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Old 03-08-2009, 06:34 PM
 
Location: New Jersey
1,395 posts, read 1,956,941 times
Reputation: 275
Quote:
Originally Posted by AntoinetteNJ View Post
Here are all the common Seller Objections I hear to pricing and my take on them.
so what you're telling us is that you're better suited to be a buyer's agent than a seller's agent...

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Old 03-08-2009, 06:53 PM
 
Location: Northern NJ/Amagansett, NY
3,794 posts, read 4,290,196 times
Reputation: 2550
Quote:
Originally Posted by AntoinetteNJ View Post
I do a lot of blogging and had to get this post out of my head before I publish it this week. Here are all the common Seller Objections I hear to pricing and my take on them. I think I'm going to develop this as a piece for expired listings too, but in the meantime here they are. BTW, I can't make this stuff up guys!

I’m not giving my house away!
No matter what price range your home is in, we’re talking about hundreds of thousands of dollars. Since when can that be considered “giving anything away?” This comment demonstrates you’re trivializing the role of the buyer to step up and pay up. Also don’t forget that although the value of your home has gone down from the unsustainable peak, whatever you’ll be buying will also have a lower pricetage. Therefore it’s all relative.

The most important thing sellers need to realize now is that the years of 2004-2005 were an aberration. Lenders were giving away free money. No one cared about the buyers' ability to pay their bills or afford the homes they were buying. Prices went through the roof due to faulty manipulation of the entire home purchase process. So if you’re thinking your home is worth what that house up the street sold for in 2005, you’re dead wrong. Incidentally, that house up the street is NO LONGER EVEN WORTH what the buyers paid for it in 2004-2005! Get over that period of history. It’s done.

The house up the street sold for xxx in January!
Please see my comments for “I’m not giving my house away.” The real estate market has been dwindling lower by .5 percentage point on a monthly basis for the past year. Every month that passes, home values go lower. What sold this past January is irrelevant.

Homes have sold for much more than what I’m asking!
As a REALTOR, I know what has been listed and sold in my market areas. If the price range for your home is justified by recent sales, I know about it. If I don’t know about it, it’s wishful thinking on your part.

I’m going to wait until the market gets better.
I hate to break it to you but the real estate market will never bear the price you’re referencing, which is the height of the false market. You will never get the price your neighbors sold for in 2005, ever again. Please see my response to “I’m not giving my house away.” If your life conditions would be better served by moving, then list your home at a realistic price and sell. Or just stay where you are – the choice is yours. But don’t put your life on hold for a market that will never happen again.

I’m not about to make any Realtor’s job easy!
Join the club, no one makes my life “easy!” Explaining that a seller’s pricing expectations are unrealistic is difficult. Telling a messy couple that they have to learn to get organized or sell at a lower price (or not at all) is DIFFICULT. Presenting offers to delusional sellers when I represent the buyers is DIFFICULT. Dealing with ridiculous lowball offers on a listing (when the listing is realistically priced) is DIFFICULT. Chasing down real estate agents for feedback on your listings when they’ve shown them is amazingly annoying. So please, make my job easy? I already know that isn’t happening. But if you’re going to make it your business to make my job more difficult than it already is, you can call the next REALTOR on your list because your business I can do without!

I’m not in a hurry to sell.
Then don’t list your house. The real estate market is going lower still perhaps through early 2010. If you’re not motivated to sell your home, do everyone a favor and stay where you are.

So, welcome to my life! I can't wait to mail this piece out. Bet I make a LOT OF FRIENDS (NOT)!!!!
This is why people get angered at real estate agents. Many of you guys think that WE are here for YOU. It's all about getting houses sold quickly for you without any regard for the sellers and buyers needs. It's the sellers and buyers who are paying you. You cater to us, we dont cater to you. You make suggestions, that is your job. We decide whether or not to take your advise, but you have absolutely no right to tell people whether or not they can put their house on the market. This is a free market. People like you try to stand in the way of a free market because it makes YOUR situation better. People have a right to ask whatever they want. People have a right to lowball as much as they want. People that are out of touch with what the market will bear will wait a long time to sell or buy their house, but everybody has a different timetable and agenda. I understand you want them on your agenda, but as I said, your job is to make suggestions. The buyer and seller's job is to do what they thing is best FOR THEM and THEIR individual situation. Real estate agents are lucky that people even use them. Like most middle men, they give you an advantage, but if nobody used them nobody would have the advantage and there would be equilibrium. So remember, you work for us, not the other way around. If I tell you the price I want for my house, and you take the listing it is your own fault so dont ****** and moan when I dont lower my price 2 weeks later.

