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Several months ago I complained here that our real estate agents were looking for a quick buck and not pricing our house correctly. I got several critical responses about how we clients over rate our houses.
Well, guess what. I was not only right but I actually underestimated the price our our house. (I had done that to be conservative.) The price given as the "only realistic price" by our agents was $650K and that they had so many years of experience right in our area, price houses within 3 percent of the actual sale, and that if we priced the house higher it could well mean a lower price, in the end, than the $650K. I felt they wanted to see the house sell fast, get their 6% and move on. So, on my own, I hired a highly reputable independent, well rated assessor. His fee was $300. After a visit and careful look inside and out, and he said the house was at least $700K. He did the usual comps in the area. He said $700K, Maybe more, but not less. Then, the exact same house next door, in worse condition than ours (which I wrote about here in this section) was for sale and 3 weeks ago it sold for $740K. That house needs some work, too. Same house, same builder, same age, same layout and features and ours is in better condition.
I am writing this because several people gave me a hard time saying I didn't know what I was talking about.
I hope that they will read this post and reconsider what they said. I was not happy with the fact that I was being told I don't know anything about real estate. I do. I had done my research. I am so glad I stuck to my guns.
So did you list your house for $740K and did it sell?
I don't know your market. Things have changed dramatically here in the last 4 months - no inventory is pushing prices higher.
No, we are not moving yet (personal reasons) and our contract with the realtor is up in August. But I just wanted to let everyone who told me (and there were many) that I am the typical home owner who cannot bear to hear the "bad news" about our house value - to let them know that I insisted that I am not that person and now I am vindicated. I was a bit upset that I was being talked down to, as if I didn't have the ability to be realistic about the value of my house. I was not only realistic, but even cautiously under priced the value.
As far as our area is concerned, no, actually, prices are just about the same, maybe 2 or 3 percent higher than a year ago, if that. But we are dealing with a situation where the prices are high always here - this is a section of NYC.
I am not worried about selling the house - they sell here very quickly - but I am now able to see that we can price it about 100K more than that realtor said it would sell for. Easily 100K more. And get it. ANd we will not use a realtor. We don't need one.
Not that I think we have such a great house. It's just that I am not stupid <s> and know this market and locale - I educate myself.
I am dying to hear one of the people who said I was unable to be realistic now tell me that they were wrong. They really jumped the gun on that one.
People jumped all over you in your other thread since you said you signed a two year listing agreement, but if it is up August that sounds more like a 6 month listing agreement. Pricing was less the debate of that thread, than you signing a contract that you didn't read and signing an agreement when you didn't plan to sell for two years.
Here's the thing about online forums...you think you are sharing details that make sense, but because so much is left out, you are left with inconsistencies. People will interpret that in different ways. It was your inconsistent statements that caused people to question your sentiments.
I'm glad you feel vindicated and hope when you are ready in a couple of years that you get what you want out of the house. I'd just encourage you to hire an attorney to help you out.
Your house hasn't sold and appraisers are off many times with their figures.
Until you sell it really means nothing and even when you do sell it will be in a different time frame and markets move up and down so it would really give no indication of who was right as far as price since you don't plan to sell for 5 years.
Most in your other thread gave you a hard time because of inconsistencies from one post to the next.
So did you list your house for $740K and did it sell?
I don't know your market. Things have changed dramatically here in the last 4 months - no inventory is pushing prices higher.
Original post from OP was March of 2011,
OP's idea of what constitutes "several months ago" might be different from what most would consider several months. To your point though, prices here are up 10% over a year ago!
Several months ago I complained here that our real estate agents were looking for a quick buck and not pricing our house correctly. I got several critical responses about how we clients over rate our houses.
Well, guess what. I was not only right but I actually underestimated the price our our house. (I had done that to be conservative.) The price given as the "only realistic price" by our agents was $650K and that they had so many years of experience right in our area, price houses within 3 percent of the actual sale, and that if we priced the house higher it could well mean a lower price, in the end, than the $650K. I felt they wanted to see the house sell fast, get their 6% and move on. So, on my own, I hired a highly reputable independent, well rated assessor. His fee was $300. After a visit and careful look inside and out, and he said the house was at least $700K. He did the usual comps in the area. He said $700K, Maybe more, but not less. Then, the exact same house next door, in worse condition than ours (which I wrote about here in this section) was for sale and 3 weeks ago it sold for $740K. That house needs some work, too. Same house, same builder, same age, same layout and features and ours is in better condition.
