Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: Why are you Still Over Pricing Your House?

Why are you Still Over Pricing Your House?

Why are you still over pricing your house even after all the education I try to give and explain? Over pricing will get you no where.  It might get people in the door since people are looking in all types of price ranges, but as soon as they walk in, they'll say, "This house is not anywhere near a $350k house in this neighborhood, how could they price it at $369,900?"

The answer, the owners are investors and they're in the RED.  Do I care they're in the red?  Does a prospective buyer care they're in the red?  Isn't the best way to get out of the red to cut your losses as quickly as you can and sell the house instead of staying further and further in the red?

I had a listing appointment for the opportunity to list two houses for these investors.  They chose an agent for one of the houses, not me.  From the details of the listing, the investors were not interested in an actual marketing package since there are sloppy pictures in the MLS, and there is no virtual tour (which I do for every single one of my listings no matter the price range), and I found the listing no where online except the MLS sites.  They must have been motivated by something else the agent was offering that I can't see, like reduced commission?

Then these investors had the nerve to contact me to go take a second look at another house they needed listed.  I politely declined, pointing out that they already made their choice when they didn't chose me on the other property.  They told me they weren't set on that agent to list this other property and really wanted me to take a second look.  After some back and forth, I reluctantly agreed.

I walked in the house expecting to be WOW'd since they had previously walked me through the house explaining the rest of the updates they were going to do.  Instead, I walked in saying to myself, "HUH? What are they thinking?"  I wrote down about 50 things about the house that needed to be done in order to sell for top dollar.  I asked them to confirm if this and that would be done so I could come up with a good asking price.  They had no plans on fixing about 90% of the things on my list. 

I told them that all they did was turn a foreclosure into a house that looks like someone ran through, slapped up some paint, changed out appliances, and expect to profit.  The house comps out about $330k.  At the first meeting, I told them that if it was completely updated and made me go WOW, that we could possibly do $350k, and maybe a little higher depending on the final finish out.  At $350k, they're in the red.  I went over my marketing and explained how I'm going to get people to realize and understand the value.  They acted like they liked everything I had to say, except they asked a couple of times about Open Houses.  Open Houses do not work in the Dallas market. They're from CA, and they might work there, but they don't sell houses here, and when there is an occasional open house, people barely walk into them these days as they have better things to do on a Sunday afternoon.  It's usually the neighbors and people in the wrong price range not working with a REALTOR® to help them which means they're also probably not approved for a loan or the mortgage person would have also suggested an agent for them to work with... anyway, I digress...

Apparently they didn't care about any marketing again because they ended up using the same agent as the other house, and they scheduled an open house.  However, there is no virtual tour, and I see no internet presence.  There is, however, a "slide show".  A slide show is where they take the still photos they already have in the MLS, and put them to music.  Yippie!  How does that present the house better?

Anyway, I'm going to continue to watch these houses and see what happens.  The first one has already had a price reduction.  The second one has only been on the market a couple of weeks.  Bottomline, if you're in the red and need to sell your house, you should use common sense and hire the agent that has a marketing plan to get it sold fast, not one that does something just because you think it is necessary when you don't know the market like an educated REALTOR® should and does.  The first house, listed just below $115k, should have sold already and it's been 2 months... so sad when people won't allow educated people to educate them about something they're unfamiliar with.

As a REALTOR®, would you have agreed to an Open House just to get the listing?  As a Seller, would you rather someone blow smoke up your buttocks, or tell you the truth so you understand what the final results will be instead of being disappointed when you get that first low-ball offer?

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

Comment balloon 57 commentsDonna Harris • February 27 2008 10:37AM

Comments

You have to be honest with sellers and they won't always like what you have to tell them...The reality check needs to come from the sellers!  Getting anything out of home that you are upside down in is better than getting nothing! Sometimes you have to take your beating...do it now instead of doing it in 6 months after additional carrying costs!

Be of service! The rewards will come!

