LISTINGS LISTINGS EVERWHERE LISTINGS

By
Real Estate Agent with Coldwell Banker Elite

Hello Active Rainers,

   Now that we are into what is typically considered the hot months (for sales) here in the northern virginia area, I am seeing more and more listings pop up.  Sign after sign, decorate our neighborhoods.  I myself have five and will have 8 by the end of the month.  I have started bringing other agents on board as the numbers increase.  I do pride myself in giving each client full service and believe their is a saturation point where you may lose your bubble if you take on too many listings.  I have learned that although listers last in this business, YOU CAN and MAY go broke advertising properties.  Why you say?  As my broker continually reminds me and the other agents in our office "PRICE IS KING!"  And "you cannot spend enough money attempting to sell an over priced listing".  With more and more of us getting lister of the month/quarter awards, I am reminded to remain focused on why we are in this business and that is to deliver on our promises.  Be honest with your seller's throughout the listing perioed and remain in good contact.  The answer may reside in limited listings, during a high inventory period.

  Getting listings in this market doesn't appear to be too difficult but selling them has been a challenge.  I have had to honestly ask myself: Can I sell this home?  What about it would be appealing to a buyer with so many other listings on the market (often on the same street)?  Is it priced to sell?  What is the motivation of the seller? and is the Seller close to negative equity?  As the market continues to adjust, I find more seller's can't afford to sell and really don't have a good understanding of what the true cost are of  closing.

  On a side note concerning buyer motivation:  I have had seller's tell me "I don't have to sell, but I would like to".  or "If I can't make this amount, then I won't sell".  To me, these are RED FLAG's on the motivational level.  Some seller's I have found like to use this verbage when talking commission to feel out if agent is hungry for a listing, yet other's are being completely seroius and you then have a tough choice to make:  Do I take this listing or not?  When I hear red flad statements from seller's I provide them with the facts and give them my best educated estimate.  If they cannot accept the price range based on facts provided (of course this is after you have previewed their home for improvements, etc.), then sometimes we agree to disagree and we move on.

I am interested in what other comments you all have heard from seller's concerning motivation?

 What really puzzles me at the moment, is that rates are low and the inventory is high.  I wish I was looking for a home right now, talk about choices!!!  It is a buyers dream.  But maybe in the same breath, buyers feel somewhat overwhelmed by the amount of homes on the market and all their choices. 

Comments (4)

Keith Pate
Keller Williams Preferred Realty - Raleigh, NC
Jeff - It is definitely a buyers dream to have that many listings available. It also sounds like the sellers could take it or leave it as to whether or not their houses sell. Maybe you could try pricing the listings withing the range of similar comps, but at the lower end and that would help move them......not necessarily the best for the seller but it sure beats the home sitting on the market on and on.
May 14, 2007 01:41 PM
Susie Roscoe
Signature Realty Associates - Brandon, FL
Real Estate Specialist | Brandon, FL
I hear you!  Listings EVERYWHERE....wish I had as many current BUYERS!  I've taken a few who still insist on starting "high-er" than I recommended but as long as they're willing to reduce within 30 days (if not sooner) I take their business.  I have one right now that I'm getting ready to dump...it's overpriced and overrated, has tenants who are not very cooperative (I'm sure you can't imagine) and sellers who aren't replying to emails whatsoever!  Soo...
May 14, 2007 01:45 PM
Jeff Setzer
Coldwell Banker Elite - Stafford, VA

Agree Keith, the goal is to sell the home.  If a client truly understands the market and we have done our job in gathering good comps then a lower price to move the home quickly is best for all concerned.  Less stress on the seller's and property movement for the market!

Susie, I inform my listing clients that we are working together to sell the home; it is a partnership and we work together to get the job done.  Agree if they demand the higher price, we do a 30 day, but as you know remind them YOU are paying for the advertising and YOU are the professional paid to give them your advise to help them meet their goal: Selling their home.

May 14, 2007 01:55 PM
Vinny Goldsmith
Anne Arundel Properties - Crofton, MD

Absolutely agree.

On my street there is a house that has been on the market - vacant - for 9 months.  On the same street other houses have listed for less money and sold in a month or two.  Since these are all townhouses -  it is obviously all about price.

I do mostly new construction - or buyer agency.  But I do have a listing now where I told her before hand that we would reach a point where we would just have to lower the price every month until it sells.

We have a few good months ahead, and then the fall and winter.  Next year I think we will see an increase in demand and the market should even out a little bit. 

 

May 14, 2007 02:38 PM