U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-21-2010, 08:54 AM
 
Location: OH->FL->NJ
7,196 posts, read 7,026,950 times
Reputation: 2803

Advertisements

Situation.

Have a friend in another state. They own a home, nice, only 8 years old, newish, etc. No obvious large minuses on this property. Other "comps" have sold. IE there is activity.

They are in a serious money bind and need to sell.

Their realtor "wont let them" reduce the price. It has been on the market for 9 weeks now and has had ZERO showings except a single person who came to their garage sale and thus was not even technically referred by a realtor.

In my mind, if a house is not an obvious dog and it is priced somewhere near reality, is not a pile of turd; they should have at least had some showings.

I am suspecting the realtor is "protecting the local market" from declines by not allowing a price reduction to provide a lower comp for the area. I also suspect they may have been given a truncated comp listing showing only the high sales for the area.

1) Correct me if Im wrong. The sellers dictate the list price? The realtor is free to walk if (s)he does not like it but THEY are in charge.
2) Is there a non-realtor way to get a FULL list of EVERY home that sold in the area? Its a smallish area tho not tiny so should not be an overwhelming list.
3) Does not the realtor ethically work for the seller over the "overall market"? and thus is acting unethically IF they are doing my suspician?
Reply With Quote Quick reply to this message

 
Old 06-21-2010, 09:01 AM
 
Location: DFW - Coppell / Las Colinas
29,427 posts, read 33,811,042 times
Reputation: 35175
It should be a team effort between seller and agent but ultimately the seller is driving the train and determines pricing. I cannot imagine a listing agent not "Letting" them lower the price. If anything some agents may lower the price to easily since they don't get paid unless the home sales.

Your friends need to take charge and tell the agent what they want.

One thing I've noticed is since April 30 and the end of the tax credit many starter homes are not selling. All the potential buyers who would be buying now probably bought 2 months ago and are out of the market. From what I see, that section of the market is very very slow.

Sometimes those Govt programs have short term benefits and long term problems. Imagine that.
Reply With Quote Quick reply to this message
 
Old 06-21-2010, 09:19 AM
 
Location: Olympia
1,022 posts, read 3,554,743 times
Reputation: 828
The seller determines the price. They should have a serious talk about pricing strategy with their agent.
No showings for over two months should have prompted the agents to initiate a discussion on pricing, staging, marketing etc.
Reply With Quote Quick reply to this message
 
Old 06-21-2010, 11:24 AM
 
Location: Austin Texas
434 posts, read 1,110,857 times
Reputation: 158
Quote:
Originally Posted by Sandy Nelson View Post
The seller determines the price. They should have a serious talk about pricing strategy with their agent.
No showings for over two months should have prompted the agents to initiate a discussion on pricing, staging, marketing etc.
Agreed.

To the OP, one house won't effect the housing market. I think if anything the agent may be trying to maximize their commission and in doing so is possibly hurting their client's financial situation. At this point the house is a PRODUCT and has carrying costs....
Reply With Quote Quick reply to this message
 
Old 06-21-2010, 03:57 PM
 
Location: Columbia, SC
8,799 posts, read 17,213,846 times
Reputation: 6108
Quote:
Originally Posted by Rakin View Post
It should be a team effort between seller and agent but ultimately the seller is driving the train and determines pricing. I cannot imagine a listing agent not "Letting" them lower the price. If anything some agents may lower the price to easily since they don't get paid unless the home sales.

Your friends need to take charge and tell the agent what they want.

One thing I've noticed is since April 30 and the end of the tax credit many starter homes are not selling. All the potential buyers who would be buying now probably bought 2 months ago and are out of the market. From what I see, that section of the market is very very slow.

Sometimes those Govt programs have short term benefits and long term problems. Imagine that.
Excellent advice that I second.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top