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The contract is for 6 months. I'd rather not spend $500 on another appraisal.
Another? I didn't see where you had paid for any appraisal yet. The one from three years ago doesn't count. Three years ago was an entirely different real estate market, and that appraisal is virtually useless today. If, however, you insist on using that one as some sort of guide, do this;
There are many sites on the net that offer statistics on the real estate market. Go to one, or several, and see what they say your local real estate prices have been doing for the past three years, and then adjust your three year old appraisal by whatever you find.
One of the most well known value trackers is Case Shiller, which compares current prices to a baseline established in January 2000. The index shows current value as a percentage of the January 2000 baseline. According to Case-Shiller, the NATIONAL index was at 187.15 in the first quarter, meaning that in Q1 2007, real estate was worth 1.87 times it's January 2000 price. It then shows that in Q1 of 2010, the index was 134.33. This is a decline of 28%. If we apply that ratio to your appraisal of $400k, we get a current value of roughly $290k. I know all real estate is local, but by how much is YOUR market differnt from the national average?
I agree, by the way, that yoru agent never should have taken this listing. I know I've passed on several where the owners thought much as you seem to. It's just not worth it to me to take a listing I know can't sell. However, since she did take it, you deserve some marketing. Demand from her a plan, so you can hold her to it.
Last edited by Bill Keegan; 07-05-2010 at 09:58 PM..
Reason: Typos
I don't mind lowering the price. I just need to know it's for solid reasons not because I have a lazy realtor.
Selling your home should be a team effort between yourself and your agent. You have to be an active participant in the listing, review photos and house descritptions early, if you don't like them get the problems corrected ASAP. From your posts it seems as though communication between yourself and your agent is nearly non-existent.
Your house is worth exactly what a ready, willing and able buyer is willing to pay and close for. Nothing more.
You complain about your agent but what have you done to help your agent promote your house? Think about it.
Selling your home should be a team effort between yourself and your agent. You have to be an active participant in the listing, review photos and house descritptions early, if you don't like them get the problems corrected ASAP. From your posts it seems as though communication between yourself and your agent is nearly non-existent.
Your house is worth exactly what a ready, willing and able buyer is willing to pay and close for. Nothing more.
You complain about your agent but what have you done to help your agent promote your house? Think about it.
The OP is doing that. His agent is the one not actively participating in the marketing of his home. The agent clearly thinks the property is overpriced and as such isn't putting any effort into an unsellable house. That isn't okay. The agent needed to turn down the listing rather than take two mediocre shots of the house and call it done.
One of the most well known value trackers is Case Shiller, which compares current prices to a baseline established in January 2000. The index shows current value as a percentage of the January 2000 baseline. According to Case-Shiller, the NATIONAL index was at 187.15 in the first quarter, meaning that in Q1 2007, real estate was worth 1.87 times it's January 2000 price. It then shows that in Q1 of 2010, the index was 134.33. This is a decline of 28%. If we apply that ratio to your appraisal of $400k, we get a current value of roughly $290k. I know all real estate is local, but by how much is YOUR market differnt from the national average?
I'll check, but the real estate market wasn't hit nearly as bad is in other states. I don't see much decline in house prices either. I understand the argument that I shouldn't look at houses for sale because they haven't sold yet and may be just sitting there. But remember that there are realtors behind those homes and I doubt they're all ignorant of the market.
Selling your home should be a team effort between yourself and your agent. You have to be an active participant in the listing, review photos and house descritptions early, if you don't like them get the problems corrected ASAP. From your posts it seems as though communication between yourself and your agent is nearly non-existent.
Your house is worth exactly what a ready, willing and able buyer is willing to pay and close for. Nothing more.
You complain about your agent but what have you done to help your agent promote your house? Think about it.
She posted those photos without even showing them to me. I told her to take them off which she still hasn't done.
What have I done? I took the photos (inside and out) because she didn't feel like doing that. I also suggested changing property description because I have a feeling "towel holder" is not a big selling point, but a double whirlpool tub might be. Also, I'm not the one who'd be making 25K commission on the sale.
I can't just take a number someone throws at me. I need explanation backed-up by numbers why the property should be sold at this particular price.
She posted those photos without even showing them to me. I told her to take them off which she still hasn't done.
What have I done? I took the photos (inside and out) because she didn't feel like doing that. I also suggested changing property description because I have a feeling "towel holder" is not a big selling point, but a double whirlpool tub might be. Also, I'm not the one who'd be making 25K commission on the sale.
I can't just take a number someone throws at me. I need explanation backed-up by numbers why the property should be sold at this particular price.
Not yet, I checked out the website. She's an associate broker, but the broker/owner is another person. I also noticed that she has too many listings, like 5 pages worth. I'm not sure they're all hers or if they all share all the listings in this office. Either way it looks like it's too much inventory.
Not yet, I checked out the website. She's an associate broker, but the broker/owner is another person. I also noticed that she has too many listings, like 5 pages worth. I'm not sure they're all hers or if they all share all the listings in this office. Either way it looks like it's too much inventory.
However, the other side of that coin, is a Realtor who does not have any business. I'd take a super-busy one anyday, but that's just me.
The bottom line is you are NOT happy with the service you are receiving. Take it higher up and move on if you don't get the representation you want and need to sell your property.
Time to stop complaining here about it and do something. Courtesy dictates speaking with her first -- if you are not happy after that, speak with her broker.
She posted those photos without even showing them to me. I told her to take them off which she still hasn't done.
What have I done? I took the photos (inside and out) because she didn't feel like doing that. I also suggested changing property description because I have a feeling "towel holder" is not a big selling point, but a double whirlpool tub might be. Also, I'm not the one who'd be making 25K commission on the sale.
I can't just take a number someone throws at me. I need explanation backed-up by numbers why the property should be sold at this particular price.
Did you tell the agent that BEFORE you signed the listing agreement? Most agents do provide comps and estimated closing costs prior to signing the listing agreement. If not it would sound as though you may have gotten a brand new agent.
You really should speak with the agent and the broker, together, and hash this out if you have already spoken with the agent. The broker is likely willing to assign a different agent.
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