Comments on: Emotional Sellers May Unknowlingly Contribute to A Loss in House Values http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/ Just another Real Estate Tomato.net weblog Thu, 26 Aug 2010 21:52:36 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: CoRE #106 - We have A WINNER! | Seattle Real Estate ~ Rain City Guide http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/comment-page-1/#comment-215 CoRE #106 - We have A WINNER! | Seattle Real Estate ~ Rain City Guide Tue, 02 Sep 2008 22:08:33 +0000 http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/#comment-215 [...] your tuning in to see the rest of this story, as it unfolds over time.   We liked the comments on Michael Bergin’s Post better than we liked the post itself.  My favorite line in the final comment (as of today) is [...] [...] your tuning in to see the rest of this story, as it unfolds over time.   We liked the comments on Michael Bergin’s Post better than we liked the post itself.  My favorite line in the final comment (as of today) is [...]

]]> By: Michael http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/comment-page-1/#comment-210 Michael Thu, 28 Aug 2008 18:47:49 +0000 http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/#comment-210 Jessica, Isn't it fun when everyone wants to get in on the act? Sellers need to take the market seriously and they need to take buyers seriously. "If" does not sell a house - but good value and a good price does. Thanks for stopping by and sharing your version of what we are all struggling with. Michael Jessica,

Isn’t it fun when everyone wants to get in on the act? Sellers need to take the market seriously and they need to take buyers seriously. “If” does not sell a house – but good value and a good price does.

Thanks for stopping by and sharing your version of what we are all struggling with.

Michael

]]> By: Jessica Beganski http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/comment-page-1/#comment-209 Jessica Beganski Thu, 28 Aug 2008 18:17:49 +0000 http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/#comment-209 Michael, I had a post about these listings a while back - I didn't call them emotional sellers, rather "I'll sell if..." http://ctrealestateunleashed.com/2008/03/25/ill-sell-if-listings-are-clogging-up-the-real-estate-market/ I'll sell if...the price is X or higher, I close 6 months from now, the buyer puts down 20%, etc. Often these conditions are based on some misperception (I blame family members and neighbors). Why not hire one of them to sell your home??? Michael,

I had a post about these listings a while back – I didn’t call them emotional sellers, rather “I’ll sell if…” http://ctrealestateunleashed.com/2008/03/25/ill-sell-if-listings-are-clogging-up-the-real-estate-market/

I’ll sell if…the price is X or higher, I close 6 months from now, the buyer puts down 20%, etc. Often these conditions are based on some misperception (I blame family members and neighbors). Why not hire one of them to sell your home???

]]> By: Michael http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/comment-page-1/#comment-214 Michael Wed, 27 Aug 2008 21:13:55 +0000 http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/#comment-214 The New York Time said it again today - it's a buyers market. It's curious, everyone understood the rules when it was seller's market - how hard is it to understand that the rules have changed? You are absolutely right about those first few weeks - they are crucial and set the tone for everything that follows. Michael The New York Time said it again today – it’s a buyers market. It’s curious, everyone understood the rules when it was seller’s market – how hard is it to understand that the rules have changed? You are absolutely right about those first few weeks – they are crucial and set the tone for everything that follows.

Michael

]]> By: Scenic City Scoop - Chattanooga Tennessee Real Estate Blog http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/comment-page-1/#comment-213 Scenic City Scoop - Chattanooga Tennessee Real Estate Blog Wed, 27 Aug 2008 19:32:41 +0000 http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/#comment-213 Hey Michael, Great Post! It is so true that if you take out the emotion and price your home to sell, you will not only get the sale faster, but you will save money in the long run. Everyday that you are in a home costs you money. Those first few weeks are key to getting the right buyer into that home. If they see it is "overpriced" they will just move on. Hey Michael, Great Post! It is so true that if you take out the emotion and price your home to sell, you will not only get the sale faster, but you will save money in the long run. Everyday that you are in a home costs you money. Those first few weeks are key to getting the right buyer into that home. If they see it is “overpriced” they will just move on.

