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Also I do think that it is harder to sell higher priced homes than cheaper ones. It is a bigger tag so harder to make a decision for the buyer and more people have the money to spend 200k rather than 500k.
I've heard the exact opposite from my realtor lately. He seems to think that it's harder to find qualified buyers for the lower priced homes.
We're priced at just under 140K for a house in Garner and it's been tough finding buyers that can actually get their loans to go through. Plus they've tended to expect us to pay >$4K for their closing costs.
erineieio,
Your agent is not wrong.
You are near the bottom rung on the housing price ladder for homes in great shape, so you are meeting buyers who are stretching to get in.
Too many people in AL price ranges without cash.
[quote=MikeJaquish;322200]Ducter,
30 days? Terrible advice. Truly. For both you and an agent.
60 days? Not much better.
Either short listing is indicative of a weak agent who is willing to team with an unmotivated or undecided Seller, IMO.
A strong agent will likely walk away from the job before taking the listing.
I'm honestly NOT trying to pick a fight.
I think you asked a fair question.
I also think you should know that an agent who takes a listing for a fraction of the time it takes to sell the average home won't/can't really focus on getting you the best price.
They have to focus on finding ANY offer to bring to you. Quickly.
Worse than that, they may only care to use the listing to attract Buyers to work with, and not necessarily for YOUR property.
Neither angle serves to get you the best exposure or price for your property.
I am also an agent so I understand where you are coming from. This seller needs to either have a commitment in writing from the listing agent on what this agent will do to advertise the property before entering into a 6-9 month exclusive right to sell agreement or the agent needs to agree to 60-90 days and do their job correctly. As far as expenses paid that is the nature of the business and the reason we make the big bucks. It is no different with any entrepeneur. If you choose to run your business that way I am sure you will continue to be extremely successful. Problem is there are many agents who jumped in when real estate was hot and they are lousy agents that do not put a great deal of emphasis on doing their job which is why you will see more people try to shift to this type of listing agreement. I also do loans but I do not charge my clients up front costs. Sometimes people walk away after I have worked on a deal with many work hours. Do I like it? No. But it is a reality of the real estate business and I have to write it off as a business loss. Besides, if you are doing your job well your client regardless of the time specified on the listing agreement shouldn't have any cause to switch agents. I call it - put your money where your mouth is. Based on your posts I believe you to be a full time hard working agent and I completely understand your concerns. But we as real estate professionals (in my opinion) need to understand the concerns of our customers in an environment full of incompetent real estate people and realize that if we perform we have nothing to worry about. Word from the streets is that these type of listing agreements are becoming popular in this market especially California and Washington.
I've heard the exact opposite from my realtor lately. He seems to think that it's harder to find qualified buyers for the lower priced homes.
We're priced at just under 140K for a house in Garner and it's been tough finding buyers that can actually get their loans to go through. Plus they've tended to expect us to pay >$4K for their closing costs.
Any thoughts?
Right now lenders are offering 2/1 buydowns. This is when a person pays 2 points (2% of the loan amount) to secure a lower initial rate on a 30 year fixed. Example- 2/1 buydown may get you 4.5% for the 1st year. Year 2 it jumps to 5.5% and then year 3 it jumps to 6.5% and stays there for the remaining term. This offers the homebuyer an initial lower payment with the security of a fixed rate loan. I often tell my sellers to advertise this loan with the sale of the home and have the seller pay the 2% for the buydown but to remain firm on their listing price. This makes it easier to qualify the home buyer, adds incentive and as a result my clients have been able to sell their properties much more quickly than the average property in their neighborhood. Most sellers sell their homes for 3%-4% less than their asking price anyway so it is a win win for all parties. Perhaps trying this strategy with your loan officer and agent will speed things up and get the property sold for you. Good luck!
deuterdu,
Good response!
I would only quibble on including the West coast in "this market." I believe real estate is a local business.
Gary Keller says "Paying attention to national real estate reports is like watching the National weather to decide whether to carry an umbrella."
But, Good Response.
what if its an investment property,and you want to buy another one with the profits,and you use the 1031?
What's the question?
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