Posted by Matt Crow, www.mattcrow.com 630-728-6051 (Huntley Realty) over 10 years ago
An accurate CMA has amazing value - it may not always be what someone "wants" to hear but it is a realistic price expectation in a given time frame. Appropriate marketing is also essential for selling a home. If those factors are missing, you may have those listings back soon. :)
Posted by Colorado Real Estate - Christina (Colorado Real Estate) over 10 years ago
Some people do not want to accept reality. I have ran into this many times. I could have 20 more listings if I wanted to waste my time on overpriced homes.
Posted by Dwayne West, Canton Georgia Real Estate (Atlanta Real Estate) over 10 years ago
Another thing "over-pricers" don't realize is that those folks who do fairly price their house will find buyers.  There is a limited buyer pool and if they over price their house they run the risk of the buyer pool dwindling.  6 months later when they drop the price to where it should have been to start, there are less buyers in the pool because they have already bought.
Posted by Tony Giglio (KeyRealtyGrp.com) over 10 years ago

So many sellers are still in the mind set of the old market....The best way to combat that is to say all the things that you know to be true and to back up what your saying in black and white. You have to go in armed with comprable recenly sold listings, as well as the current available listings...It becomes hard for them to argue with you if you are backing up what your saying the market activity shows if you have it in print...

Posted by Cynthia "Cindy" Houser, Cindy Houser Sells Houses (RE/MAX House Values ) over 10 years ago

Donna,

It's very frustrating talking to these sellers who have their mind fixed on certain price.  They don't want to hear the truth about the value of their homes.  I hope they'll listen to the news that prices are not the same as three years ago. 

Posted by Rosalinda Morgan, "The Rose Lady" over 10 years ago
Some folks just continue to hold out hope that a buyer will come along with lots of money and poor judgement. Or is that a poor real estate agent with rich clients?
Posted by Gary L. Waters Broker Associate, Bucci Realty, Fifteen Years Experience in Brevard County (Bucci Realty, Inc.) over 10 years ago

So far, no one has said they would have just agreed to do the Open House to get the listing... I wonder if that's more the norm these days, or people don't want to admit that they would agree just to add a listing to their repertoire.

Gary, Probably a poor real estate agent with a rich client!

Rosalinda, The Dallas market isn't like the National news, so we don't have a declining market, but we're also not in a market where you can buy a foreclosure for $250k and ask $100k+ to flip it.

Cynthia, believe me, they saw the comps, and they turned their nose up at them thinking their house is better than everyone elses.

Tony, Exactly!  And in 6 months, we're passed the hot Spring/Summer market and they'll sit on the market for the Winter market again.

Dwayne, I agree!

Christina, But do I want those listings when they come back after they didn't sell?  Probably not...

Matt, I agree, and that's why I pointed out that they're going to continue getting redder instead of just getting out.

 

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 10 years ago

Sometimes people will keep asking until someone tells them what they want to hear. Reality and Realty need to be hand in hand.

Bonner

Posted by Bonner Thomason, CRS, ABR, GRI, e-Pro (Keller Williams Realty) over 10 years ago

The market has changed and it is difficult for realtors to convince your sellers to reduce BECAUSE the media has implanted in their head they are "loosing" something and that is money!

How can you loose something you never had?

The truth is they purchased a home five years ago and it is likely they already took out their "profit" via a refinance or equity loan BUT were anticipating they would make that "spread" back and sell and make the same amount in anticipated profit. Well they were wrong and how do we in this profession compete with the "talking heads" out there when it seems because they appear on TV they corner the market in enlightenment?

It is obvious to me congress and the "pundits" have a superficial view and over simplify and that's why in my opinion your sellers continue to not listen.

Good post.

Posted by Kirk Williams (Private Venture Capital ) over 10 years ago

Your story remainds me of my favorite word, NEXT!

Posted by Bart Olszewski (Keller Williams Landmark II) over 10 years ago

Sometimes, I think as an industry we are are own worse enemy's. The agents that are taking these listings clearly do not understand pricing or do not care! Lately, all I see is over priced listings expiring and being picked up by another agent who simply re-lists it at the same price or worse increases the listing price.

This will only end when the real estate community gets honest with ourselves and simply doesn't enable sellers to over price their home. All the education in the world and apparently all the bad media isn't helping our industry convince sellers to price properly.

That's because they shop for a realtor until they find someone that says what they want to hear and there is always someone who does.   

