Whats Up With These Realtors

Apparently they're buying the industry rhetoric that RE has hit bottom and is now on its way up.

Get Busy.
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If that is the case, that is one heck of a fast switch. While I do see some leveling out with particular sales, raising the prices like this in a market which has been in the decline recently, sure doesn't speak well for the sellers' knowledge of what is selling. If they price ahead of the curve, they will never sell it in this market, but they must not have to sell and just want to increase inventory.

I just started a new thread and posted the following, but it seems this thread would also be a place where it might fit:

I just saw a price change for a listed property, which had notes, "VERY MOTIVATED SELLER!! BRING ALL REASONABLE OFFERS!!" I bet you wouldn't think the seller was so motivated if you saw the price change. It increased from $497,500 to $685,000. :shock: That is a 37% increase in price. Motivated seller??? Makes me wonder what that means anymore. When everyone is motivated, no one is motivated. It is really disappointing to see the term, "motivated seller," losing its value. There are truly some motivated sellers. I will let the price, not the wording, "motivated seller," tell me if it the seller is motivated. Does that mean that a buyer can negotiate the price down to $497,500 and feel like they got a huge discount?

Personally, I think the house is a great buy at $500K, but even great buys are not selling like hotcakes right now.
Perhaps there is more to the story, like the property recently receiving a zoning change allowing greater density or something, which might change the value, but on the surface, it just doesn't make sense. If it didn't sell during the last 5 months, priced under $500K, I'm not sure that it will sell now for $685K. A few sellers are realistic in their pricing, but I still question so many of the people who have property listed.
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Is the seller your competitor,or are you just upset that you are not selling it yourself? Maybe the seller could take classes on how to let your property sell for nothing.

I am sure you would be to glad to give him a class on this strategy.

I for one think the seller knows what he or she wants to do and applaud him or her on pricing the property for what he or she thinks its value is worth.

It is easy to question many things when you are not privy to all the facts.

you just have to admit that this is not a normal real estate market...whether you are an owner/seller, agent, appraiser, the county assessor, you can not justify your price unless of course someone buys.
the county uses a few of the previous year sales, realtors have posted they use 3 months or 6 months MLS sales, owners pull a number out of a hat and at this point we are all depending on the uninformed...case in point, let's say area lot sales have averaged $110K for 6 months or so, a desparate seller comes along and takes 100K on his lot...next thing you know it is back on the market for say 165K and then in between all that 1 block over another lot, same size goes for $239K...Question 1: so what is a lot worth in that area?[/quote]

It is only worth what someone is willing to pay for it!;-)
It does not matter what the seller wants to price it at, or the Realtor, or the appraiser.

Question 2: what would you price a lot for in that area if you were to list it?

Regarding Realtors and the SoWal real estate market in general: if you absolutely don't have to sell, you will likely be very happy you didn't sell in just a few years. There has always been, and always will be, a very strong allure to the SoWal area. Once the PCB new airport opens, there will be easier access from major cities like Chicago, DC, NYC which will increase awareness and appreciation for this area, driving demand back into the market. Supply growth has slowed significantly, although there are still some large condo developments underway.

If you absolutely must sell, you should not depend upon a realtor to tell you where to price your property. The realtor will be torn between market reality, keeping you smiling, and putting a price on it that could generate a commission. Blaming a realtor for your property not selling is ridiculous. It just means that during this given time your property is not priced according to what the market will bring, or you have an average property with nothing that distinguishes it from others in a special way. Your price will have to be compelling OR the property must be very desirable or special to set it apart from the other competitively priced properties.

No, I am not a realtor. I bought my first SoWal property 6 years ago, the second 4 years ago, the 3rd 6 months ago. If I had more money I would be buying today.

if you absolutely don't have to sell, you will likely be very happy you didn't sell in just a few years. There has always been, and always will be, a very strong allure to the SoWal area. .

Yes to your first question and there are no unusual circumstances.

let's say the unusual circumstance was an uninformed buyer.

Apparently they're buying the industry rhetoric that RE has hit bottom and is now on its way up.

Get Balloons.....Get Busy.

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Seagroving, you hit the nail on the head with this one. Don't sell if you don't need to, and just enjoy or rent your property. This market always comes back strong. :rolling:

If I am to understand you correctly if you want your property to be priced low come see you. NO THANKS.

If I am to understand you correctly if you want your property to be priced low come see you. NO THANKS.

If I am to understand you correctly if you want your property to be priced low come see you. NO THANKS.

very interesting

If I am to understand you correctly if you want your property to be priced low come see you. NO THANKS.

Perhaps they should have consulted a Realtor. :funn:

If it was an uniformed buyer, that would still be a fluke sale in my opinion, and it would carry nominal weight as compared to the majority of sales. It will certainly help comps for the appraisal.