Also, there was no "false market". A false market occurs when buying and speculation are manipulated with ERRONEOUS INFORMATION not cheap and easy money. Without erroneous information (Like "GM sold more cars this February than any month in the history of car sales." when it really didnt.) the market is just a market, constantly evolving, expanding and contacting. The market was what it was and now it is what it is. (I just reconsidered this. The ratings agencies falsified their ratings at the behest of the banks, so that would qualify it as a false market, but not in the way you meant it.)

And lastly, if this...
Quote:
I hate to break it to you but the real estate market will never bear the price you’re referencing, which is the height of the false market. You will never get the price your neighbors sold for in 2005, ever again. Please see my response to “I’m not giving my house away.” If your life conditions would be better served by moving, then list your home at a realistic price and sell. Or just stay where you are – the choice is yours. But don’t put your life on hold for a market that will never happen again.
... is what you are telling people, then you must think that we are never going to break out of this economic contraction. I dont know if we will or not, but I would never be so bold as to make such a statement. If we do break out of it, you can expect serious, if not record breaking, inflation with all the trillions of dollars being printed up and the growing national debt. With inflation of this magnitude, it is likely we will see prices comparable to 2005 and even higher. This will not be because the housing market is great or even good, but because the money will be worth less than it is now. When faced with inflation, fixed debt is a great thing to have because the money is devalued, and therefor the debt is less costly. This can happen in a very short period of time. Something you might want to consider the next time you are about to tell somebody "You will never get the price your neighbors sold for in 2005, ever again."
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Old 03-08-2009, 07:10 PM
 
1,914 posts, read 1,949,062 times
Reputation: 1047
Quote:
Iím not giving my house away!
No matter what price range your home is in, weíre talking about hundreds of thousands of dollars. Since when can that be considered ďgiving anything away?Ē This comment demonstrates youíre trivializing the role of the buyer to step up and pay up. Also donít forget that although the value of your home has gone down from the unsustainable peak, whatever youíll be buying will also have a lower pricetage. Therefore itís all relative.
You're entire post trivializes sellers positions. YES, buyers need to step up and pay. Isn't that the entire issue that created the mess we're in today? The lack of buyers stepping up? Buyers didn't WANT to step up and pay. 0% down. What's the stake in those subprimers losing their home? (Subprime = person not qualified to get the loan he/she got.)

What you say is only true if the seller bought in the bubble. What seller do you know wants to go to closing and have to hand over a check?

At the same time, with every $10K decrease in a seller's asking price means what to a realtor? A couple hundred bucks vs. what it means to a seller?

Realtor's could CARE LESS what homes are selling for as long as they can sell them.

Realtor's weren't exactly STARVING with the jacked up housing prices in the 2005-2006 years.

Time to get back to work and deal with the mess that realtor's got big and fat off off for those good years...and didn't mind participating in.
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Old 03-08-2009, 07:10 PM
 
1,529 posts, read 2,791,259 times
Reputation: 428
Quote:
Originally Posted by AnesthesiaMD View Post
And lastly, if this...... is what you are telling people, then you must think that we are never going to break out of this economic contraction. I dont know if we will or not, but I would never be so bold as to make such a statement. If we do break out of it, you can expect serious, if not record breaking, inflation with all the trillions of dollars being printed up and the growing national debt. With inflation of this magnitude, it is likely we will see prices comparable to 2005 and even higher. This will not be because the housing market is great or even good, but because the money will be worth less than it is now. When faced with inflation, fixed debt is a great thing to have because the money is devalued, and therefor the debt is less costly. This can happen in a very short period of time. Something you might want to consider the next time you are about to tell somebody "You will never get the price your neighbors sold for in 2005, ever again."
Surely you know that you're making a meaningless argument.

Sure, after our spendthrift govt debases our currency to the point where a Toyota Corolla costs 200K, a large pizza pie costs $150, and a can of Coke costs $16, you might be able to sell your house for the same "price" you could have in 2005, if you're talking in dollar terms alone.

But the value of that "2005 price" will be drastically lower than what the value was in 2005. That is, of course, what people mean when they say that you will never see home values where they were at the peak of the bubble.
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Old 03-08-2009, 07:26 PM
 
Location: Northern NJ/Amagansett, NY
3,794 posts, read 4,290,196 times
Reputation: 2550
Quote:
Originally Posted by Lusitan View Post
Surely you know that you're making a meaningless argument.