]]> By: Michael http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/comment-page-1/#comment-211 Michael Tue, 26 Aug 2008 23:26:27 +0000 http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/#comment-211 Deryk, Thanks for offering a great example of "emotional pricing". To not even consider a counter offer is sheer arrogance - what ever happened to the concept of driving a hard bargin? I think one of THE most important services a real estate agent can offer their clients today is an informed assessment of what the market IS - not what the buyer wants it to be. Stop by again - I like the way you think! Michael Deryk,

Thanks for offering a great example of “emotional pricing”. To not even consider a counter offer is sheer arrogance – what ever happened to the concept of driving a hard bargin?

I think one of THE most important services a real estate agent can offer their clients today is an informed assessment of what the market IS – not what the buyer wants it to be.

Stop by again – I like the way you think!

Michael

]]> By: Deryk Harper http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/comment-page-1/#comment-212 Deryk Harper Tue, 26 Aug 2008 04:31:19 +0000 http://gwslepthere.com/2008/08/23/emotional-sellers-may-unknowlingly-contribute-to-a-loss-in-house-values/#comment-212 Great post Michael, I was just discussing that phenomenon today with a Buyer. We made what we considered an appropriate offer on a home yesterday. It was the lowest price in the neighborhood. Only one home has sold this year in this popular S/D because ALL of the current active, and recent expired or withdrawn listings are still considerably overpriced. The Seller was insulted by our offer and refused to even counter. I asked the agent to show me comps she used to set her price in case we missed something and all she could reply with was there are minimal comps for 2008 and that 2007 comps were better. 2007 comps have NOTHING to do with our current market value except to maybe set a CEILING for a current asking price. Her next illogical statement was that since she originally listed at $300,000 and now reduced to $260,000 that we should know this is a great deal and buy it. The only problem with that is that $300,000 was NEVER a realistic price for a slab home the size of this one in the neighborhood even in a better market. That is why there are no recent sales in the neighborhood. On the flip side, a closely related neighborhood has had very good activity over the summer season. Why? Because those Sellers saw that they were overpriced and started adjusting to current market value. Suddenly they started selling. Some even got multiple offers because all the Buyers are sitting around just waiting for someone to price a house right and then everyone sees it is clearly price for the market and they all jump on it at once. Sellers have got to understand that correct pricing, even if lower than their expectations, will sell a home that is in proper condition for that price. Everything else will continue to bloat our market with unsellable homes. Keep spreading the word!! Deryk Great post Michael,
I was just discussing that phenomenon today with a Buyer. We made what we considered an appropriate offer on a home yesterday. It was the lowest price in the neighborhood. Only one home has sold this year in this popular S/D because ALL of the current active, and recent expired or withdrawn listings are still considerably overpriced.
The Seller was insulted by our offer and refused to even counter. I asked the agent to show me comps she used to set her price in case we missed something and all she could reply with was there are minimal comps for 2008 and that 2007 comps were better. 2007 comps have NOTHING to do with our current market value except to maybe set a CEILING for a current asking price. Her next illogical statement was that since she originally listed at $300,000 and now reduced to $260,000 that we should know this is a great deal and buy it. The only problem with that is that $300,000 was NEVER a realistic price for a slab home the size of this one in the neighborhood even in a better market. That is why there are no recent sales in the neighborhood.
On the flip side, a closely related neighborhood has had very good activity over the summer season. Why? Because those Sellers saw that they were overpriced and started adjusting to current market value. Suddenly they started selling. Some even got multiple offers because all the Buyers are sitting around just waiting for someone to price a house right and then everyone sees it is clearly price for the market and they all jump on it at once.
Sellers have got to understand that correct pricing, even if lower than their expectations, will sell a home that is in proper condition for that price. Everything else will continue to bloat our market with unsellable homes. Keep spreading the word!!
Deryk

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