Tell me if this is not a good idea and why

**Bobby J** · 12-11-2008, 01:59 PM

Originally Posted by Camp Creek Kid

You can put a FSBO sign up and "ask" as much as you want, but that doesn't mean that you will have anyone look at your house let alone make an offer. Buyers right now are few and far between and they have done their research and know what property values are. In the very unlikely even that you did get an offer for the amount you are asking, there is no way that the buyers would get financing after the bank does an appraisal and your property comes in at 50% of what you are asking.

I'm not being negative, just realistic.

I agree with everything you are saying CCK but buyers are not few. They are everywhere! We did not lose buyers. We lost value. They show up when they see a value. Until then it is a giant waste of time to list unless you can take a serious unbiased look at true market value based on recent sale data.

I don't even like to look at actives when pricing a home. New definition for active: Homes currently on the market not selling!

**traderx** · 12-11-2008, 02:45 PM

Bobby,

Who are the would be sellers who put their overpriced homes on the market?

I am guessing that they are not financially desperate. Are they just curious or fishing or hoping a fool offers them close to asking price? I look at so many homes on the public MLS and just shake my head.

**robertsondavies** · 12-11-2008, 08:54 PM

I short sold CROX at $60 to some poor sucker from out of state (likely) who thought it was worth more.... CROX is now trading at a $1 a share or so...

so I'm icky too u suppose... I purposely found a sucker, and the fact that I don't know who it was on the other end of that trade, I suppose makes me holier than holi???

discuss

**John R** · 12-11-2008, 10:12 PM

INSTANT CLASSIC!

**AAbsolute** · 12-11-2008, 10:23 PM

Originally Posted by robertsondavies

I short sold CROX at $60 to some poor sucker from out of state (likely) who thought it was worth more.... CROX is now trading at a $1 a share or so...

so I'm icky too u suppose... I purposely found a sucker, and the fact that I don't know who it was on the other end of that trade, I suppose makes me holier than holi???

discuss

That's a great free trade quote and definately something to consider. I suppose if the property is offered in a fashion that has the same disclosures as the CROX you traded I have to get behind your theory and probably holi's.

Offer it with the transparency that's reasonable and you have my vote to offer it. Good luck.

**Bobby J** · 12-11-2008, 10:58 PM

Originally Posted by traderx

Bobby,

Who are the would be sellers who put their overpriced homes on the market?

I am guessing that they are not financially desperate. Are they just curious or fishing or hoping a fool offers them close to asking price? I look at so many homes on the public MLS and just shake my head.

Good question. Some sellers will not listen when you try to get them to get right on the price. Often times I have to just walk away. I will be the first to admit that I get stuck with an occasional over priced listing. As time has gone on we are getting better at getting rid of those. Some folks just insist on keeping them in the market.

Sometimes, I just have to fire myself or them! People always say the market is flooded with inventory. I disagree with that. I would say 10-15% is good inventory. 10-5% is great inventory! The rest is a waste of time. The secret is really having an understanding of the current values so you don't waste time looking at over priced listings.

**chanster** · 12-11-2008, 11:50 PM

scouring mls listings for months on end i've come to the conclusion that south walton real estate has much downside left. some of the prices are just outrageous and looking at todays 570k record unemployment claims south walton still has a huge adjustment coming. i can rent a nice 4 bedroom home on the north side of 30a for $1500 amonth in the winter. with that i don't have to worry about $1500 a month for ins,association fee's and property taxes. since i live 7 hrs a way and can't use it but maybe 15 weeks of the year i don't have to worry about whats happening to it when i'm not there. and the biggest worry is a hurricaine flattening it and having to mess with being down there for months as its rebuilt. i can spend 20k a year and have 4 nice vactions a year with no headache. now if we enter a mild depression and prices go back to 1995-1998 i would buy for an investment

**chanster** · 12-11-2008, 11:55 PM

trader x many might not be finacially desperate today but the way things unraveling 10's of millions could be desperate soon. remember many of these people who bought 1-5 mil dollar homes live high lifestyles with huge overhead and a 1-4 time a year used beach house is the first thing to go when times get tough

**SWGB** · 12-12-2008, 12:22 AM

Originally Posted by brandon12

scouring mls listings for months on end i've come to the conclusion that south walton real estate has much downside left. some of the prices are just outrageous and looking at todays 570k record unemployment claims south walton still has a huge adjustment coming. i can rent a nice 4 bedroom home on the north side of 30a for $1500 amonth in the winter. with that i don't have to worry about $1500 a month for ins,association fee's and property taxes. since i live 7 hrs a way and can't use it but maybe 15 weeks of the year i don't have to worry about whats happening to it when i'm not there. and the biggest worry is a hurricaine flattening it and having to mess with being down there for months as its rebuilt. i can spend 20k a year and have 4 nice vactions a year with no headache. now if we enter a mild depression and prices go back to 1995-1998 i would buy for an investment

You and SHELLY should get along just fine.

