All markets are different but I have been following some specific properties and as I see them reduce their price I know it would have sold three or six months ago at that price. At their current price they will be lowering again in three months because the new listings are showing up at 5-10% under their reduced price, sometimes the new, lower priced ones are bigger or better and I wonder don’t they ask themselves “who will buy mine if they can get that one for less.” But it goes back to that irate fisbo from another thread, being delusional and trying to prop up the market by yourself will cost you in the end, get what you can while you can. I don’t know what it costs a realtor to list a property but some are so far out of whack with the competition I wonder why the agent even took it. SD that agent that listed that condo last year, what do you think that cost him in time and money since he saw 0 income from it. My observations are that there are still sales happening it is just with the more aggresively priced stuff. Maybe it a good thing overall, the shakeout of the unsophisticated subprime buyers will also shake out the unsophisticated newbie realtors.
I know that most lawyers who don’t feel they have a fair chance at winning a case won’t take it on a percentage basis and require hourly pay, thus bringing some complainants back to reality. From my personal experience I was trying to unload a house ten years ago or so in a down part of the last cycle, interviewed listing agents and chose one, don’t even remember why, probably a billboard I saw. After six months, few showings and no offers it delisted. A few months later a friend somewhat in the know hooked me up with a realtor who sold his house, he said I list at a certain price or he wont take it, I angrily agreed. He explained the market was different than when i bought and we should start out at reasonable price rather than price in the negotiations becuase ultimately I wanted what he wanted to list at. Two full price offers on the same day about three weeks later and six months later that price would not be seen again for years. Of course it tripled over the ten years, damn I should have kept it. Wait a minute, if i had ignored sound advice i would have profited from luck, no wonder i can’t figure this stuff out.