Posted by Steve Aubertin (Maximum Results Realty) over 10 years ago

It is easy to be honest us with the Seller's, but they think they know best or don't trust us sometimes.  It is a hard thing to over come.  I am the best when I work with referrals.  There is a lot more trust there.

J.

Posted by Jeff Kessler, Broker,CLHMS,GRI (Austin Homes, Realtors www.OwnAustin.com) over 10 years ago
We have so many desperate sellers that are upside down and will not borrow money to sell the home but will pay a mortgage for 6 months at the higher price. They need to listen but not all will.
Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 10 years ago
Donna, I might fight tooth and nail to get what I think is the correct price, but if a seller is going to use another agent over an open house, I would HOLD THE OPEN HOUSE!  I can get a jump start on my blogging for the week while sitting there if no one comes and I won't pass up a saleable listing over 2 hours on a Sunday.
Posted by Lisa Heindel, New Orleans Real Estate Broker (Crescent City Living LLC) over 10 years ago

Bonner, Reality and Realty... good one.

Kirk, Yes, on those situations, I do explain that they already made a profit from the house, especially the tax deductions they got each year.

Bart, Next is hard sometimes, when it's principle.

Steve, you are correct.  And I wish those agents would stop!

Jeff, Exactly, and something I didn't mention in the story is that this WAS A REFERRAL!  It was a brother in law of an agent.  I have not discussed this with the agent yet, but I plan on passing this blog along to him.

Terry, Not "all" will?  Hardly any will.

Lisa, It's not just 2 hours on a Sunday.  It's 2 hours for at least 2 Sundays a month and probably going to be on the market 5-6 months, and those hours add up.  If it's 5 months, 2 a month, at 2 hours, that's 20 hours!  There are not enough hours in the day so spend 20 hours in a vacant house, but thanks for your honesty at being the only agent to admit they would take the listing.

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 10 years ago

That is so strange then.  I have had know it all buyers too.  Let me know how it goes when you send the post over,

J.

Posted by Jeff Kessler, Broker,CLHMS,GRI (Austin Homes, Realtors www.OwnAustin.com) over 10 years ago
Jeff, I always tell people that just because it's a referral that there is no guarantee you'll win the business, and that's why I still bring all necessary information and present my stuff like they're any lead... but, yes, you would think they would trust you more than just some other agent they called, but oh well. 
Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 10 years ago
Most sellers are still in denial, and use strange philosophy.
Posted by Michael (Mike) Elliott (Nottingham Real Estate Group) over 10 years ago
I would not have agreed to an Open House to get the listing. Markets are different eveywhere and the only one marketing technique that transcends over all is marketing on the Internet.
Posted by Jill Wente, Realtor, CRS, MCNE, CHMS (Better Homes and Gardens Real Estate | Gary Greene) over 10 years ago

The worst thing that can happen is that no one comes to the open house.  But I always hold listings open, I want the neighbors to come through and homebuyers who can't afford the home to come through.  I want to be their agent when they are ready to buy and sell.  What better way is there to get face to face contact? 

But ya, overpricing a property isn't worth it.  We can't work a miracle.  Plus the seller might be offended when they do get an offer from a buyer who thinks the property is worth close to what the area comps show. 

Tough situation, good luck!

Posted by Christina Moock, REALTOR - Cutler Real Estate (Cutler Real Estate) over 10 years ago
yup sellers these days are just very hard headed and the advice given to them is to help them, i think about that sometimes and wonder why they ask for help and wont take it when it comes.
Posted by David Soto - Illinois Home Loans & Mortgages (Illinois Home Loans & Mortgage Refinance) over 10 years ago
Isn't it embarrassing that there are agents who entertain such delusions?  Yikes!!  Me?  I say "Next!" Its great when you get to a point where you can pick and choose who you want to work with. 
Posted by Susan Manning (Realty Executives) over 10 years ago
I have been asking the same questions -- I just don't get it.  When representing buyers -- they are not fooled -- as you point out, once they walk in -- they know the house is overpriced.  It is simply not a win win for anyone.  The seller may find themsevles in worse shape if they are getting into a situation where they cannot afford to keep th house.
Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) over 10 years ago
Sounds like some amatuer investors to me.  I don't see why people don't take advice when they should.  It usually ends up biting them in the end.
Posted by Ryan Vivo, NRBA Realtor Solano County, Gateway Realty 707-384-5894 (Gateway Realty) over 10 years ago
  Donna,  Some of my favorite seller quotes:  "But we painted the bathroom, so our house must be worth more than theirs."      "But we have lived in our house longer than that one."    "My sister's cousin is a real estate agent in (fill in the blanks), and she said it is worth x amount.""And she sees our house every Xmas." You get the point....sometimes it is like talking to a wall. Do your best work, have current facts and then if you have to, let it go. By the way, great post.
Posted by Kim Harris, Designated Broker/Owner/Sound Realty (Sound Realty) over 10 years ago
Would I have agreed to do an open house to get the listing? Of course I would have. Even if I know for a fact that historically they don't work, if it is something that my client sees value in and would like to have done, I would. However, I would not take an overpriced listing like how you are describing. It is just a waste of time and money and frankly, I want a reputation as someone who sells houses, not just lists them and then lets them sit and sit...Great post!
Posted by Paula Hartwick (Royal LePage Gale Real Estate) over 10 years ago