Sure, after our spendthrift govt debases our currency to the point where a Toyota Corolla costs 200K, a large pizza pie costs $150, and a can of Coke costs $16, you might be able to sell your house for the same "price" you could have in 2005, if you're talking in dollar terms alone.

But the value of that "2005 price" will be drastically lower than what the value was in 2005. That is, of course, what people mean when they say that you will never see home values where they were at the peak of the bubble.
But when they sell, do they really care about that? Or do they just care that they "doubled their money." That's all they care about now, why should it be any different in the future. People that bought a house in 1980 talk about how much money they "made" when they sold last year, but they never seem to account for the inflation that occurred between then and now. Besides, if you reread the OP's words, you will see that it is a moot point...
Quote:
I hate to break it to you but the real estate market will never bear the price youíre referencing, which is the height of the false market. You will never get the price your neighbors sold for in 2005, ever again. Please see my response to ďIím not giving my house away.Ē If your life conditions would be better served by moving, then list your home at a realistic price and sell. Or just stay where you are Ė the choice is yours. But donít put your life on hold for a market that will never happen again.
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Old 03-08-2009, 07:29 PM
 
Location: Northern NJ/Amagansett, NY
3,794 posts, read 4,290,196 times
Reputation: 2550
Quote:
Originally Posted by JerseyG View Post
You're entire post trivializes sellers positions. YES, buyers need to step up and pay. Isn't that the entire issue that created the mess we're in today? The lack of buyers stepping up? Buyers didn't WANT to step up and pay. 0% down. What's the stake in those subprimers losing their home? (Subprime = person not qualified to get the loan he/she got.)

What you say is only true if the seller bought in the bubble. What seller do you know wants to go to closing and have to hand over a check?

At the same time, with every $10K decrease in a seller's asking price means what to a realtor? A couple hundred bucks vs. what it means to a seller?

Realtor's could CARE LESS what homes are selling for as long as they can sell them.

Realtor's weren't exactly STARVING with the jacked up housing prices in the 2005-2006 years.

Time to get back to work and deal with the mess that realtor's got big and fat off off for those good years...and didn't mind participating in.
Yep. It's all about volume to them.
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Old 03-08-2009, 08:14 PM
 
Location: Northern NJ
138 posts, read 292,692 times
Reputation: 58
This is why people get angered at real estate agents. Many of you guys think that WE are here for YOU. It's all about getting houses sold quickly for you without any regard for the sellers and buyers needs. It's the sellers and buyers who are paying you. You cater to us, we dont cater to you. You make suggestions, that is your job. We decide whether or not to take your advise, but you have absolutely no right to tell people whether or not they can put their house on the market. This is a free market. People like you try to stand in the way of a free market because it makes YOUR situation better. People have a right to ask whatever they want. People have a right to lowball as much as they want. People that are out of touch with what the market will bear will wait a long time to sell or buy their house, but everybody has a different timetable and agenda.
Your reply suggests a level of anger thatís quite significant, which, since Iím not a psychological specialist, qualified to address. If you or a buyer choose not to take the advise of someone who deals with real estate day in and out, for years at a time. Then youíre on your own. I have many instances where the buyer and seller did not take my advice and either lost money or paid more. But according to you, Iím a useless middleman in the entire game of buying and selling real estate. Not a problem.

I understand you want them on your agenda, but as I said, your job is to make suggestions. The buyer and seller's job is to do what they thing is best FOR THEM and THEIR individual situation.

I donít or need anyone on ANY AGENDA except the agenda that best suits my buyers and sellers. My agenda is my clients needs. This is why I and any other agent get testimonials from the people they've worked for. If youíre ready to buy or sell, get ready to buy or sell. Why are you engaging a realtor if youíre not? Whatís your point here?

Real estate agents are lucky that people even use them. Like most middle men, they give you an advantage, but if nobody used them nobody would have the advantage and there would be equilibrium. So remember, you work for us, not the other way around. If I tell you the price I want for my house, and you take the listing it is your own fault so dont ****** and moan when I dont lower my price 2 weeks later.

Well, like I thought I made clear previously, I'm not taking a listing if it's unrealistic. Youíre a very angry individual. I'd say you fall into the category "I'm not out to make any realtor's life easy." Which is fine! Thatís all I can say about that paragraph. I could add examples of when Iíve garnered more for my clientís homes than other realtors listing in the neighborhood but honestly, you present yourself as an energy vampire who is right no matter what.

