The What-Were-They-Thinking Listing

By
Real Estate Broker/Owner with Home Jane Realty BRE# 01439865

Los Angeles real estate is its own alternative universe when it comes home prices, amongst other things, and hard as most of us try we cannot seem to reign in the renegades.

When we buy anything these days we shop around comparing prices and looking for deals. No one wants to overpay. Why should we. It is easy to see what a fair price for the product we are buying is. The same goes for real estate.

Among other things it is our job as Realtors® to help our clients get the most money when they sell their home and the best deal when they purchase one. It is our job as Realtors® to keep our clients grounded and realistic, especially on the seller side. 

We all of us can get listings if we tell the seller what they want to hear. We can all lose listings when we tell the truth. I often just marvel at the temerity of some agents when they list a home that is so grossly overpriced as to be laughable if it weren't so sad. And I mean "grossly" overpriced, in some case by millions. What happened to these agents' fiduciary duty to their clients? 

I wonder what the seller feels when they see their home sit on the market as the price slowly gets lowered. But the fear when you see these listings is that some buyer is eventually going to overpay, creating a comp that sets the future market. And you wonder why our prices got so high.

These kinds of listings are rampant here, and I take offense at every one. I wish I could call the sellers and ask them what were you thinking?

 

 

 

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Ambassador
3,867,427
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Jane- I love your perspective. Having been a seller I remember sitting at the table and the agent telling my husband and I that we could list our home at (insert grossly over-priced figure).  My husband is a homebuilder and knew where the market was going and what the home was worth. I can also remember when on another home, we received a grossly lowball offer in which the buyer also wanted us to throw in our $75K + boat to boot!  When we declined, the agent told us that we were not going to get a higher offer. And you know what happened after that...we got the offer we were looking for. 

Jun 17, 2019 06:45 PM #1
Rainmaker
1,434,698
Kat Palmiotti
Grand Lux Realty 914-419-0270 (NY), kat@thehousekat.com, (MT) 406-270-3667, more information to be provided shortly - Kalispell, MT
The House Kat

It is unfortunate (but true) that some agents overprice to get the listing. The sellers who don't know what the market is doing just want to get as much money as possible - they don't know the amount the agent mentioned is impossible. Until the house sits with no showings and many price reductions.

Jun 18, 2019 04:00 AM #2
Rainmaker
1,164,379
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Kathy Streib This is what gives us a bad reputation. I'm glad you were savvy enough to avoid those pitfalls.

Jun 18, 2019 02:19 PM #3
Rainmaker
1,164,379
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Kat Palmiotti The sad part is when the home eventually sells the sellers are not aware of how bad they have looked during the course of the listing with all those price reductions and probably ended up selling it for less than they would have if priced right.

Jun 18, 2019 02:20 PM #4
Ambassador
3,985,154
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Jane:

Yes, we do see those listings here, too, and you do have to wonder what the thinking is...or I suppose isn't!

Jeff

Jul 01, 2019 08:18 PM #5
Rainmaker
1,164,379
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Oh they are thinking..... about getting the business at all costs.

Jul 04, 2019 01:12 PM #6
Rainmaker
1,483,717
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

I'm feeling your pain.  And all it takes is one uninformed buyer with deep pockets to pay the asking price and then all the neighbors suffer (those who don't want to sell that is ).  It's not fair to those who want to stay in their community and not just cash in.

Aug 26, 2019 05:46 PM #7
Rainmaker
1,164,379
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Georgie Hunter R(S) 58089 Any buyer would have to be more than uninformed to buy this. The home has since been taken off the market, surprise, surprise.

Aug 27, 2019 01:52 PM #8
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Rainmaker
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Jane Peters

Los Angeles real estate concierge services
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