In a nutshell… Oh Yeahhhhhhhhhh…. (and you have to say yeah like macho man randy savage)
The problem is that many sellers are just still in denial. One of my listings has a particularly crispy seller who doesn’t accept the situation. I told him that his pricing may indeed get a deal on paper but most likely will get kicked back by the lender when the loan goes through underwriting… We will see how this one goes as the loan is currently in underwriting as I type and the appraisal is getting reviewed. Yes the lender is Countrywide.
The more seasoned people are getting it but even then… I just got off the phone with a nice lady who has a listing with Prudential that she is cancelling. She listed with them for 2 straight periods and the home has not sold. I told her it is not really their fault as much as it may be that the home is not priced correctly. Well she went through a big diatribe about how they MUST get this much out of the home… so this is from someone who has been on the market, who has not seen the home sell, who has all the nice pictures and big marketing tools of this monster brokerage…so as much as she gets it… she doesn’t get it…I gave her a call back after I comped it out and suggested an immediate 10% price reduction with a caviot that I would be more comfortable with a 15% reduction. I almost heard her head hit the wall… Anyways she wants to meet in person tomorrow….
I hear this every day…over and over and over….
The bottom line is that even with the secondary market dried up, and the real estate market hitting the wall… a vast majority of sellers still don’t realize they will get what the market bears, not what they have to get out of the home.
Those that price aggressively and make the homes show well have the best shot at selling…
