“There Is No Way In Hell I Am Reducing It 10%, That’s $30 Grand!”

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!”

“The Sense Of Urgency Is Completely Gone.” (Buyer Urgency, that is).

This in the trenches note from realtor thinktom at RE Talks 2008 Sep Mon 08, 2:00pm –

“So my wife and I had an open house this weekend in Kits. Beautiful home, listed at $1.749m, easily multiple offers 6-8 months ago for SURE. We had a HUGE turnout, lots of lookers but serious buyers as well…..and no offers (maybe one today). I guess I just wanted to say it’s a very interesting market when there are still lots of buyers….but they are definitely in no rush. The sense of urgency is completely gone. Interesting indeed.”

“She’ll Make About Exactly Half What She Made Last Year.”

RE prices may not yet be down much, but Vancouver realtors are feeling the downturn in sales with large drops in personal income. This from betamax at RE Talks 2008 Sep Tues 02, 9:45am –

“My sister’s a realtor and if she can sell a few more houses in the fall (best case) she’ll make about exactly half what she made last year. That’ll still be a six-figure gross, but unfortunately she has no savings and has created an extravagant lifestyle for herself with massive monthly payments that will exceed her net income this year. I suspect she’s hooped.  I’m not looking forward to the call in which she asks to borrow money.”