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Old 06-25-2010, 11:16 AM
 
2,938 posts, read 5,701,530 times
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Quote:
Originally Posted by I_Love_LI_but View Post
I know a couple of realtors and they say that usually it is the seller who wants to price the home way too high and refuses reasonable offers.
This is more the rule then the exception. Most sellers have unreasonably high expectations about the value of their homes. The commission difference, when you come right down to it, is not that great on the incremental amount. Plus, if the home is priced too high and doesn't sell, the agent does not earn anything at all, so there is no incentive for an agent to encourage a higher price then the home deserves.
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Old 06-25-2010, 11:20 AM
 
Location: Union County
5,130 posts, read 4,992,317 times
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Quote:
Originally Posted by FrmlyBklyn View Post
A couple of things: I was implying that if we were to have runaway inflation, exactly as you state, our way of life would be over. I too, am very familiar with that picture of the person carrying the wheelbarrow full of deutschemarks used not to go to the bank, but to buy a loaf of bread.

As far as Fed Target - well anything they target as recent history has shown has been way off mark. If they had to shoot anything to eat in the real world they would die of starvation. Personally, I don't believe they have any credibility - that is why there is a disconnect between official government propoganda and internal grumbilings about what is really happening in the economy. Today's report is suspect, first quarter GDP was first calculated at 3%, today's revised report indicates it is 2.7% - that is anemic in terms of a recovery. Coming out of the '81-82 beating, the GDP grew at 8.5%, its wishful thinking on the part of the government to even contemplate such a scenario this time around, nor is there any momentum on the horizon to enforce such a view. We are in for a lousy enviornment for some time to come, and dont' look to Asia to be your savior - their not, how did China go from double-digit GDP growth to mid single digits in the last 6 months? Europe is barely holding on - the Germans are not going to bail out the entire Union.


I am conservative as well, perhaps overly, but at this stage in the game, it's going to get much worse, before it gets better. Cash is King, nominal bonds are not that much far behind it - everything else is suspect, especially with all these artificial valuations being propped up by poorly conceived government policy. Rates are going lower in the market, banks will be lowering rates even further - welcome to Japan.
Quote:
Originally Posted by FrmlyBklyn View Post
In the near term, we have a deflation problem. In the long run, we are all dead - as you say, we have a major debt problem.
These are the things I think about when reading threads like this OP started... It really comes down to your typical seller rant with no concerns about the big picture - which is insanely bleak. Even the typical gold shelter has been pretty much maxxed out. It's getting to a point where there's nowhere to hide.

I was very serious about possible regrets with not looking at lowball offers with the very real double dip we could see soon. Everyone is looking at the RE market to stabilize and save us... Yet, with the tax credit expired and potentially bad numbers coming, it's a recipe for more downward pressure. Wall St has already proven time and time again how skittish they are and all it takes is some bad numbers on existing home sales for a huge selloff there. Once that starts, many sellers will be wishing they took some folks up on those "insulting offers".
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Old 06-25-2010, 11:22 AM
 
1,803 posts, read 4,126,967 times
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Quote:
Originally Posted by TomMoser View Post
Plus, if the home is priced too high and doesn't sell, the agent does not earn anything at all, so there is no incentive for an agent to encourage a higher price then the home deserves.
I think there is an exception to this.

There are some realtors who tell a homeowner that their house is worth more than it is, b/c the gullible homeowner will then list with them. I have seen it happen. It almost happened to a neighbor of mine.

A local and very well educated realtor was showing them comps that they could get for their home. I had been IN each of those comps and their home was nothing close to those homes by any means. I told them that he was just trying to get the listing, that their home is NOT on par comp wise to sell for those high prices.

Sure enough, they listed with someone else and in the end, their home sold for 200,000 less than the comps he showed them and made them believe they could get. Oh, and the one comp that was a true comp the realtor claimed he didn't "know" what it sold for. Funny, I did and everyone else did...

So there are scamming realtors out there.
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Old 06-25-2010, 11:31 AM
 
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^^ True. Some agents will pump up the price to get the listing.
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Old 06-25-2010, 11:41 AM
 
2,356 posts, read 3,684,909 times
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Quote:
Originally Posted by TomMoser View Post
The commission difference, when you come right down to it, is not that great on the incremental amount. Plus, if the home is priced too high and doesn't sell, the agent does not earn anything at all, so there is no incentive for an agent to encourage a higher price then the home deserves.
How does the same thing prevent the agent from underselling the house ?
I mean what if the agent asks the sellers to price it $10K less knowing that it will sell soon and they will need to spend less time in the open houses, save money on paperwork etc ? (the difference in the commission is not that much right ?) - just an innocent question !!

Agreed, the seller usually says I want to price the house more than what the realtor wants to !
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Old 06-25-2010, 01:48 PM
 
Location: Northern NJ/Amagansett, NY
4,174 posts, read 4,860,163 times
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Quote:
Originally Posted by FrmlyBklyn View Post
A couple of things: I was implying that if we were to have runaway inflation, exactly as you state, our way of life would be over. I too, am very familiar with that picture of the person carrying the wheelbarrow full of deutschemarks used not to go to the bank, but to buy a loaf of bread.
Peronally, this is my favorite picture. It is a Gerrman woman dumping money in a stove, because the money burns longer than the amount of wood it will buy.

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Old 06-25-2010, 04:41 PM
 
Location: Town of Huntington, NY
7,751 posts, read 10,891,809 times
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Quote:
Originally Posted by AnesthesiaMD View Post
Peronally, this is my favorite picture. It is a Gerrman woman dumping money in a stove, because the money burns longer than the amount of wood it will buy.
Thanks for the photo! Brings back memories... not using worthless bills to make a fire (I grew up in post-war Berlin), but the "Kachelofen", roughly translated as tile oven, which was used to heat rooms; sure taught me how to build a fire--we used coal at the time.
I do remember playing with coins that said "3 Billionen" which meant nothing to me then because I was very young - wish I still had some of those.
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Old 06-25-2010, 05:16 PM
 
815 posts, read 1,166,594 times
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coins that said "3 Billionen" which meant nothing to me then because I was very young - wish I still had some of those.

I assure you, they are still worth nothing.
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Old 06-25-2010, 08:28 PM
 
1,841 posts, read 1,468,070 times
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Quote:
Originally Posted by I_Love_LI_but View Post
I think if a RE agent wanted to mess with people and make "easy money" they would talk sellers into setting prices lower rather than higher so they would sell faster and easier.
Not in my recent experience. Looking at mexican flop houses that need to be gutted, flooding homes, and homes that haven't been upkept since the 80's and we're hearing the same thing every time about how home prices will rebound, this is what the house is worth, the house was listed 3 years ago at this price and now look how low it is.
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Old 06-25-2010, 08:33 PM
 
Location: Nassau, Long Island, NY
15,856 posts, read 17,138,160 times
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Quote:
Originally Posted by SilverBulletZ06 View Post
Not in my recent experience. Looking at mexican flop houses that need to be gutted, flooding homes, and homes that haven't been upkept since the 80's and we're hearing the same thing every time about how home prices will rebound, this is what the house is worth, the house was listed 3 years ago at this price and now look how low it is.
Where were you looking?
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