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For what it's worth, I've been tracking prices in my area for a few months now and noticed last night that EVEN WITHOUT this Coldwell Banker promotion, there's been a VERY SUDDEN spike in price reductions.
Maybe it's reaction to the stock market reality. Maybe mid-October is the season for price drops anyway. Or maybe competitors got wind of Coldwell Banker's stunt and warned their sellers to drop to stay competitive.
FYI, my area has seen sticky (but not solid) prices with 11+ months of inventory. Was hoping they'd wake up and smell the cyanide, looks like they may have.
Interesting I don't hear anything about a COMMISSION percentage cut that the realtors are kicking in...
Yeah, that'll happen....
That was the first thing that crossed my mind... who is going to pay for it but I guess I know the answer since they stated that not every one wants or needs to participate...If Coldwell banker would give back, most people will do so...it is a smart advertisement if you look at it from the business side...they get a huge advertisement deal and the buyer pays for it!!!! Everybody knows that basically the seller is hardly ever paying since the money comes from the buyer.
I would say the agents contributing in away, their commission will be smaller on the "sale" price, but the brokers are the ones that are paying for the ads so the seller pays the commission, the agent pays the brokers and the brokers pay the adv. company.
If real estate agents are so good about knowing how to price a house, how come there are so many overpriced houses on the market? Can it be that ALL these sellers went against agent advice and CAUSED the housing industry mess themselves???
Everyone is aware of the housing market and yet most owners persist in the belief that their home is different and somehow imune to market conditions. They persist in the belief that what they need or want out of a sale has bearing on what the market will pay.
Most sellers want to cut to the chase and hear the price, when interviewing real estate agents. Sellers make it very clear what's important to them. Agents know this and know that the agent who tells the seller what the seller wants to hear, is the agent most likely to be hired.
Which agent will you choose? The one who gives you a $ closest to what you had in mind or the agent that is going to risk not getting the job to give you the facts of the local market?
Last edited by middle-aged mom; 10-07-2008 at 10:02 AM..
Which agent will you choose? The one who gives you a $ closest to what you had in mind or the agent that is going to risk not getting the job to give you the facts of the local market?
Our business and our television program uses current market info with analysis as a corner stone for all that we do. And with out a doubt-Eyes tend to roll back into the customers head with stats and tend to shine if you tell them what they want to hear.
Bill
Half of Coldwell's 3,000 offices across the U.S. will participate in the event, including the country's most troubled housing markets: Las Vegas, Miami, Detroit, northern California and the New York City region.Quote>>>
I think most in that area who want their home sold have already come down to the breakeven or even a negitive of what most in other areas have not. My daughter's home has dropped $200,000 and even though he is not selling her neighbor who is has gone below the $200,000 drop and they both paid the same amount and put the same amount down when they bought their home in 2003. BTW they live in Northeren CA. They all have reached the bottom in her subdivision. You cannot get blood out of a stone.
Half of Coldwell's 3,000 offices across the U.S. will participate in the event, including the country's most troubled housing markets: Las Vegas, Miami, Detroit, northern California and the New York City region.Quote>>>
I think most in that area who want their home sold have already come down to the breakeven or even a negitive of what most in other areas have not. My daughter's home has dropped $200,000 and even though he is not selling her neighbor who is has gone below the $200,000 drop and they both paid the same amount and put the same amount down when they bought their home in 2003. BTW they live in Northeren CA. They all have reached the bottom in her subdivision. You cannot get blood out of a stone.
How much you owe on the house does not set the bottom. The true bottom of housing would be zero dollars, though your's daughters house won't go that low.
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