Donna,

I feel your pain! I did my first open house in 4 years recently to 'please' a client, and no one, I REPEAT... NO ONE showed up except the agent with the client that already had an appointment.

Don't do what I did and compromise what you know works. Sellers that won't take advise think they know better then us!

Posted by Diane Testa over 10 years ago
Donna,
I hear you loud & clear. I have found that all too often some sellers do not understand that effective pricing along with effective marketing is what gets home sold in todays market. A lacking on either one, results in a lower net to the seller as well as more time on the market. As I have said to myself & others before, You are better off without them as clients.
Posted by Josh Ross (RE/MAX PROS) over 10 years ago
Donna,  Tell me the truth as long as it is what I want to hear !
Posted by Bill Gillhespy, Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos (16 Sunview Blvd) over 10 years ago
I am pricing your home at "X" becuz that is what it will appraise for...that is what the neighborhood and condition indicate....if  I could make more money...don't you think I would ?  DUH !
Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) over 10 years ago
People sometimes just get a number in their heads and no matter what you or anyone else says they are going to try to get that number.  They need to step back and see if they would buy that home for $350k if they had no personal interest in the property at all.
Posted by Jimmy Collins, Knoxville Area Real Estate (Century 21 Select Properties) over 10 years ago
But, Donna don't you know they NEED to get a certain amount?
Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) over 10 years ago
I liked the "smoke up your buttocks" comment. I've said that one before. NOT to my clients though. Ok serious now. Time to sit and wait until they come down to a respectable price. They will. When is another story.
Posted by Robert L. Brown, Grand Rapids Real Estate Bellabay Realty, West Mic (www.mrbrownsellsgr.com) over 10 years ago

Overpriced Listing usually comes with its ugly cousin:  Cutrate Commission.   When we toss in a healthy doe of  'owner denial' and 'blame the agent' mentalitiy, we get a Recipe for Disiaster!

What is that old saying?  a screw up on your part does not constitue an emergency on my part!

Posted by Laurie Logan, South Central WI Real Estate (Keller Williams Realty, Inc., Broker Associate) over 10 years ago

 

I lost you at investor. I don't work investors - at all. I'd just assume chase a marble rolling down the freeway- down hill barefoot during five o' clock traffic.

Posted by Greg Nino, Houston, Texas (RE/MAX Compass, formerly RE/MAX WHP) over 10 years ago
I think I would have said I would do one open house, and if any interested qualified buyers came in, I might consider more. However if that wasn't the case, then no more open houses. Sometimes they like to see proof. Especially if they are from out of state and the market is different.
Posted by Christy Powers, Pooler, Savannah Real Estate Agent (Keller Williams Coastal Area Partners) over 10 years ago

Mike, I agree!

Jill, Yes, you're right.  They need to realize real estate is "local" not national.

Christina, I don't agree with holding a house open to capture those buyers in the wrong price range.  If they see a house at $350k and only qualify for $150k, their hopes are set high on what they like and they're never happy with what's available in their price range and continue to renew their lease.  I agree that they're setting themselves up to be offended by the offer that does come in.

David, It's just like when my husband asks me a question when he doesn't want to hear the actual answer.

