Ugly Market . . . The Best Time to Buy or Sell is When You Need To

By
Real Estate Agent with www.PensacolaForYou.com - Grand Points Realty

In a near record slow market for our area, 22 months of inventory, I recently put a $239,900 home under contract at full price within two days. How? The home was meticulously maintained and the seller, while upside down like many today, was well educated about the local market and absolutely realistic.

 

Gulf Breeze, FL home

Gulf Breeze, FL Home - Priced Right, Sold Quickly 

We have to do our best, for our clients and ourselves, to explain the real market picture . . . ugly as it might be for a seller. I'd hazard a guess that I'm not the only one who has chased the market down with more than one listing over the past year or so. Everyone suffers in this scenario.

I remember the advice that the best time to buy is when you need to . . . same goes for selling and it isn't always when the market is hot.

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Rainer
59,769
Shawn Hartmann
RE/MAX RESULTS - Roseville, MN
Good job! Finally, sellers are staring to "get it" about what has been going on. Atleast the sellers that are actually "selling" get it. WWW.HARTMANNTEAM.COM
Mar 20, 2008 01:33 PM #1
Rainer
45,114
Jennifer Hillegas
Sign Your Deed Realty - Rome, GA
Every Seller Does It!
Congratulations!!!!!  It is awesome that more and more Realors are taking priced right listings!!!
Mar 20, 2008 01:34 PM #2
Rainmaker
341,671
Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA
Great job and I agree that our role is not to LIST homes but SELL them. To achieve that goal we need to educate our sellers and some times our buyers. We have to be 100% honest with  clients and not be afraid to lose a listing because we they are not in line with what we know the true selling price.
Mar 20, 2008 01:35 PM #3
Rainer
39,334
Deb Short
TENNNESSEE REALTY & AUCTION LLC - Sparta, TN

Thats a right on! Great job! I have turned away many listings due to over price listings. It only cost me to sit on them paying for advertising.

If the home is listed right it will sell!

Mar 20, 2008 01:43 PM #4
Rainer
59,769
Shawn Hartmann
RE/MAX RESULTS - Roseville, MN

Key word is "need to sell". WWW.HARTMANNTEAM.COM

 

Mar 20, 2008 01:51 PM #5
Ambassador
591,396
Julie Chapman
DR Horton - Ormond Beach, FL
New Homes Sales Ormond, New Smyrna, Daytona Be

Congratulations....the market has all appearances of picking up -  internet leads, walk-in leads, buyers and contracts have all inceased substantially in the last month......I look forward to a great spring. 

Mar 20, 2008 01:55 PM #6
Rainmaker
63,714
Robin Sherman
www.PensacolaForYou.com - Grand Points Realty - Pensacola, FL
Search Pensacola Homes, For Sale - Pensacola FL Neighborhoods

Thanks Shawn, Jennifer, Eric and Deb - Like I mentioned in my post, I have been guilty of letting the seller convince me my comps could be inched up. The reality is, they just can't - the price is what the market dictates and the sold listings tell the story. I have been walking away from unrealistic buyers for close to a year (and watching their listings sit). It was refreshing to work with a seller who really did get it. As another Realtor once said to me, "I want to be that (unrealistic) seller's third Realtor."

Mar 20, 2008 02:01 PM #7
Rainmaker
896,567
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT
Robin - I've got a property that I've listed on and off for almost two years now, but they don't have to sell.  It's a two-family that makes sense financially for owner-occupied buyers, but not for investors.  As you say, if the seller doesn't HAVE to sell, they aren't motivated to price it at a level where it will move quickly.  They agree to price reductions, but I can't get them to come down far enough and quickly enough, so we are always trailing the market.  Very frustrating.
Mar 20, 2008 04:56 PM #8
Rainmaker
63,714
Robin Sherman
www.PensacolaForYou.com - Grand Points Realty - Pensacola, FL
Search Pensacola Homes, For Sale - Pensacola FL Neighborhoods

Gail - And there are several problems with this. You are spending your money to market the property and eventually they may get tired of having it on the market and you have just wasted who knows how much. It also really skews the time on the market statistics. But you know this, I'm preaching to the choir. I have just gotten to the point that I won't sit on these homes. I'll lose a few here and there, but in the long run I feel certain I'll come out ahead.

Mar 22, 2008 05:54 PM #9
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Rainmaker
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Robin Sherman

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