Current Housing Market 2009 - Experiences?

[chuck1]

....Today most realtors are female bimbo dingbats
.........suggest that the true size of the FSBO market is closer to 22%.....

What can I say if you hire a dingbat you get what you pay for:huh:

Does not really mater if it is 15% or 22% my point was that more are sold with a realtor than without.

Doug my advice to you would be the same that I have given to many of my clients. Since you really don't have to sell don't even list it. It is truly a buyers market in most area. Your home is just going to sit and age for now. Take it off the market and when we get through these interesting time then put it back on the market.

 

[giff1]

Inventory in RE does not mean FIFO. Inventory is the amount of houses staying on the market compared to houses sold in a month. We have more houses staying and more coming on the market each month than are being sold. This means the ratio of houses sold to the houses on the market.........Ah hell we have more houses for sale then you can shake a stick at.

 

[chuck1]

.........Ah hell we have more houses for sale then you can shake a stick at.

:lol::smt043:lol::smt043
And it is a Big Stick to boot.
:lol::smt043:lol::smt043

 

[katricol]

Doug...presentation brings up a good point. When houses don't sell in a particular time frame (diff. for diff. areas), they become "stale". Agents don't show them for various reasons incl. thinking something is wrong with them. You could take it off the market for 1 or 2 months and then re-list it. I would list it with a VERY active broker in your area. I would list it at 6 % with 3 and a half % going to the selling agent. Get agents wanting to sell YOUR house. Ric

 

[K-9]

too many on the market and old homes being torn down and mega house built(as large as allowed by code)
this summer was fix-up season new paint new house.:thumbsup:
I will wait till the market picks up:huh:

 

[chuck1]

too many on the market and old homes being torn down and mega house built(as large as allowed by code)

Top three rules about real estate
1. Location
2. Location
3. Location

The thing that might come close would be price.:grin:
but even that will not always work. