Seller refuses to believe there are 105 listings in his neighborhood.

By
Real Estate Agent with Optimar International Realty

Currently, there are 105 Active listings on the MLS in Cooper City, Florida. They range between $400K-$499K all within a 4 mile radius. I have this listing in which the seller continues to ask "Why isn`t My Home not Selling?" With so much glut on the market it seems that the more I explain about "Price and Aesthetics" being the number 1and 2  factor in selling a home in today`s market, the more they seem to be in denial. I have recommended to these sellers that they need to take a look at the kitchen and bathrooms they need to be modernized, the tiled floors need to be grouted and polished,the landscaping re-done, and interior and exterior painting need to be addressed.

The competition is too fierce not to have your home in Tip Top Shape! This listing in particular that I mentioned has 12 year old kitchen appliances, needs a paint job desperately, they tell me "My Home is in great condition, it`s you who can`t do the job!" They want Top Dollar for a home that quite frankly in it`s current state will never sell.  

Like many other Realtors in South Florida and the rest of the country, I`m very curious how the Real Estate market will play out within the next 6 months. Will prices drop,will Sellers take their homes off the market, until market conditions improve, will interest rates correct themselves and move down? To see 105 Listings in an area that is only 11 miles in radius is quite astounding... 

Comments (13)

Scott Daniels Florida Real Estate 2.0. Agents Earn 100% Commission.
Florida List For Less Realty, Inc. Broker/Owner. - Cooper City, FL

If you`ve taken the time to explain the reason why you feel the home isn`t moving than you`ve done your job... The rest should be left in the sellers hands.

I had a seller once ask me to paint his home because he felt that would be a nice touch.

Aug 30, 2006 11:33 PM
David Eiglarsh
United Realty Group - Weston, FL
CRS, CDPE, Serving South Florida

Bottom line is that the seller needs to reduce his price. Go to my blog site www.eiglarshblog.com, cut & paste or just print all of the articles from the Herald, Sentinel, and USA Today. Give them to your client. It's one thing to "tell" them about the market, it's another to "show" them.  The expression goes like this:  When someone calls you a jack-ass, you give them the middle finger. The next time someone calls you a jack-ass, you begin to wonder. The third time someone calls you a jack-ass, you check for a tail. 

Aug 31, 2006 12:19 AM
Bob Pavey
RE/MAX Hometown - Aventura, FL
CRS
Ericka I find to sell the hard ones affer a larger commission to the selling agent it has worked for me. Good Luck
Aug 31, 2006 12:24 AM
Ken Cook
Content, coding, marketing, host. - Marietta, GA
Content Marketer/Creator
Erika - the market conditions in South Florida are somewhat unique to the remainder of the nation. It, unfortunately, is one of the markets which had a true "bubble". A lot of my clients made a great deal of money during the last few years buying homes for $250,000 and selling them for $400,000 (eg). Historocity likely holds the answers to your questions ... I'll blog it with some numbers and historical data soon. Interest rates actually are correcting themselves - upward. They are normalizing to counterbalance inflation. The economy is still very strong and it's stabalizing. We've actually just recovered from near disaster which hit us like a tidal wave in 2001 - the rates were so low because the market tanked. When the market is strong rates rise. The market is strong - rates ain't goin' down! I don't necessarily think the seller needs to lower their price but they definitely need to have the most desirable property they can. We're staging everything now and it's working. We spend $1500 to $5000 depending on the value of the home and it WORKS. Also we're moving into auctions. I don't have any experience to share with you but my research indicates we're going to be getting 90 to 95 percent of our listing prices. Will blog this after I get experience. HANG TOUGH! Ken Cook
Aug 31, 2006 12:36 AM
Jenny Lozano
Florida List for Less Realty,Inc. - Boca Raton, FL

Erika,

You should see the last house I was in. It was in Delray. The home needed roof,new paint and that was just scratching surface. The seller wanted $475,000 for this wonder..

Aug 31, 2006 12:42 AM
Christopher H
REAL ESTATE - Shelby Township, MI
Some sellers just aren't reasonable even with the facts right in front of them.  Good luck.
Aug 31, 2006 01:10 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time
Well Erika you probably know my position on this if you have read any of my blog. David is right, sellers need a visual. I would print off every listing on the market and show it to her. Make it 150 pages long, fumble through it, drop it on the floor, spread it out on her kitchen table. Arrange them according to price beginning with the lowest and show her where her property shows up in the stack. This technique works great for me.
Aug 31, 2006 01:46 AM
Scott Daniels Florida Real Estate 2.0. Agents Earn 100% Commission.
Florida List For Less Realty, Inc. Broker/Owner. - Cooper City, FL
The fact is you told the seller the truth, wish is all that counts..
Sep 02, 2006 12:01 AM
Omar Camejo
Florida List For Less Realty,Inc. - Ocala, FL
You did the right thing. Let the seller decide.... Many times they`ll wake up in a day or three..:
Sep 02, 2006 01:02 AM
Joan & Greg Cook
The Cook Team at Keller Williams Partners Realty - Plantation, FL
If you tell the seller the truth, you've done your job.  In this type of market you have to make sure they're motivated enough to do what's necessary to sell the home.  Price is the only issue!
Sep 13, 2006 09:10 AM
Carl Guild
Carl Guild & Associates - East Hampton, CT
Central Connecticut Real Estate
Price and Exposure sell a home - If his house is not in tip-top shape then you can't ask for tip-top price!! Sounds like you have done your job and wow there are alot of houses for sale in that 4 mile radius - Now thats some competition!!
Sep 20, 2006 06:41 PM
Sabine Pyrchalla
Colorado Springs, CO

Erika,

not sure if you have the time to do this - but what seems to work here is to take the Sellers and show them the competition. Not on paper - but the actual home. Let them compare a couple of homes for themselves. Pick homes that are as similar as possible as far as square footage and price and then show. Most Sellers will be able to tell the difference between a new Gourment Kitchen that might support the price and an old kitchen that's lacking appeal. It's a hard lesson to do and time consuming - but might be well worth the effort.

Oct 01, 2006 10:52 AM
Michael DeMello
Prudential Locations LLC - Honolulu, HI
CRS, ABR, CDPE, e-Certified

Erika,

Must agree with Sabine and David on this.  Take them to see the competition.  Show them the homes that are priced lower than your listing but in better condition.  Especially if they are not selling.  From there figure out how many months of inventory there is for that particular home. 

From there make sure you know your Sellers motivation.  That's the big one.  Play to their motivation to make them do what they need to either reduce price, fix the home, or both.  To me once you show all the facts it's either do or withdraw... 

Good luck to you!

Oct 01, 2006 07:08 PM