**SHELLY** · 12-12-2008, 12:50 AM

Originally Posted by Bobby J

Good question. Some sellers will not listen when you try to get them to get right on the price. Often times I have to just walk away. I will be the first to admit that I get stuck with an occasional over priced listing. As time has gone on we are getting better at getting rid of those. Some folks just insist on keeping them in the market.

Sometimes, I just have to fire myself or them! People always say the market is flooded with inventory. I disagree with that. I would say 10-15% is good inventory. 10-5% is great inventory! The rest is a waste of time. The secret is really having an understanding of the current values so you don't waste time looking at over priced listings.

Could it be possible that when these sellers originally bought the properties, they were told by their Realtors and developers "Now's a great time to buy; they're not making any more land; buy before you're priced out of the market; this area is "special" and worth these high premiums; the baby boomers are coming! the baby boomers are coming!!!; real estate values only go up; if you don't buy now you'll regret it; real estate investing is less risky than the stock market;..etc., etc., etc." ??

If the seller is now finding out what their Realtor/developer told them wasn't exactly factual on the way up, I can understand why they're having a difficult time believing what they're being told on the way down.

When it's all said and done, all the rah-rah Real Estate rhetoric spewed by the NAR/FAR, their agents and developers during the frenzy is a contributor what's biting them in the arse now.

.

**AAbsolute** · 12-12-2008, 07:12 AM

Originally Posted by SHELLY

Could it be possible that when these sellers originally bought the properties, they were told by their Realtors and developers "Now's a great time to buy; they're not making any more land; buy before you're priced out of the market; this area is "special" and worth these high premiums; the baby boomers are coming! the baby boomers are coming!!!; real estate values only go up; if you don't buy now you'll regret it; real estate investing is less risky than the stock market;..etc., etc., etc." ??

If the seller is now finding out what their Realtor/developer told them wasn't exactly factual on the way up, I can understand why they're having a difficult time believing what they're being told on the way down.

When it's all said and done, all the rah-rah Real Estate rhetoric spewed by the NAR/FAR, their agents and developers during the frenzy is a contributor what's biting them in the arse now.

.

You're making a very good statement about why Realtors should never make forward thinking statements about values when they are representing a buyer. That type of talk is better left for people both trained and insured for that business.

In 2004 and 2005 I watched to me professionals tell a buyer that they will make money in a transaction. IMO, thoses Realtors should buy the properties back now.

**Smiling JOe** · 12-12-2008, 07:24 AM

CROX is selling at $1? WoW! I knew they were a fad.

**AAbsolute** · 12-12-2008, 07:44 AM

Originally Posted by Smiling JOe

CROX is selling at $1? WoW! I knew they were a fad.

Anytime you see a national consumer product experience brisk sales from a convenience store bulk display bin you can count on it being the last part of a bubble.

It's like every teacher, baker, builder and landscaper also pursuing a Realtor's license. The end of a bubble is near.

Circus Maximus was at its grandest scale just before the demise.

**traderx** · 12-12-2008, 08:24 AM

Then there is Yahoo. Google has brought Chrome out of beta and it is just a matter of time before Google hammers Yahoo's portal business. Yahoo really has nowhere to go. Wonder how Bill Miller of Legg-Mason feels these days?

**John R** · 12-12-2008, 08:38 AM

chrome should have stayed in beta a while longer.

**chanster** · 12-12-2008, 03:31 PM

in 2004 iw as looking at the property across from seacrest called sunset beach i think its called. the realator guaranteed me 25% annual returns

**SWGB** · 12-12-2008, 04:10 PM

Originally Posted by brandon12

in 2004 iw as looking at the property across from seacrest called sunset beach i think its called. the realator guaranteed me 25% annual returns

You should always get statements like that in writing.

**Bobby J** · 12-12-2008, 09:37 PM

Originally Posted by SHELLY

Could it be possible that when these sellers originally bought the properties, they were told by their Realtors and developers "Now's a great time to buy; they're not making any more land; buy before you're priced out of the market; this area is "special" and worth these high premiums; the baby boomers are coming! the baby boomers are coming!!!; real estate values only go up; if you don't buy now you'll regret it; real estate investing is less risky than the stock market;..etc., etc., etc." ??

