La Jolla is immune. A realtor told me so!

[Portlock]

The way this is written, the realtor is a used car salesperson, willing to say anything to get the sale – but how can she be blamed? She is trying to get as much money as possible out of the sale as instructed by her client – heck, she also gets a take of the final figure – so the more $$$ the better. The moment she agrees the market has not doubled in 5 years is the moment she justifies a price reduction, so no way is she going to admit that – I would be surprised if she did.

This is why I’m reluctant to deal with most realtors. Even if I become well versed in home buying to avoid being taken, an equally well or most likely better versed buying or selling agent will be getting a share of my money whether their information is true or not, withheld or exposed.

Buyer beware, in vain.

[XBoxBoy]

JustLurking, My experiences at the open houses in La Jolla are similar to yours. Most the realtors are just not willing to admit that the coast could possibly decline in value. I can’t decide if they sincerely believe that, (ie they are all drinking the koolaid still) or if they know that things are going down but don’t want to admit it.

One thing that I’m really wondering about. If you look at SDLookup’s list of closed sales, and scan for the month of June, there are only 9 single family residences that closed in June for 92037. If that is true, that is terrible for sellers. (Given that there are 224 sfr listed today, that would be about 25 months of inventory at that rate!)

But here’s the thing I really don’t understand. With sales in La Jolla dropping in number, commissions must be way way off. Wouldn’t the realtors start to push sellers to lower prices since that would encourage the number of sales to go up? From a conversation I had with a seller the other day, he indicated that realtors wanted him to not go out at a low price. He really wants to sell, but the realtors were really discouraging him from offering at a price less than two years ago comps. Why would the realtors argue that? Given that sales have dried up so much. Are the realtors convinced that everything is going to bounce back? That all they need to do is convince sellers to not give in, and prices will hold? Can someone explain what the realtors are thinking?

XBoxBoy

[XBoxBoy]

JustLurking, My experiences at the open houses in La Jolla are similar to yours. Most the realtors are just not willing to admit that the coast could possibly decline in value. I can’t decide if they sincerely believe that, (ie they are all drinking the koolaid still) or if they know that things are going down but don’t want to admit it.

One thing that I’m really wondering about. If you look at SDLookup’s list of closed sales, and scan for the month of June, there are only 9 single family residences that closed in June for 92037. If that is true, that is terrible for sellers. (Given that there are 224 sfr listed today, that would be about 25 months of inventory at that rate!)

But here’s the thing I really don’t understand. With sales in La Jolla dropping in number, commissions must be way way off. Wouldn’t the realtors start to push sellers to lower prices since that would encourage the number of sales to go up? From a conversation I had with a seller the other day, he indicated that realtors wanted him to not go out at a low price. He really wants to sell, but the realtors were really discouraging him from offering at a price less than two years ago comps. Why would the realtors argue that? Given that sales have dried up so much. Are the realtors convinced that everything is going to bounce back? That all they need to do is convince sellers to not give in, and prices will hold? Can someone explain what the realtors are thinking?

XBoxBoy

[XBoxBoy]

JustLurking, My experiences at the open houses in La Jolla are similar to yours. Most the realtors are just not willing to admit that the coast could possibly decline in value. I can’t decide if they sincerely believe that, (ie they are all drinking the koolaid still) or if they know that things are going down but don’t want to admit it.

One thing that I’m really wondering about. If you look at SDLookup’s list of closed sales, and scan for the month of June, there are only 9 single family residences that closed in June for 92037. If that is true, that is terrible for sellers. (Given that there are 224 sfr listed today, that would be about 25 months of inventory at that rate!)

But here’s the thing I really don’t understand. With sales in La Jolla dropping in number, commissions must be way way off. Wouldn’t the realtors start to push sellers to lower prices since that would encourage the number of sales to go up? From a conversation I had with a seller the other day, he indicated that realtors wanted him to not go out at a low price. He really wants to sell, but the realtors were really discouraging him from offering at a price less than two years ago comps. Why would the realtors argue that? Given that sales have dried up so much. Are the realtors convinced that everything is going to bounce back? That all they need to do is convince sellers to not give in, and prices will hold? Can someone explain what the realtors are thinking?

XBoxBoy

[XBoxBoy]

JustLurking, My experiences at the open houses in La Jolla are similar to yours. Most the realtors are just not willing to admit that the coast could possibly decline in value. I can’t decide if they sincerely believe that, (ie they are all drinking the koolaid still) or if they know that things are going down but don’t want to admit it.

One thing that I’m really wondering about. If you look at SDLookup’s list of closed sales, and scan for the month of June, there are only 9 single family residences that closed in June for 92037. If that is true, that is terrible for sellers. (Given that there are 224 sfr listed today, that would be about 25 months of inventory at that rate!)

But here’s the thing I really don’t understand. With sales in La Jolla dropping in number, commissions must be way way off. Wouldn’t the realtors start to push sellers to lower prices since that would encourage the number of sales to go up? From a conversation I had with a seller the other day, he indicated that realtors wanted him to not go out at a low price. He really wants to sell, but the realtors were really discouraging him from offering at a price less than two years ago comps. Why would the realtors argue that? Given that sales have dried up so much. Are the realtors convinced that everything is going to bounce back? That all they need to do is convince sellers to not give in, and prices will hold? Can someone explain what the realtors are thinking?

