“Overheard someone was trying to sell his condo in New Westminster recently. He wanted $370,000 because a 20,000 cheaper unit sold $350,000 early this year. But his realtor told him to list for $320,000 in order to make it saleable.
This is about 20% drop in price.
He disagreed, so pull the condo off the market. But by the end of the year, I guess his condo will worth less than $300,000.”
- good-format at VCI 8 Jul 2012 9:14am
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Yeah baby! Total dejavu from the not so different there place…
I get sick to my stomach for some of these people. $370k for a concrete box in New Westminster?
http://thethirtiesgrind.com/2012/07/11/absurd-vancouver-property-of-the-week-july-11-2012/
Updated, the comments are gold.
“Living here is like going to an all you can eat buffet, but your only allowed to have macorony and cheese.” -Jack
Why doesn’t he just fire the realtor and find another one who can get the job done? Or at least actually try to sell it for $370K. Lots of realtors around, I’m sure someone desperate for a listing would take him up on it.
Perhaps the realtor was being a realist?
Smart realtors know that the difference in commission between a 370 sale and a 320 sale is minimal to them. So it is in their best interest to sell asap.
The only real marketing strategy they have in a declining market is price reductions.
so true, it’s about commissions. THey can reduce them as prices skyrocket, and increase them as prices go down. They need volume to survive. If it’s not there, then it’s time to retire or move on to other occupations. Already we see Realtors say all kinds of crazy things to be noticed. They’re the ones writing books, and are looking ahead to monetize their burgeoning ‘cult of personality’
@space889 – lots of very hungry realtors will say the same as you – I’ll sell it at your asking price and even may be more – just to hook you up. The result is going to be the same with twice as much open houses and fast track cosmetic repairs. No one is going to buy this unit for the same price that someone paid early this year as all buyers are aware that the prices are in decline. The buyer is looking for a very good discount now so the RE agent is giving the right advice at this time, according to a changing market conditions.
I have been to some open houses which are shown by the owner. Apparently, the agents don’t even bother to show up because the listing prices are out of whack with comparable units currently for sale. Why do the work if you couldn’t get the commission (i.e. the sale)?
Regardless of our negative toward them, Realtors are generally a street-smart bunch.
A realtors advice on pricing should be taken only as a guideline. You still need to do your own market research, which is not that difficult to do. If you are realistic you should be able to come up with an asking price that takes into account both your selling needs and the market conditions at the time. Otherwise there is a chance you could be taken advantage of by an unscrupulous realtor.