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Why do so many people selling homes think they are entitled to making money? Just made and offer on a home with over 200 days on market at 95% of list. Seller says no..
I know people who are upside down 50% or more on homes. Why do agents list for these fools?
Personally, I don't think it is anyone's business whether or not someone is making money on their home sale. The market will determine if any profit is possible, and if it is, more power to them. If not, a buyer will never materialize. Too many people are struggling right now, and loosing their shirt trying to sell their home.
If their home has been on the market for over 200 days, there is a good chance that they have lowered the price to rock bottom. How do you know they are making a big profit? Lot's of regions are struggling hard with no home price recovery in sight. As sellers, they are responsible for some epic realtor fees that will also be deducted from their "profit", this leaves many home sellers totally in the red.
But making money is the only reason to turn down an offer when no one else will buy.
People are often really dumb as to how markets work. And I believe people who really don't want to sell shouldn't be allowed to list because it wastes everyone's time. You often see this... One home with like 500 days.. If I were an agent I'd tell those people to either sell it or delist it.
Don't get emotionally involved with the transaction. It's a business arrangement. Trying to analyze or put a reason behind it will only get you twisted into a knot .All you will do is get yourself upset for no good reason.
Make your offer, wait to see what happens. The seller is looking for your bottom line, you're looking for his. That's business. If your offer is your bottom line and if his refusal to go lower is his bottom line, then you're both done. Move on to the next house.
If you don't have a next house, then wait to see what happens with house # 1 over the next few weeks or months. Maybe the price will drop and you can put in another offer. Maybe someone else will buy it.
Why do so many people selling homes think they are entitled to making money? Just made and offer on a home with over 200 days on market at 95% of list. Seller says no..
I know people who are upside down 50% or more on homes. Why do agents list for these fools?
I think it is because for many people, their home is the only asset of significant value they own. Their home IS their wealth. It is really all they have. The idea of selling for less they think it is worth is simply unthinkable.
Add to that the fact we just lived through a long housing boom, of housing hyperinflation, when home prices rose with ridiculous speed. During the boom, people were able to sell not just one, but two or three or even more homes, making a huge profit each time. That taught a lot of people to have completely unrealistic expectations.
Why to agents list homes for "fools" like this? Because of competition. If one agent refuses to list it, another agent will.
I think it is because for many people, their home is the only asset of significant value they own. Their home IS their wealth. It is really all they have. The idea of selling for less they think it is worth is simply unthinkable.
Add to that the fact we just lived through a long housing boom, of housing hyperinflation, when home prices rose with ridiculous speed. During the boom, people were able to sell not just one, but two or three or even more homes, making a huge profit each time. That taught a lot of people to have completely unrealistic expectations.
Why to agents list homes for "fools" like this? Because of competition. If one agent refuses to list it, another agent will.
True enough. And yes I know its all business, but we all also know that a house does carry an emotional component if you intend to live there.
My frustration is that that I didn't offer 70%, or 85%. I offered near asking. When a seller can't negotiate it says to me that are either A) stupid or B) don't really wish to sell.
I believe it's case B. Which isn't fair to me, my realtor or their agent.
It's a bit like selling to the folks that don't have a loans yet. None of us would do that, but we allow folks to list homes where buyers don't get a good faith from seller.
Why do so many people selling homes think they are entitled to making money? Just made and offer on a home with over 200 days on market at 95% of list. Seller says no..
I know people who are upside down 50% or more on homes. Why do agents list for these fools?
A NO means seller doesn't want to sell it for that price, as simple as that. If they didn't counter, it just a way of telling you that they are not interested in selling it to YOU. Don't take it personally, they have their own reasons, just move on to the next house.
Why do so many people selling homes think they are entitled to making money? Just made and offer on a home with over 200 days on market at 95% of list. Seller says no..
I know people who are upside down 50% or more on homes. Why do agents list for these fools?
They may not be making ANY money -- but what they may be trying to do is avoid LOSING money.
You don't know their financial situation, their credit situation, you don't know any of the myriad of possible family issues, you don't know ANYTHING except the asking price of the house.
Here's one for you: "Why do so many sellers think they are entitled to knock off 5% of the asking price?" It makes about as much sense.
You're just mad because they didn't accept your offer. Oh, well -- move on to the next house.
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