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Old 10-31-2007, 03:41 PM
 
Location: Lexington, SC
415 posts, read 2,261,862 times
Reputation: 295

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I would interview 3 other realtor's in your area, to see their thoughts on pricing and marketing. Then decide what to do.
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Old 10-31-2007, 08:35 PM
 
Location: denver
161 posts, read 702,712 times
Reputation: 91
realtors always wants to lower home prices. its in their best interest, sell quick and move on to next house.
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Old 10-31-2007, 09:22 PM
 
238 posts, read 730,496 times
Reputation: 70
Quote:
Originally Posted by Kyusa View Post
realtors always wants to lower home prices. its in their best interest, sell quick and move on to next house.
Maybe... but if a quick sell is also in the seller's interests... then their interests are the same.
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Old 10-31-2007, 09:30 PM
 
Location: Pinal County, Arizona
25,107 posts, read 37,306,601 times
Reputation: 4925
Look - prices are all over the board in various areas of the country right now.

There are times when we will tell a seller, "We can try marketing it at this price. But, we might have to look at the price is a certain period of time if we are getting little interest".

For those who believe that the REALTOR (real estate agent - not all agents are REALTORS) wants to simply lower the price so the agent can get a commission, think about this: If their commission is based on a percentage of the final sales price (not all are), then doesn't it stand to reason that the HIGHER a property sells for, the more the agent will make?

Prices ARE GOING DOWN in different areas. The OP may very well be in one of those areas and their agent is trying to inject some realism to the seller - in order to help the seller attain their wishes - to sell the property.
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Old 10-31-2007, 11:51 PM
 
Location: Just south of Denver since 1989
11,604 posts, read 32,085,100 times
Reputation: 8387
Quote:
Originally Posted by Kyusa View Post
realtors always wants to lower home prices. its in their best interest, sell quick and move on to next house.
Where do you come up with these ideas?
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Old 11-01-2007, 12:48 AM
 
Location: Cary, NC
2,407 posts, read 10,259,796 times
Reputation: 1374
Quote:
Originally Posted by Greatday View Post

For those who believe that the REALTOR (real estate agent - not all agents are REALTORS) wants to simply lower the price so the agent can get a commission, think about this: If their commission is based on a percentage of the final sales price (not all are), then doesn't it stand to reason that the HIGHER a property sells for, the more the agent will make?
Umm, no. The agent gets paid at closing.

If the price is high, it may not sell within the contracted listing period (No Payday), or it may take a lot longer to find the right buyer (Delayed Payday) and at greater marketing/advertising cost (Higher Out Of Pocket Expense).

If the price is low, it will require less marketing expense (the house will sell itself if it is underpriced), sell more quickly and the agent can move on to the next listing.

I believe agents do a better job than fsbo because they are more skilled at marketing and negotiation. Agents know the market and can more accurately determine the value of a home. But to say that the agent wants a client to hold out for a higher price/bigger commission is simply being naive.
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Old 11-01-2007, 04:01 AM
 
Location: Palmer
2,519 posts, read 6,469,794 times
Reputation: 1389
Agents want listings that are priced to sell. An over priced listing will not sell. They don't want to underprice them but they want them realistically priced.

An overpriced listing is nothing more than an expensive sign post. You may pick up a buyer or two that you can sell a different house to with an overpriced listing, but thats all you are going to be able to do with it. Why would anyone, a seller or an agent, want an overpriced listing in a downtrending market?

There is a slim chance that a family member may move into the an overpriced house simply to be next to Grandma, but that is about your only chance to sell and overpirced listing.
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Old 11-01-2007, 06:25 AM
 
Location: NJ
19,310 posts, read 27,323,143 times
Reputation: 21366
Quote:
Originally Posted by boother View Post
My realtor want to lower the price of my home in Northern Virginia by $50K because she now thinks the house is overpriced to the market. We listed the house 90 days ago in July and have had probably 15 showings over that time period. When we originally listed the house she was fine with our asking price of $799K. In fact, we actually had a contract on our house in June that fell through for $785K so we both decided to list it back for $799K.

Well 3 months later my realtor is very doom and gloom about the market. So much so that I'm thinking of finding another because I get depressed when I speak with her. I've told her that during tough times we've got to work harder and try new things, but have seen little of that. I'm concerned she wants to move the property and the $50K means little to her in commissions.

Our mo. carrying costs on the house are $3100 and we can afford to carry it for another 8 months w/o worrying. We've moved to Colorado and the strain of selling our house is wearing on us. I'm looking for some sound advice on what to do. I'm leaning towards loweing the price of the house by $20K and then offering assistance on closing cost.

Any/all advice are welcome from the professional realtors.
You've had 15 people walk your house, did you get feedback? If not, ask your agent to call the other agents that walked through, maybe you can still get feedback?

Due to the price of your house your buyers market may be very slim. How many people can qualify for a loan for that?

Someone else mentioned marketing. What is your agent doing on a house priced like that? IMO you should have an enhanced featured listing on realtor.com as well as paper advertising. There's a glossy higher end book around here, your house would be in it. How many web sites is your agent listing your house on?
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Old 11-01-2007, 03:21 PM
 
Location: Columbia, SC
10,348 posts, read 20,145,464 times
Reputation: 9256
If 15 people have viewed the home it's probably well marketed. That is a good number of showings.
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