Susan, I agree about picking which listings you want, which is why I politely declined them before they talked me into another look.

Joan, If they were previously looking at $500k homes, they might not realize it's overpriced, but who is going to write an offer before looking at comps, which will then tell them to open their eyes.

Ryan, Yes, you are very correct.

Kim, Thank you, and yes, I've heard all of those "reasons" before.

Paula, My problem with that is they came to me asking for my experience and I explain how I work.  I don't go to someone else's job and tell them how to do it. 

Diane, Thank you and I completely agree!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 10 years ago

Josh, Thank you, I agree.

Bill, Totally!

Sally & David, I don't see why sellers don't understand that we would all love to sell high as it's money in our pockets too, but you know we're just here to get pennies for the dollars their houses are worth.

Jimmy, Great reminder.  I've tried that psychology in the past, and it helps a little, but of course all sellers think their houses are worth it.

Missy, I know, I know...  shame on me for not letting them pay their credit card off!! LOL

Robert, I'll be watching it.  As for buttocks, I got tired of always saying "arse" and people asking what I meant.

Laurie, I had never heard that saying, it's awesome!!  I'm going to remember it!

Greg, This was a referral from one of our HV buddies...

Christy, True, I could have gone that route, in hindsight... but it was best to part ways now because nothing would have made them happy after that.

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 10 years ago
Turned down another over priced listing today.  I don't care to waste my time, I'd rather go fishing and will be money ahead.
Posted by 1 ~Judi & Don Barrett & Chassy Eastep - Integrity, BS Ed, Integrity Real Estate Services -IDABEL OK (Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745) over 10 years ago

I can't count on both of my hands the number of houses I turned down or lost because the Seller didn't like my accurate CMA. You can feel good about not wasting your marketing funds on a property that is overpriced and has an unrealistic Seller. If they are upside-down and in the red, Realtors need to explain to the Seller their options. I have been the beneficiary of many a listing due to the initial Realtor turning down the listing when they found out the Seller was upside down and the Agent was too worried about not getting paid. A short sale is usually more beneficial to the Seller than a foreclosure is. And you can help the Seller, minimize their credit damage, a buyer can get the house, the bank takes their lump(albeit most have insurance to cover their liability), and you get your commission out of the bank as well. But I am off track... Being realistic and honest upfront won't always get you a listing, but don't think for a moment that the Seller isn't thinking "Boy, that Realtor was right. I should've gone with them and saved my time!"

Posted by Matt Yogerst, Metro Milwaukee Real Estate (RE/MAX Realty 100) over 10 years ago

Donna, this is a great post.  Unfortunately, many sellers hire Realtors who tell them what they want to hear instead of utilizing Realtors who educate them honestly about the market without all of the fluff.  I think you handled the situation well and I'm not sure I would have held an Open House for them just to get the listing, especially if Open Houses don't work in your area (do they really work anywhere?)

Posted by Patricia Beck, Colorado Springs Realty (RE/MAX Properties, Inc., GRI, CDPE) over 10 years ago
I think for some the smoke up the yazoo must be a pleasant experience!
Posted by Michael Creel (InActive Agent) over 10 years ago

Judi, Good for you!

Matt, That's not this particular situation, but I definitely understand for other situations that this is so true.

Patricia, There are 4 listings on my street, three are KW listings, and each one is overpriced!  One is over $125k higher than the one across the street and it's about a couple hundred sqft smaller!  What are these agents thinking!  I just cross my fingers that they get their prices as it brings up the value of mine, but I'm not going to put my name in the yard and have the other neighbors make fun of me for not being able to sell the houses!

Michael, It must be!  It's probably more action than they've seen in a while!  jk

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 10 years ago
Thanks for the post Donna. I am currently faced with a situation which involves a family members. They purchased investments properties some years ago and have since pulled out the equity. Now that they want to sell, they're upside down on they're mortgage. Reading your blog and all the posts has given me some good ideas to work with. Thanks again.
Posted by Eugene Jones (Weichert Realtors) over 10 years ago

Donna,

 

Thank You!  I feel like I am in the minority when I say open houses don't work!  When I was an assistant to a broker I help open almost of the listings that they had and we never once got an offer because of the open house and I don't recall ever picking up a buyer from them.