XBoxBoy

[XBoxBoy]

JustLurking, My experiences at the open houses in La Jolla are similar to yours. Most the realtors are just not willing to admit that the coast could possibly decline in value. I can’t decide if they sincerely believe that, (ie they are all drinking the koolaid still) or if they know that things are going down but don’t want to admit it.

One thing that I’m really wondering about. If you look at SDLookup’s list of closed sales, and scan for the month of June, there are only 9 single family residences that closed in June for 92037. If that is true, that is terrible for sellers. (Given that there are 224 sfr listed today, that would be about 25 months of inventory at that rate!)

But here’s the thing I really don’t understand. With sales in La Jolla dropping in number, commissions must be way way off. Wouldn’t the realtors start to push sellers to lower prices since that would encourage the number of sales to go up? From a conversation I had with a seller the other day, he indicated that realtors wanted him to not go out at a low price. He really wants to sell, but the realtors were really discouraging him from offering at a price less than two years ago comps. Why would the realtors argue that? Given that sales have dried up so much. Are the realtors convinced that everything is going to bounce back? That all they need to do is convince sellers to not give in, and prices will hold? Can someone explain what the realtors are thinking?

XBoxBoy

[Reality]

[quote=Portlock]The way this is written, the realtor is a used car salesperson, willing to say anything to get the sale – but how can she be blamed? She is trying to get as much money as possible out of the sale as instructed by her client – heck, she also gets a take of the final figure – so the more $$$ the better. The moment she agrees the market has not doubled in 5 years is the moment she justifies a price reduction, so no way is she going to admit that – I would be surprised if she did.
[/quote]

Isn’t a price reduction better than no sale? Seems a sale at the listed price is impossible from the facts given.

[Reality]

[quote=Portlock]The way this is written, the realtor is a used car salesperson, willing to say anything to get the sale – but how can she be blamed? She is trying to get as much money as possible out of the sale as instructed by her client – heck, she also gets a take of the final figure – so the more $$$ the better. The moment she agrees the market has not doubled in 5 years is the moment she justifies a price reduction, so no way is she going to admit that – I would be surprised if she did.
[/quote]

Isn’t a price reduction better than no sale? Seems a sale at the listed price is impossible from the facts given.

[Reality]

[quote=Portlock]The way this is written, the realtor is a used car salesperson, willing to say anything to get the sale – but how can she be blamed? She is trying to get as much money as possible out of the sale as instructed by her client – heck, she also gets a take of the final figure – so the more $$$ the better. The moment she agrees the market has not doubled in 5 years is the moment she justifies a price reduction, so no way is she going to admit that – I would be surprised if she did.
[/quote]

Isn’t a price reduction better than no sale? Seems a sale at the listed price is impossible from the facts given.

[Reality]

[quote=Portlock]The way this is written, the realtor is a used car salesperson, willing to say anything to get the sale – but how can she be blamed? She is trying to get as much money as possible out of the sale as instructed by her client – heck, she also gets a take of the final figure – so the more $$$ the better. The moment she agrees the market has not doubled in 5 years is the moment she justifies a price reduction, so no way is she going to admit that – I would be surprised if she did.
[/quote]

Isn’t a price reduction better than no sale? Seems a sale at the listed price is impossible from the facts given.

[Reality]

[quote=Portlock]The way this is written, the realtor is a used car salesperson, willing to say anything to get the sale – but how can she be blamed? She is trying to get as much money as possible out of the sale as instructed by her client – heck, she also gets a take of the final figure – so the more $$$ the better. The moment she agrees the market has not doubled in 5 years is the moment she justifies a price reduction, so no way is she going to admit that – I would be surprised if she did.
[/quote]

Isn’t a price reduction better than no sale? Seems a sale at the listed price is impossible from the facts given.

[pfflyer]

I would like to buy a home in that range when it seems logical. Everything I see is listed higher than previously bought- even if bought new in 2006! California homeowners have had a good ride for so many years many can’t believe- even today- that their values could decline. I really believe that many feel their home is their primary retirement. Not much savings in the boomer crowd. I will step back in when reality returns- probably in 2011.

[pfflyer]

I would like to buy a home in that range when it seems logical. Everything I see is listed higher than previously bought- even if bought new in 2006! California homeowners have had a good ride for so many years many can’t believe- even today- that their values could decline. I really believe that many feel their home is their primary retirement. Not much savings in the boomer crowd. I will step back in when reality returns- probably in 2011.

[pfflyer]

I would like to buy a home in that range when it seems logical. Everything I see is listed higher than previously bought- even if bought new in 2006! California homeowners have had a good ride for so many years many can’t believe- even today- that their values could decline. I really believe that many feel their home is their primary retirement. Not much savings in the boomer crowd. I will step back in when reality returns- probably in 2011.

[pfflyer]

I would like to buy a home in that range when it seems logical. Everything I see is listed higher than previously bought- even if bought new in 2006! California homeowners have had a good ride for so many years many can’t believe- even today- that their values could decline. I really believe that many feel their home is their primary retirement. Not much savings in the boomer crowd. I will step back in when reality returns- probably in 2011.

[Author]

Posts