If you could get a COMPLETE list of the actives, pendings and recent solds in your zip area you could probably get a pretty good idea on what listing price would result in a sale.
If it were me, I’d look to see which agents’ names came up most often among the closed sales and get their opinions, if not retain them outright. Your odds usually improve when you retain and listen to a proven winner.
As an appraiser, the only time I accept assignments that involve recommending listing prices is when the property is unusual enough that the realty agents are referring their clients to me. For most properties it usually goes the other way; I usually refer these people to the active realty agents.
Appraisers generally look to see what the property value would “probably” be like as of a transaction closing today. A good realty agent looks forward a bit in anticipation of a closed sale in the near future. There is a distinction between the two and for that reason I’m not a big advocate of retaining appraisers to suggest listing prices under most circumstances. Appraisers are observers of market participants, they don’t actually participate themselves.
Pay no attention to the a__holes blaming and taking pot shots at you.
Typically, Realtors think they know the right price. They price it thinking positive and then are either right or wrong. In the case where you’ve had no traffic and no offers, the Realtor in this case, came to the realization they were way wrong. A 10% drop is probably the minimum and they wouldn’t want to freefall more than that.
Has anyone driven downtown lately? Condos up the ying yang. And building after building of new ones under construction. Another year and you can pick one up for a song.
Your agent says the market has dropped 8-9% since January and you are mad that she didn’t know this before…nobody knows trends until after they happen. In the spring, did any of you know that the lending crisis would hit during the last week of August and the jumbo loans would become impossible without 10% down and 100% financing would be extinct? This is probably what the market needs to correct the loan problem but it sure sucks for sellers who put their houses on the market in the spring and early summer. I think most Realtors try to do a good job of pricing. Half the time we get complaints because we suggest a price too low and the seller thinks we are trying to get out of doing our job by “giving away” the house; or we get complaints because we listed it too high and we should have known X would happen. It’s hard to win unless the house sells within 1-2% of the list price within 30 days, and you know how often that happens!
I was downtown last night and blown away by all the condos for sale and realtor key lockboxes decorating iron entry gates like some kind of twisted Christmas tree except instead of gifts beneath there were homeless people sleeping. It was bizarre.
I was walking past Crown Point Villas last week in PB – I counted nine lockboxes at the main entrance and many more among the individual villas in the back.
I was walking past Crown Point Villas last week in PB – I counted nine lockboxes at the main entrance and many more among the individual villas in the back.
