Monday, December 10, 2007 at 01:06PM
Typical of Today's Market
There was a listing that's been on the market since August that I had shown a buyer, and we had decided over the weekend to pursue making an offer. Lo and behold, the listing shows up as an expired this morning.
The first property I sold in 1984 was an expired listing, and my manager at Century 21 Pacific, Rex Downing, told me to contact the seller directly. So I did, and we made the deal - a condo in an oceanfront complex in Pacific Beach for $110,000 - and I got a 6% commission.
In that moment, I knew I made the right decision to get into real estate.
So this morning I'm faced with the same problem - but it is more high-tech now. I pay $50 to get the seller's cell phone number - and boom, he answers the phone.
We want to get it for $825,000, he had it listed for $899,000.
I ask if he still wants to sell it, and he tells me it’s still for sale.
“$975,000”
I say, “You mean $875,000?”
“No, $975,000, I’m not going to give it away.”
I love this business!
Jim the Realtor
in Thinking of Selling?
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Reader Comments (14)
Do I detect a hint of sarcasm in your voice, Jim? :)
A bunch of Naive Idiots out there!
Sucker [him], the first digit is upside down.
$50 for his cell phone number? Not even a pole dance?
Jim,
He must have read the headlines today.
AP
Trade group lifts outlook for 2008 home sales, insists US housing market is stabilizing
If NAR is INSISTING the market will stabilize in 2008, it must be true...LOLOL
As a buyer this is what I go through on a daily basis. Even when the seller is facing foreclosure they still say "I'm not going to give it away." I've never experienced a more entitlement driven society than home owners.
Different subject. Did you notice that WM made a big warning today. Based on their warning do you think they will have any capital to extend the limit on Option ARMs?
How long can someone needing to sell there house really wait? It is a very difficult scenario to see your house sit for over a year or two without any offers. I always found the lowest current comp./ listed and underpriced that 5-10% and usually got offers within 3 weeks. Seems today everybodys got their heads in the sand. They will only sell for less next year if they don't underprice now.
Todd
Times like this deserve being a dick. You should have talked him into listing with another agent and then put in an offer at $675.
Todd,
That's exactly how we sold two properties this summer (in the midst of the "credit crisis" and in some of the hardest-hit areas of SD, no less).
Business is business. Market price is market price. Doesn't matter what the sellers think they ought to get -- it's what buyers are willing and able to pay that determines price.
Buyers are looking for that property that stands out **as a good deal**. Make your property stand out...granite, stainless steel and travertine tiles are symbols of flippers, this is NOT the way to stand out right now. The very best way to get a sale completed is to lower your price until somebody buys it. Very simple, actually.
This is the exact reason why I have not been following listings of late. I just can't raise my blood pressure any further. As a buyer ready to jump into things come spring 08, I'm so turned off by this holier than thou attitude that I no longer have interest in looking. The more I look the more frustrated I get, so out of sight out of mind.
Maybe I'll check back in '09.
Maybe your friend Ms. S.J. is going to get the listing?
OMG! What an unbelievable encounter!
That's right; he's not going to "give it away". Instead, it will continue to burn a hole in his pocket until the bank "takes it away". BWAHAHAHA
BTW, how much did this moron pay for it?
"The more I look the more frustrated I get."
You took the words out of my mouth, PoorHouse.
It seems that every time we run out in hopes of finding something, we come back more determined to wait things out. Prices have not left the insanity level yet.
We'll suffer together Simone. At least by not buying I'm sticking it to somebody.
Jim preaches on some very good points. The NAR is too busy lying to everyone's faces - like prices will stabilize in '08. All this does is contribute to the hold outs and gives sellers a false sense of hope. Not only does it drag this mess out longer, but it does exactly what the NAR is trying to prevent - stagnant home sales. In reality, the NAR is too stupid to figure out that by releasing false statements puts most sellers and most buyers farther apart, thus slowing sales.
If there was competition instead of this MLS monopoly, people wouldn't stand for it and NAR would either be out of business or changing their ways. Frankly, I'm sick of the bull**** and the more we can expose these frauds the better everyone will be.
Jim - Can't you huddle together a bunch of real estate colleagues and boycott NAR? Someone has to stand up to them.
For the love of god...Ron Paul in '08