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Old 07-14-2012, 07:16 PM
 
Location: Cary, NC
31,621 posts, read 55,349,802 times
Reputation: 30183

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Quote:
Originally Posted by redwolf fan View Post
It is rare for a realtor not to proclaim that ...their... area has a red hot real estate market.

Prove it.

Quote:
Originally Posted by redwolf fan View Post
A weatherman sometimes predicts a sunny afternoon and we get heavy rains.

A realtor would stand in those heavy rains and try to convince you the weatherman was right.
Again, prove it.
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Old 07-15-2012, 10:51 AM
 
3,576 posts, read 5,906,093 times
Reputation: 1431
You know as well as I know that stats can be very misleading.

Reason the price is up is mainly because inventory is low and higher end homes push both the median and mean prices of homes sold up.

Homes below 150k bottomed probably in 2010. Homes below 200k bottomed in 2011. Now we are seeing homes priced above $300k sell quicker.

Plus 30% of those homes in the articles up for sell were non owner occupied homes.

Inventory is being withheld. Either by sellers who can't move or banks who won't release properties.
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Old 07-15-2012, 05:11 PM
 
4,248 posts, read 10,235,343 times
Reputation: 3110

Guess Arizona didn't learn anything.
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Old 07-15-2012, 09:49 PM
 
Location: Greater NYC
2,857 posts, read 4,697,320 times
Reputation: 3751
In a hot sellers' market, yes, it could work. it does here, in the right neighborhood, but the market here is hot and buyers have very little leverage in highly desirable areas.
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Old 07-16-2012, 12:26 AM
 
Location: Lakewood Ranch, FL
5,119 posts, read 7,649,943 times
Reputation: 6000
Quote:
Originally Posted by aneftp View Post
You know as well as I know that stats can be very misleading.

Reason the price is up is mainly because inventory is low and higher end homes push both the median and mean prices of homes sold up.

Homes below 150k bottomed probably in 2010. Homes below 200k bottomed in 2011. Now we are seeing homes priced above $300k sell quicker.

Plus 30% of those homes in the articles up for sell were non owner occupied homes.

Inventory is being withheld. Either by sellers who can't move or banks who won't release properties.
The point was that prices have been going up and they are seeing multiple offers. This is not one of those "stats can be misleading" situations. Either prices are going up or they are not. That is the only consideration. It doesn't matter why and you can't predict for how long. That is the nature of markets. If you are a buyer and you look at stats that show DOM are going down, prices are going up, and sold prices are exceding listing prices, and you still insist on making lowball offers, you are going to get a lot of practice writing offers but you won't be buying a house until the stats change back. Just sayin'...
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Old 07-16-2012, 08:19 AM
 
Location: Tempe, Arizona
4,511 posts, read 11,561,956 times
Reputation: 2180
Quote:
Originally Posted by bbronston View Post
The point was that prices have been going up and they are seeing multiple offers. This is not one of those "stats can be misleading" situations. '...
Right. I was addressing a post that appeared to question the veracity of my remarks about my local market. The data support my position. Why our market is improving and for how long is an entirely different debate.
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Old 09-02-2012, 03:25 PM
 
276 posts, read 892,528 times
Reputation: 276
I find this practice (although legal is seems) to be a bait & switch fraud game.

Sellers list their properties below market for the area know they will get multiple offers, however I see this tactic to be a major waste of time for agents/buyers.

Sellers know what they want for their property so list it at that price and be done with it! Do not list your property for $385,000 when you know the only offers you will accept is $450,00 & up!

Bait & switch and unethical in my opinion and I wish sellers/agents would stop doing this!
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Old 09-02-2012, 04:16 PM
 
Location: Illinois
718 posts, read 1,750,616 times
Reputation: 970
You can reject any offer, however read your listing agreement. If you are brought a full price, cash offer with no contingencies...mortgage, no inspection contingency, no nothing but agreement on a closing date, then you will owe your realtor a full commission...closing or not.
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Old 09-03-2012, 09:08 AM
 
Location: Barrington
41,894 posts, read 31,743,839 times
Reputation: 14083
Quote:
Originally Posted by redwolf fan View Post

It is rare for a realtor not to proclaim that ...their... area has a red hot real estate market.
Guess this makes me a rare bird, eh.


Most of the unsolds in my market will be withdrawn or winter over.

In those rare cases where a property leaves the gate, priced to sell, it often turns into a bidding war.
I am not talking bank-owned properties , here.
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Old 09-03-2012, 03:21 PM
 
575 posts, read 1,567,068 times
Reputation: 306
One of the RE agents we interviewed suggested it as an option. Since we were also considering holding onto the house and renting it out if we didn't get an acceptable offer, and said agent was aware of that, we figured it would be a really stupid move on our part.

Personally I don't like the practice anyway. I find it similar to reserve price auctions, which I detest. Set an opening price you'd be willing to accept, and if people are willing to bid your item/house up more than that, great. But I hate the game play of starting bidding below what you're willing to accept.

FTR I'm not a fan of range pricing either.
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