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What I do not understand is why would a realtor list their house at such a high price? Why is he wasting his time?
That has been my question during the whole thread.
I can see an agent taking a listing on a $450,000 market value property at $470,000, testing the market and the sellers.
But, $200,000 over market value? No way.
Quote:
Originally Posted by jobseeker2013
I doubt they really want to move and they care about their house and convenience more than family members.
Yup.
Until they are ready, they will find excuses.
I doubt they really want to move and they care about their house and convenience more than family members.
This is normal for older folks. Their family members want them to sell for one reason or another. They want to stay in the home they love, in a neighborhood the feel safe and comfortable and near friends. Their kids want them to sell and move. To please the kids they place the home on the market but at such a high price, they do not even get showings, let alone a possible sale. Accept the fact your parents are happy where they are, and have no intention to move.
I am curious. How come no one negotiated the price down? A buyer's realtor had to tell the client, ok the house is overpriced, do you want to see it? We can try negotiating down.
I am curious. How come no one negotiated the price down? A buyer's realtor had to tell the client, ok the house is overpriced, do you want to see it? We can try negotiating down.
Sometimes the search criteria would not even have them seeing that property. For instance, a buyer wants to spend $175k. I can do a search to send him automated listings up to say, $200k, to account for negotiations. I would not be looking at the $300k+ range for him. While I try to keep track of the market as a whole, I’m more paying attention to what the market is offering for my current customers. If none of my buyers are looking in that range, I won’t even see that listing and give it my attention enough to where I would say “Hmm, that price doesn’t seem right.†And truthfully, a lot of times, nobody wants to even bother with it bc sellers can be very stubborn. Why would I try to sell my buyers on a listing that’s out of their price range and probably way overpriced? It does nothing but get their emotions riled up and waste everyone’s time.
Now, if a buyer came to me and said they wanted to go for a lowball, I would work with that. But for existing buyers, I don’t think it makes sense for me to seek out things that are a long shot.
I am curious. How come no one negotiated the price down? A buyer's realtor had to tell the client, ok the house is overpriced, do you want to see it? We can try negotiating down.
It does not matter what they are told, they know if the price is maintained, the home will not sell, which is their goal..
It sounds like the kids really want mom and dad to move, but the parents are completely happy where they are. The listing is making the right noises, but isn't serious. Why can't they stay where they are happy? There must be more to the story of why the family needs/wants them to move.
Realtors have been telling them this but they do not want to reduce the price. If they finished the basement, updated the kitchen and bathrooms it would increase the price but that costs $$. I think a they are looking for a certain ROA. Sometimes i feel like they dont want to move
Sounds the house I am trying to buy. The replacement cost would be way more than it's worth. The seller's aren't dropping the price so the conclusion I have come to is, they don't really want to sell. How old is the house? The older the house, the less relationship their is between replacement cost and selling price because of depreciation and market changes.
many people of a certain generation are emotionally attached to their homes for various reasons. The house is worth what someone will pay for it. No one is going to pay $200K more for a house because the owner built it himself. If they want to sell it, they will ask within comps. If they really don't want to sell it, they won't. Insurance replacement has ZERO to do with market value. Insurance replacement is what it would cost to build that house from the ground up in compliance with today's code. That's down to every screw, nail, tile, and shingle.
Exactly. And not only that some insurance companies puff the replacement cost because they are liable for up to 125% to keep homes from being underinsured. Insurance companies want to inflate the replacement cost.
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