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.
Anyone else just disgusted with the overpriced RE game in Fairfield County. SO many homes - some nice, some not so nice - are overpriced and just sit and sit and sit.
This is the 2nd time in the last year that we've found a home that works for us... but when we run comps with our agent, it's very clear that the home is significantly overpriced, even though it's had several price drops already.
In both cases, homes have sat well over 200 days.
To make it even more frustrating, the one home we found a while back did recently sell (well under the list price which had been lowered significantly from original price) but it's pretty clear whoever purchased overpaid.
So I feel like there's several things at work in FFCty: agents who encourage sellers to overprice, in the hopes of finding dumb buyers who will overpay (as well as getting lots of free advertising for their services when they get the listing); people who are ill informed and don't have good agents and who overpay; and then of course, the cash buyers who pay whatever they want and skew the market.
Either way you slice it, it feels like this market is artificially inflated, skewed and gee, what happened last time we saw that situation in RE...?
It's frustrating for buyers and it slows/skews the market. Ugh.
Sellers want to know you're a 'serious buyer' but jeez, how about some serious sellers on the market???
I agree that there are homes that are overpriced in Fairfield County but you can say the same thing in just about every other county in this country as well. I disagree though that this is the agents fault. The owner sets the price. Remember if a home sits on the market longer than necessary the agent gets nothing out of it. They know old listings are dead listings and a home with a long time on the market is usually passed up because the buyer thinks something is wrong with it. I also think the reason this happens is that a number of sellers stand to lose money if they sell at today's prices so they set the price higher than the market can bear in hopes someone will make an offer. I also don't think the market is inflated. The prices that homes sell for are what the market can bear and because of Fairfield County's affluence, it can bear a lot. Sorry you are going through this but this has been going on for longer than I have been around. Good luck, Jay
Preach it..all I can tell you is to stick to your guns and don't settle. Not sure where in FFC you are looking but I bought in Fairfield last year after almost 1 year of looking hard. The enemy of RE is time, that goes for buyers and sellers. If you are under the gun and need to move then be prepared to overpay. If you take time, 8 mos. or more, then sellers may be forced into reality. The people I bought from tried to sell for 175k more than their 2011 puchase price with only 35-40k improvements. They sold to me (after 10 mos. and 10 price cuts) only 20k more than they paid. They also needed to move as husband took another job. I also paid 15% below what someone paid in 2005. Guy up the street listed a month ago for 150k more than his 2005 purchase price even with no serious additions or remodels. Pure greed...he will not sell this spring. Find the house, motivated sellers, and good price but pounce quickly. We got outbid twice when prices got realistic. Realtors are useless and self interested and will try to back up any unrealistic price with "comps"...wink, wink. Good luck.
Not sure why this is an issue. As Jay noted, its the seller's prerogative on pricing the house. If they are fine with the house sitting on the market for months, then so be it. There are plenty of motivated sellers out there who are pricing to sell.
Yes, tons of overpriced houses but that's what you get anywhere. It's definitely not the agents fault, it's the sellers call so even if the house is appraised at $300k the owner has every right to list it at 500k...When we bought we went through this a few times. We found houses that were way overpriced. We went in with a fair market value based on comps and they laughed us away. The houses sat there for sometimes a year before they dropped to a reasonable price.
Preach it..all I can tell you is to stick to your guns and don't settle. Not sure where in FFC you are looking but I bought in Fairfield last year after almost 1 year of looking hard. The enemy of RE is time, that goes for buyers and sellers. If you are under the gun and need to move then be prepared to overpay. If you take time, 8 mos. or more, then sellers may be forced into reality. The people I bought from tried to sell for 175k more than their 2011 puchase price with only 35-40k improvements. They sold to me (after 10 mos. and 10 price cuts) only 20k more than they paid. They also needed to move as husband took another job. I also paid 15% below what someone paid in 2005. Guy up the street listed a month ago for 150k more than his 2005 purchase price even with no serious additions or remodels. Pure greed...he will not sell this spring. Find the house, motivated sellers, and good price but pounce quickly. We got outbid twice when prices got realistic. Realtors are useless and self interested and will try to back up any unrealistic price with "comps"...wink, wink. Good luck.
So people aren't allowed to make a profit on real estate? It doesn't matter if your seller made $0 in improvements. Thats the beauty of capitalism.
[quote=JayCT;43272663]I disagree though that this is the agents fault. The owner sets the price. /QUOTE]
Yes and no, Jay. A realtor knows damn well when a client is significantly overpriced and unrealistic. They have a choice to take listing or not, no gun to their head. They are hoping for a dopey buyer..and there are plenty in FFC. My advice to OP is too offer low as comps show, give 24 hours for response then move on. If you are seeing it then others will to. Don't bid against yourself and don't listen to realtor noise. They want things to move quick.
So people aren't allowed to make a profit on real estate? It doesn't matter if your seller made $0 in improvements. Thats the beauty of capitalism.
150k profit after only 4 years of ownership? That is delusion, not capitalism. People waited 20 years or more to make that money on their house in the past. Now, everyone thinks they hit the house lottery and deserve a nest egg. Cmon..
150k profit after only 4 years of ownership? That is delusion, not capitalism. People waited 20 years or more to make that money on their house in the past. Now, everyone thinks they hit the house lottery and deserve a nest egg. Cmon..
My first sale, I made about that much in 3 years, nevermind 4. Easy money!
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.
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.
That about sums it up