 

I did an open house for one of my listings in February but the only reason I did that is because the house is next door to mine and I wanted to meet all the neighbors.  That open house I had 25 people come in through the door and they either were neighbors or they were already working with an agent.

 

So, I will ask newer agents to hold my houses open if the home owner insists on an open house. 

 

 

Posted by Nick Good, www.TheGoodHomeTeam.com (The Good Home Team with Keller Williams Realty) over 10 years ago
Telling sellers what they need to hear and not what they want to hear always saves grief down the road -- especially in a buyers market.
Posted by Paul Francis, Las Vegas Real Estate Agent - Summerlin Homes (Francis Group Real Estate) over 10 years ago

Great post #1.  If they agreed with my marketing plan and price recommendation I have no probs doing something for them.  Even if it is a 2-3 hour open house.  Do Open Houses sell houses?  No.  Can they?  Yes...maybe a 1% chance.  I'm willing to do it for that 1% chance if they are on board with everything else I tell them.  I can't predict the future, so I can't tell them that 100% it is ineffective. 

 BTW, I've only had to do this maybe once in my career (4 years) and all the other times they were ok with me telling them I'm not doing an open house.  And no, it didn't sell through the open house, but I sure ate a lot of chocolate chip cookies.  Good thing I'm skinny.

Posted by Edward W. Lui, Georgetown Texas Real Estate (Mars Hill Realty Group) over 10 years ago

What's even more frustrating is trying to deal with the listing agents that take the listings, overprice them and try to make them see the light when you have an educated and interested buyer.

 

Posted by Francis LeDuc (LeDucs Real Estate) over 10 years ago

Great post, blow smoke up your buttocks? Great line, I thought it was blow smoke up your skirt!  Well done even though you were obviously frustrated. Sellers still haven't got it.

 

Posted by Lyn Sims, Schaumburg IL Real Estate (RE/MAX Suburban) over 10 years ago

Sellers homes are worth more than we understand - aren't they? ;)

Your feeling resonate deep with all of us. Frustrating? Lack of logic and ignorance in action. May the force be with all of us... Can't a NET listing change this?

Posted by Greg Nino, Houston, Texas (RE/MAX Compass, formerly RE/MAX WHP) over 10 years ago

Donna:

This sounds like a very fun experience. ha. Whatever happened to buy low sell high. So many people had success in real estate during the years of excess that everyone thought they could do it. I started as an investor but I spent one full year learning how to do it before we bought our first investment property. I interviewed 5 successful Real Estate investors. They saved me a number of headaches. No need to re-invent the wheel.

Posted by Alan Kirkpatrick, Alan in Austin (Austin Texas Homes) over 10 years ago
25 days and counting with no price adjustment.  It's a shame because I had 4 of my listings go under contract the past 2 weeks, and they could have been one of them if they were priced right.  It's also interesting that they had told me if I listed it high for them, that they would do a price adjustment within a couple of weeks.  It's almost 4 weeks later and no price adjustment.  Another seller blowing smoke up the "buttocks"!
Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 10 years ago
Simple investment truth, "You make your money when you buy."  You also can lose your money when you buy.  These folks already lost plenty.  They need some tough love from someone to help them keep from losing more.  But the important thing they must understand is that they have already lost, and trying to find someone to make an offer that probably won't appraise will not make it any better.  You did what you could.
Posted by Mike Carlier, More opinions than you want to hear about. over 10 years ago

Donna,

  Unfortunately this scenereo plays out over and over again in our business. It is more than frustrating dealing with people who think they know more about Real Estate than the experts.

Posted by Doug Fritchie (DOUG FRITCHIE-Silver Legacy Properties,Inc.) over 10 years ago

Mike, Very true, but they didn't want someone to stop the bleeding.  It's now been on the market for 42 days, and no price adjustment.  They told me if I listed it, they would decrease the price within 2-3 weeks.  Another way they are hurting themselves, and also how they lied to me. 

Doug, I understand completely.  It's more frustrating when they're not in this market and have no clue about this area since they're in CA.

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 10 years ago

It's now three months later, and this house sold yesterday for ONLY $340k!!  Here's my blog updating the situation, and asking the question of whether you think it would have sold quicker if priced at the $340k to begin with.

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 10 years ago

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