Also, there was no "false market". A false market occurs when buying and speculation are manipulated with ERRONEOUS INFORMATION not cheap and easy money. Without erroneous information (Like "GM sold more cars this February than any month in the history of car sales." when it really didnt.) the market is just a market, constantly evolving, expanding and contacting. The market was what it was and now it is what it is. (I just reconsidered this. The ratings agencies falsified their ratings at the behest of the banks, so that would qualify it as a false market, but not in the way you meant it.)
If there was no false market then why are there so many short sales and foreclosures happening at this time, many which correlate with purchases made in the ďheightĒ of the market?

And lastly, if this...
Quote:
I hate to break it to you but the real estate market will never bear the price youíre referencing, which is the height of the false market. You will never get the price your neighbors sold for in 2005, ever again. Please see my response to ďIím not giving my house away.Ē If your life conditions would be better served by moving, then list your home at a realistic price and sell. Or just stay where you are Ė the choice is yours. But donít put your life on hold for a market that will never happen again.
... is what you are telling people, then you must think that we are never going to break out of this economic contraction. I dont know if we will or not, but I would never be so bold as to make such a statement. If we do break out of it, you can expect serious, if not record breaking, inflation with all the trillions of dollars being printed up and the growing national debt. With inflation of this magnitude, it is likely we will see prices comparable to 2005 and even higher. This will not be because the housing market is great or even good, but because the money will be worth less than it is now. When faced with inflation, fixed debt is a great thing to have because the money is devalued, and therefor the debt is less costly. This can happen in a very short period of time. Something you might want to consider the next time you are about to tell somebody "You will never get the price your neighbors sold for in 2005, ever again."

You will never get the price your neighbors sold for in 2005, ever again. Salaries never were in line with property values.

Thanks so much for your detailed response MD. I will be very pleased to never have to deal with you in reality. That's another great perk about being in real estate. I get to pick and choose who I'll work with.
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Old 03-08-2009, 08:24 PM
 
Location: Northern NJ
138 posts, read 292,692 times
Reputation: 58
Quote:
Originally Posted by JerseyG View Post
You're entire post trivializes sellers positions. YES, buyers need to step up and pay. Isn't that the entire issue that created the mess we're in today? The lack of buyers stepping up? Buyers didn't WANT to step up and pay. 0% down. What's the stake in those subprimers losing their home? (Subprime = person not qualified to get the loan he/she got.)

What you say is only true if the seller bought in the bubble. What seller do you know wants to go to closing and have to hand over a check?

At the same time, with every $10K decrease in a seller's asking price means what to a realtor? A couple hundred bucks vs. what it means to a seller?

Realtor's could CARE LESS what homes are selling for as long as they can sell them.

Realtor's weren't exactly STARVING with the jacked up housing prices in the 2005-2006 years.

Time to get back to work and deal with the mess that realtor's got big and fat off off for those good years...and didn't mind participating in.
Buyers DON'T NEED to step up and pay, unless the home is listed at market value. If the house is overpriced, there will be no sale. The buyers in question who have looked at the home, in most cases, WILL BUY. ANOTHER HOME that was priced well.

In the case where the homeowner did not buy in the bubble, they'll still make money on their home. What makes you think a homeowner who purchased for $245,000 and sells for $400,000 will have to bring a check to closing? That's just an example of the numbers I see here in my market. Folks who bought in the late 90s and now could sell for $200K+ their sale price.

Listen, you obviously have a strong dislike for realtors. Whatever. If you could POSSIBLY stop broad stroking every individual in the industry with the same horrible paintbrush, that would be great. If not, well, that's your choice too.
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Old 03-08-2009, 08:42 PM
 
Location: Northern NJ/Amagansett, NY
3,794 posts, read 4,290,196 times
Reputation: 2550
Quote:
Originally Posted by AntoinetteNJ View Post

Thanks so much for your detailed response MD. I will be very pleased to never have to deal with you in reality. That's another great perk about being in real estate. I get to pick and choose who I'll work with.
You seem like a very angry individual AntoinetteNJ. I am sorry that you hold such hostility in you. It must be nice to "get to pick and choose" who you work with. I dont have that luxury in my profession, I just help everybody that is under my care, so I may have had the "pleasure" of working with you in the past, I really dont know. As to your anger problem, I can prescribe something to clam you down if you see me in my office. I wouldn't turn away a person in need.

Last edited by AnesthesiaMD; 03-08-2009 at 09:00 PM.. Reason: typo
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Old 03-08-2009, 08:54 PM
 
Location: Northern NJ
138 posts, read 292,692 times
Reputation: 58
Your post and the history within the thread speaks for itself. Best wishes for success in all your endeavors.
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