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Northeastern Pennsylvania Scranton, Wilkes-Barre, Pocono area
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Old 02-20-2008, 07:55 AM
 
2,760 posts, read 3,953,842 times
Reputation: 1977

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Real estate has been an area of interest for me for a number of years. I check listings frequently and have come to notice a trend in the ads.
Quite a few of the homes I have been "tracking" have been advertised as new listings; while they maybe NEW to a particular real estate company, many many have in fact been on the market for 6+months. When the listings have been on the market for sometime.

While this practice maybe completely legal, I find it somewhat deceptive. Homes that have been listed for a long time tend to allow a purchaser more wiggle room on the final purchase price. If any one can suggest another way to track days on the market other then my handy dandy not book...it would be greatly appreciated.

If I am using the only available method for the consumer, then this is simply meant as an F.Y.I.
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Old 02-20-2008, 08:02 AM
 
3,756 posts, read 9,554,237 times
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Listing homes with a new number is legal. It is not deceptive according to real estate agents otherwise they would be sanctioned. Years ago when the economony was good if a house was on the market for an extended period of time, people used to think there was something wrong with the house. Now, the trend is to get new listings number as another means to bring it on the hots sheets (attention getter) if there is a seller incentive/buyer incentive.

Also, another popular trend in the area is "staging" houses - which people are now investing in to sell their homes.

Any realtors out there with any opinions on this?
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Old 02-20-2008, 08:31 AM
 
2,760 posts, read 3,953,842 times
Reputation: 1977
Quote:
Originally Posted by TheHighHat View Post
Listing homes with a new number is legal. It is not deceptive according to real estate agents otherwise they would be sanctioned. Years ago when the economony was good if a house was on the market for an extended period of time, people used to think there was something wrong with the house. Now, the trend is to get new listings number as another means to bring it on the hots sheets (attention getter) if there is a seller incentive/buyer incentive.

Also, another popular trend in the area is "staging" houses - which people are now investing in to sell their homes.

Any realtors out there with any opinions on this?
While it may not be deceptive to R.E agents nor illegal (always good to know they are following the law , ty) I wanted to alert others to what I have noticed. As a consumer I want to position myself as best as I can and wanted to share my expierence since moving here.

I always appreciate the info you provide. I hope you and all the posters here know that!

Thanks again!

Last edited by bloominscranton; 02-20-2008 at 08:32 AM.. Reason: for typo
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Old 02-20-2008, 08:55 AM
 
Location: Shohola, PA
755 posts, read 2,334,082 times
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Quote:
Originally Posted by TheHighHat View Post
Listing homes with a new number is legal. It is not deceptive according to real estate agents otherwise they would be sanctioned. Years ago when the economony was good if a house was on the market for an extended period of time, people used to think there was something wrong with the house. Now, the trend is to get new listings number as another means to bring it on the hots sheets (attention getter) if there is a seller incentive/buyer incentive.

Also, another popular trend in the area is "staging" houses - which people are now investing in to sell their homes.

Any realtors out there with any opinions on this?
This is very true. Our realtor used that method to get the word out to new buyers for our other house. We still ended up renting it out but that's a whole 'nother story.

Like Hat said, it's just another method to get the attention of new buyers who might not have seen it first time around whereas the realtor they're using might just say "oh, this house has been on the market for a long time" but doesn't know why. Price, home quality, neighborhood...who knows? Yet, it may very well be right for a new buyer.
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Old 02-20-2008, 09:56 AM
 
3,756 posts, read 9,554,237 times
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LoveInBloom, I thank you very much for your compliment. The reason I jumped on the thread is because we did the same thing just yesterday after we saw someone we know who did the same things..........had the house up for sale for the last 7 years. One of the reasons we did it is to get the attention of the agents because of the agent's incentive. FF, you are right about buyers being very savvy and doing much of the research for new homes on the Internet. Sometimes, but getting a new listing you can grab the attention of people that have not seen your house before.

LoveinBloom, I think this is a great thread that you started. While many houses remain very long on the market because of problems, there are others that stay on too long because of the economony and because of the strict stringent rules of the mortgage brokers.

The Hat
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Old 02-21-2008, 09:59 AM
 
Location: Sunshine N'Blue Skies
13,321 posts, read 22,665,452 times
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Most of my homes, that seemed to be on a long time, were purchased, and then after months.....the buyer who was "cash" or who needed to obtain "two mortgages" failed to be able to purchase the homes. One appraisal came in to benefit the buyer, but not ourselves.....so I let that fall through. Something was very fishy. It sold a short time after that with the correct appraisal and a good, solid buyer.
I love, love, staging........I like to hear the ohhs and ahhs. I think it is imperative in todays market to stage.......
I like to stand back and say......yes......I have this room right.
So, many people so not know the value of having the right paint, and placement, and lack of clutter. All clutter must go.......
This economy is bad all over, but.......when you go to buy ......you'll have a lower marketed home also. So it equals out.
Yes.........long time on the market can mean many things......some that a person won't have any idea of the circumstances of.
I've seen a couple on line that I know are beautiful homes on the outside, great curb appeal.......but......the inside needs neutral paint. Take down the spiderman painting on the wall.........
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Old 02-21-2008, 11:03 AM
 
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The word out is that many people are having trouble getting mortgages because they have no down payment. Everything is slow. Staging is great, but if you watch HGTV you can learn alot and save yourself money. The price we got was $300.00 for a stage, sorry but my house is neutral and shows very well. I agree with you Summering about the clutter and the spiderman painting......those type of homeowners could benefit from the stage.
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Old 02-21-2008, 11:06 AM
 
Location: The Poconos
910 posts, read 2,992,889 times
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This was just on the news last night about a realtor in another state that sells tons more than the other local realtors, and 'faster'. Turns out it's technically not faster, he just cancels and relists which makes it look faster. I think it's partially mind over matter, if you love the house and can work on whatever needs to be done who cares how long it's been on the market. If it was meant to be yours maybe it was just waiting for you to stop in
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Old 02-21-2008, 11:57 AM
 
5,047 posts, read 5,803,885 times
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I still cant understand why someone would try to get a mortgage with no downpayment. I have always put down 20% and have very good credit.

I always thought that the bank likes a downpayment as they feel you at least have something to loose also and would work harder on keeping and paying the house!! Arent we trying to get away from the subprime mess ; I guess some people still dont get it ; if you cant afford to even have a downpayment, then you cant afford the house.

Maybe I am missing something here.
dorothy
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Old 02-21-2008, 11:59 AM
 
3,756 posts, read 9,554,237 times
Reputation: 1088
You are not missing anything Dorothy...............the sub prime mortgages is what started all the problems. But because of problems, the lenders are more strict thus making it harder than before. We were raised that if you do not have the money you do not get the product. Things have changed and there is a sense of entitlement that people have.
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