyers. 

It's times like these that it becomes very important for you to be tech savvy and quick. It's important you get those listings emailed out to your clients as soon as they come on the market, and if they like what they see there....get them in the door. 

Feb 21, 2008 10:34 AM #50
Rainmaker
113,175
Jane Wallace
HomeSmart Cherry Creek - Denver, CO
CRS | SRES, Denver Real Estate
Do thet want a Condo I have some Very Nice Well Priced Listings, In The Golden Triangle, LoDo & LoHi
Feb 26, 2008 09:21 AM #51
Rainmaker
227,946
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison

Hey - we've got a Golden Triangle too. Nice.

Sellers in California are still living in the dream world where they think their homes are worth what they were on their best day 2 years ago.80% of our sales the past two months have been REO's. Until individual sellers start to deal with the reality of the current market, their homes will sit on the market. Only time will sell - and until then it's our fault, of course.

Don't wait to buy real estate - buy real estate and wait.

Feb 26, 2008 11:18 AM #52
Rainer
31,503
Joy & Shane Goushaw
Sandals Realty - Fort Myers, FL

Working with both the buyers and sellers, I see both sides!  My listings have been and are selling because I am honest with my sellers about what the market is doing and we price accordingly.  Very refreshing!  They know that not only does the price have to look pretty, but so does the bathroom, kitchen, garage, etc.  For the most part, they are getting it!

 

Feb 26, 2008 02:07 PM #53
Rainmaker
484,157
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul
I'm glad to hear you're doing so well, Joy!
Feb 26, 2008 11:31 PM #54
Rainmaker
113,175
Jane Wallace
HomeSmart Cherry Creek - Denver, CO
CRS | SRES, Denver Real Estate

Jennifer check this out for your buyers MLS#623940

Also I think the high prices in Highlands and LoHi and poor quality is because they are buying for the land values to scrape (LOHi will be like Cherry Creek in a few years only Hipper)

Feb 27, 2008 02:59 AM #55
Rainer
32,495
Summit Realty Group
Summit Realty Group- The Future of Real Estate Today! - Highlands Ranch, CO
Your right...there are still a lot of unrealistic sellers out here in Denver
Mar 18, 2008 03:29 AM #56
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