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There is a home in my town that has been listed several times over the past couple of years, by different agents, always for about the same asking price. The seller never reduces the price, then eventually takes it off the market.
Why would an agent agree to take the listing for a clearly unrealistic seller? I imagine there is of course some cost to the agent for listing the property on the MLS, and advertising. Just curious.
Some owners have a really inflated opinion of what their place is worth... or they owe that much, and can't sell it for less.
It's a tough choice, for a Realtor.... We don't want to turn down a listing or an opportunity to have a sign in a yard... but we don't want to be known as "that realtor who overprices things" either.
There's one in this area, Little farm in the country, little old house, cute but quirky... I've shown it several times and even made one "lowball" offer on it that was ignored. Been on the market a year, in an area where horse properties are in great demand. The listing finally expired, and it showed right back up with another realtor... It's priced more than a hundred-thousand-dollars too high... $440K when it should be around $300K... Maybe a little more if a buyer were generous in this market. But not what they have it at. The current owner only bought it a couple years ago for $290... a year before it went on the market again... And no, they didn't completely rehab it... they put a nice back porch on it and a new wood stove. And nearly doubled the price when they first listed it. They've come down a little since, but they're not in reality yet.
Maybe there's a reason they actually want to hang on to it... while pretending to sell it. I dunno!
There is a home in my town that has been listed several times over the past couple of years, by different agents, always for about the same asking price. The seller never reduces the price, then eventually takes it off the market.
Why would an agent agree to take the listing for a clearly unrealistic seller? I imagine there is of course some cost to the agent for listing the property on the MLS, and advertising. Just curious.
Agents will take it so they can leverage it for other business. Hold open houses to meet buyers, get calls off the listing to try and convert into clients, etc. So yes, they will spend some money marketing it, but if they can get other business off of it, then it pays for itself.
there are a lot of people who own seasonal properties (think beach) who rent during the season and put their houses on the market in the fall and winter.
Because it just takes one moron to buy it. If you create a thread asking what is your best property sale, you will find posts from people who found their prized moron.
I think there are situations where there is a sentimental attachment to a property but the person knows they probably should sell.
Let's say a windowed empty nester...the house is way more than she needs and probably more than she can manage or even really afford. She knows she SHOULD sell the house, but she has a sentimental attachment to it. So, she's not willing to "give it away," so to speak. If someone will pay big bucks for it, well, that would sway her to sell. But until that happens...
I've known 2 people who died owning unsold property rather than selling it for actual value. Their unrealistic inflated ideas would not allow the sale. Same reason people hold onto their loser stocks and sell their winners, the opposite of logic and best practices in investment.
I am absolutely unsentimental about price to sell real estate. Yes I want top dollar but that is market driven, not by my hopes and dreams. Much more private to sell a stock, way more public to sell your home and your neighbors will tut-tut because they want their own property boat to be lifted by your tide. Smile and blow them a kiss goodbye lol.
And some people like the "action" and attention that a property listed brings to them. Me, it would make me crazy to have my home always neat and clean and never able to relax. Once we lived in a family rental property and it was a summer rental for big money (we lived elsewhere in summer). Realtor (and acquaintance) knocked on our door Sunday morning 9 am to show renters, just because he was driving people around the neighborhood. They weren't even in that price range. I glared at him the whole 10 minutes while in my bathrobe. And later made a complaining call to the real estate company.
[quote=twinkletwinkle22;52223642} Realtor (and acquaintance) knocked on our door Sunday morning 9 am to show renters, just because he was driving people around the neighborhood. They weren't even in that price range. I glared at him the whole 10 minutes while in my bathrobe. And later made a complaining call to the real estate company.[/QUOTE]
Yikes -- I don't think I would have let them in!
Here's the listing I'm talking about. Pretty views, but just ok, with some updating to do. In my town you can definitely find nicer for that price. If it was near the ocean I could see that price, for sure, but it's on the other side of town.
One thing I don't like about the real estate sales business is that everyone and his brother tries to create stories to explain things like this. Why does the house stay at the same "inflated" price over a long time?
Could be the owners temporarily lose interest in selling every summer when the grandkids come to visit, so they pull it. Or husband or wife has other kids that spend a lot of time there while on a sports team. Or one of the household has an illness that requires periodic treatment. Or one of the household takes a college course every spring. Or, or, or. There can be tons of reasons.
Meanwhile if the area is nice and home prices are increasing, the house becomes more valued every year. A house is worth what someone is willing to pay. You might not have the money they want, but one day someone may come along and be willing to go for it, especially when inventory is low. So the sellers are patient.
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