I am writing this because several people gave me a hard time saying I didn't know what I was talking about.
I hope that they will read this post and reconsider what they said. I was not happy with the fact that I was being told I don't know anything about real estate. I do. I had done my research. I am so glad I stuck to my guns.
Good for you...I hate people who say or suggest that all clients are stupid that are talking back. I was almost all my life in sales and in the service providing business and learned at a young age that you better listen to clients instead of talking and being arrogant.
Years ago I stepped into the business after bashing a lot of agent that I came across and didn't do their job and I'm still annoyed with the level of agents out there...ASIDE from some that are really good and ethical.
The ones that seem to know it all...just walk the other direction and make sure you do your due diligence so you are feeling good about the person you work with and let them proof what they claim instead of flapping their gums...not always are the best/smooth talkers the best agents and i have proof of that.
People jumped all over you in your other thread since you said you signed a two year listing agreement, but if it is up August that sounds more like a 6 month listing agreement. Pricing was less the debate of that thread, than you signing a contract that you didn't read and signing an agreement when you didn't plan to sell for two years.
Here's the thing about online forums...you think you are sharing details that make sense, but because so much is left out, you are left with inconsistencies. People will interpret that in different ways. It was your inconsistent statements that caused people to question your sentiments.
I'm glad you feel vindicated and hope when you are ready in a couple of years that you get what you want out of the house. I'd just encourage you to hire an attorney to help you out.
Let me get this clear: It was a two year agreement, signed 2 years this coming August, and I knew it was for 2 years when I signed it. I am very sorry that you felt it was only for 6 months. And, I never ever said I didn't know how long it was for! As I wrote more than once, since for some reason people didn't pay attention to what I said, I didn't care if it was for 2 years because, as I told the agents at that meeting, we were very unlikely to move within that time frame. They knew it and we knew it: It was out in the open, the time frame, so I wasn't worried about that. I was upset over the way they wanted to try to sell the house for far less than it was worth. I wrote here that I signed it to be polite, to make them happy and because we felt they had given us an appraisal (even if in a few minutes). I do remember that posters, (some) couldn't believe I did it for that reason but I did and felt it was the right thing to do and still feel that way. My husband felt the same way.
No, signing it was maybe a point of debate about some of you out there, but it was not a point of debate for me! I never said I didn't feel I should have signed! I never ever said that and yet it seems that people want to question my decision which somehow annoys certain readers. Well, that is their issue, not mine!
The only inconsistencies were how certain posters read my posts and decided that I was saying or feeling something that I was not saying. I believe that it was hard for certain readers to hear my frank comments about our realtors. It seemed to really put people who are in real estate on the defensive.
My issue was the price we were told to sell the house for. I felt then and now I know that it was way too low. Case closed!
I should know why I posted in the first place. It was on my initiative, not yours or anyone else's. I posted because I felt that the price was given as too low and they insisted that $650K was the correct asking price. (Which means it would likely sell for at least $10K less than that, which is a full $100K less than the house next door!) This is what galled me about those realtors.
As I said, they were looking for a quick buck and I know know that for sure.
Original post from OP was March of 2011,
OP's idea of what constitutes "several months ago" might be different from what most would consider several months. To your point though, prices here are up 10% over a year ago!
Tucson is doing very well, better than most markets in the U.S. right now, as is Phoenix. It is not like where I live. The increase in prices would be AT MOST 5% here.
Oh, and by the way, a point I think I may have made and will make now if I didn't in my original post.
The realtors we hired told us that in one year our house would be valued at 10% LESS than the $650K! They said that this was the prediction about house prices around here!
People jumped all over you in your other thread since you said you signed a two year listing agreement, but if it is up August that sounds more like a 6 month listing agreement. Pricing was less the debate of that thread, than you signing a contract that you didn't read and signing an agreement when you didn't plan to sell for two years.
Here's the thing about online forums...you think you are sharing details that make sense, but because so much is left out, you are left with inconsistencies. People will interpret that in different ways. It was your inconsistent statements that caused people to question your sentiments.
I'm glad you feel vindicated and hope when you are ready in a couple of years that you get what you want out of the house. I'd just encourage you to hire an attorney to help you out.
I forgot to mention that these same realtors told us that in one year our house and houses in our area were likely to go down 10% in price. That we'd be sellling for under 600K in one year.
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Feel vindicated