If the seller is now finding out what their Realtor/developer told them wasn't exactly factual on the way up, I can understand why they're having a difficult time believing what they're being told on the way down.

When it's all said and done, all the rah-rah Real Estate rhetoric spewed by the NAR/FAR, their agents and developers during the frenzy is a contributor what's biting them in the arse now.

.

Talk about beating a dead horse... OK. You may be onto something here. In past threads we have all agreed the boom was because of Developers/Realtors/banks/buyers/sellers/etc. I was just curious why the banks were the only ones getting bailed out if all the above were spewing Real Estate rhetoric?

Where's my bail out?

**30ashopper** · 12-12-2008, 11:10 PM

Originally Posted by John R

chrome should have stayed in beta a while longer.

What a fascinating tangent discussion.. why? Do you think Chrome will ultimately replace Firefox as the de'jour IE competitor down the road?

**SWGB** · 12-14-2008, 05:20 PM

Originally Posted by Bobby J

Talk about beating a dead horse... OK. You may be onto something here. In past threads we have all agreed the boom was because of Developers/Realtors/banks/buyers/sellers/etc. I was just curious why the banks were the only ones getting bailed out if all the above were spewing Real Estate rhetoric?

Where's my bail out?

Hook up with one of the bailed out banks and sell off their glut of inventory.

**John R** · 12-14-2008, 10:16 PM

Originally Posted by 30ashopper

What a fascinating tangent discussion.. why? Do you think Chrome will ultimately replace Firefox as the de'jour IE competitor down the road?

personally, it doesn't grab me as a competitor to FF yet, therefore it's need to stay in beta. But, with all things google, they can throw mountains of money at it and make it viable.

**Hollibird** · 12-21-2008, 01:39 PM

Originally Posted by Bobby J

Talk about beating a dead horse... OK. You may be onto something here. In past threads we have all agreed the boom was because of Developers/Realtors/banks/buyers/sellers/etc. I was just curious why the banks were the only ones getting bailed out if all the above were spewing Real Estate rhetoric?

Where's my bail out?

Yes when I USED to be a realtor, I was told to stay positive. Tell clients that "things are looking better - on the way back up" It was total BS. Now I am paying the price. I was just hoping someone would buy the house, thinking it was where they wanted to be... a block from the beach, nice neighborhood, pool, gym, etc. and it was worth the money we were asking. but I see how everyones attitude is so poor (as is mine now) that it will never happen. I guess the bank wins. Bye.

**30ashopper** · 12-21-2008, 07:14 PM

Originally Posted by Hollibird

Yes when I USED to be a realtor, I was told to stay positive. Tell clients that "things are looking better - on the way back up" It was total BS. Now I am paying the price. I was just hoping someone would buy the house, thinking it was where they wanted to be... a block from the beach, nice neighborhood, pool, gym, etc. and it was worth the money we were asking. but I see how everyones attitude is so poor (as is mine now) that it will never happen. I guess the bank wins. Bye.

The bank lent you X for the house, they'll sell it for Y after it's foreclosed on in a deal where Y is substantially lower than X, so I don't think they are winning anything. The real winners amidst the wreckage will be the realtor and seller who sold the house to you, and the realtor who sells the foreclosure to the next guy at a substantially reduced price (..and the bank that finances the deal.

)

**SHELLY** · 12-21-2008, 10:53 PM

Originally Posted by 30ashopper

The real winners amidst the wreckage will be the realtor and seller who sold the house to you, and the realtor who sells the foreclosure to the next guy at a substantially reduced price...

...and the mortgage broker, and the appraiser, and the title company, and the housing inspector, and the county. OH, yeah, and the Granite Countertop Fabicator.

.

**ClintClint** · 12-22-2008, 05:15 AM

I'll bet ya by Gawd this real estate collapse stops the blood sucking divorces from always resulting in the wife getting the house----by Gawd, by Gawd!!

**AAbsolute** · 12-22-2008, 07:11 AM

Originally Posted by ClintClint

I'll bet ya by Gawd this real estate collapse stops the blood sucking divorces from always resulting in the wife getting the house----by Gawd, by Gawd!!

Unless the husband pays the mortgage down to 20% loan to value first.

**Bobby J** · 12-22-2008, 03:16 PM

I know a couple going through a divorce and they are in a big fight over who keeps what. It looks like the husband is going to have to keep everything!