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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