This from exx at RE Talks 2008 Sep Thu 18, 10:35pm -
“I was speaking to a co-worker this afternoon who listed his property 3 weeks ago and has rented a house – he has enough saved for 3 months worth of rent. He has had 3 open houses and no showings, and the Agent has contacted him asking if the price can be reduced. He is PISSED that the Agent is not doing their job right because they want a reduction when they haven’t had any showings (no traffic = 100% agent’s fault). He’s willing to wait 3 months before he “panics” and reduces his price. I couldn’t believe what I was hearing. I told him to remember that he has DOUBLED the value in his property, and that it is better to reduce it now and get the sale, even if you need to reduce by 10%, than to wait longer and risk losing even more. His response? 10%? There is no way in hell I am reducing it 10%, that’s $30 grand!”
@exx,
It presupposes that your co-worker has never heard the story about having “a bird in the hand”.
No traffic=100% agents fault. Of course, it’s also the agents fault that his “client” is 2 bricks short of a load in understanding this market.
Despite the slower market now is most likely a better time to sell than 3 months from now will be. In 3 months that price reduction might have to be $60K.
I know a very nice young woman whose husband wanted to leverage real estate into an early retirement (according to her). They recently spent $100,000 renovating their property. In the early summer she told me she was very excited to be “flipping” it . Now she tells me they have decided not to list because they would lose money on it if they did. Across the street from me a couple in their mid to late 30s purchased a fairly decrepit rental house and spent a ton renovating it over the next 2 years. The whole time they have only lived on the top floor, renting out the basement to a series of short-term renters. Another neighbour who is a realtor told me they had renovated and sold their last place for a handsome profit. They listed their current (50 year+) residence for $936,000 (Main Street corridor near 41st) earlier this summer. They never put a “For Sale” sign in the front yard but it was listed on Realtylink. It was only on for a month or so. Looks like they have pulled out of the market too.
Everyone is looking for the flavor of the day instead of tried and true methods. I have friends who got caught in the Las Vegas housing market. They own two houses they don’t want.
Last year he told me: ” The first house got us into the house we really wanted”
READ: I mortgaged my first house to buy the second and I’m now underwater on both houses, but hey, that’s ok because everyone else is in the same boat.
Our realtor reports 162 condo listings are over 1 million, with 12 sales last month.
“People are just beginning to realize that they should have sold last year, and that now it’s too late”
From same realtor, about buying or waiting – responding to our inquiry as an interested buyer of RE in the next 3-4 months:
“wait until at least December. Don’t buy now. The markets will fall at least another 10% by then.”
When is this site getting taken down?