Newton’s
“Laws of gravity” has always intrigued
me. “What goes up
must come down!”
Why is it that it applies to everyone except home owners and their
listing agents? A lot of homeowners and agents just
don’t get it. You can see it in the overpriced listings
sitting around town forever. There are some absolutes in life
and there are other things that are not a given. Take selling and listing
price for example.
Guaranteed profit and appreciation are not written in granite. They are not absolutes, and there is a lot of give and take. Just because you purchased the home for 300K in June of 2006, does not mean that it must sell it for 350K plus add commissions and improvements to the the top of the price! It doesn’t work that way.
Those that espouse their home, neighborhood or listing is different need to get a grasp on reality. The mantra “It doesn’t apply to me” is totally wrong. Just ask the appraiser that says “It didn’t appraise for the agreed upon price!” Or the buyer’s lender that denied the loan at the last minute! The buyer’s thought it couldn’t happen to them, but it did! Perhaps they were laid off unexpectedly! Sellers have to realize that buyers that lose their job at the last moment just cannot move forward and purchase their home. Stuff happens to everyone, and it does not matter that your belongings are on a moving truck! Incidents like this occur everyday in real estate. When a buyer cannot sell a home, they cannot move forward and buy the next home. The cumulative effect of all that is occuring in this market is that events like this... pull prices down on a much larger level than one would like to believe. Not all real estate is local! A lot of sellers just don’t think the rules apply to them.
It really doesn't matter to the seller what the neighbor's home just for. Seller’s feel they will sell their 350K homes for 347K and pay 5K in closing costs, and will buy their next home that is listed at 500K (that may be really worth 650K) for 325K! However this lowball offer will not happen to their own home. After all, their home is better, bigger, and has the best lot in the neighborhood. Excuse me? Why does the current market apply to everyone elses home but not to their own? Are they exempt? What Kool Aid are they been drinking? If a home is underpriced by 150K, what makes you think the sellers will take another 175K off? Stop dreaming! If the deals were that good I‘d buy it and get paid a commission to boot!
Seller's need to acknowledge that the buyers are looking at their overpriced home are thinking the same way they are! It is the nature of this real estate market. Why should they pay 347K on a home that should be priced at 295K? Why would I say that?
Well for one thing in your neighborhood homes are not selling for 350K! They have not closed at that price for 2 years. So why are you still overpriced?
Guaranteed profit and appreciation are not written in granite. They are not absolutes, and there is a lot of give and take. Just because you purchased the home for 300K in June of 2006, does not mean that it must sell it for 350K plus add commissions and improvements to the the top of the price! It doesn’t work that way.
Those that espouse their home, neighborhood or listing is different need to get a grasp on reality. The mantra “It doesn’t apply to me” is totally wrong. Just ask the appraiser that says “It didn’t appraise for the agreed upon price!” Or the buyer’s lender that denied the loan at the last minute! The buyer’s thought it couldn’t happen to them, but it did! Perhaps they were laid off unexpectedly! Sellers have to realize that buyers that lose their job at the last moment just cannot move forward and purchase their home. Stuff happens to everyone, and it does not matter that your belongings are on a moving truck! Incidents like this occur everyday in real estate. When a buyer cannot sell a home, they cannot move forward and buy the next home. The cumulative effect of all that is occuring in this market is that events like this... pull prices down on a much larger level than one would like to believe. Not all real estate is local! A lot of sellers just don’t think the rules apply to them.
It really doesn't matter to the seller what the neighbor's home just for. Seller’s feel they will sell their 350K homes for 347K and pay 5K in closing costs, and will buy their next home that is listed at 500K (that may be really worth 650K) for 325K! However this lowball offer will not happen to their own home. After all, their home is better, bigger, and has the best lot in the neighborhood. Excuse me? Why does the current market apply to everyone elses home but not to their own? Are they exempt? What Kool Aid are they been drinking? If a home is underpriced by 150K, what makes you think the sellers will take another 175K off? Stop dreaming! If the deals were that good I‘d buy it and get paid a commission to boot!
Seller's need to acknowledge that the buyers are looking at their overpriced home are thinking the same way they are! It is the nature of this real estate market. Why should they pay 347K on a home that should be priced at 295K? Why would I say that?
Well for one thing in your neighborhood homes are not selling for 350K! They have not closed at that price for 2 years. So why are you still overpriced?
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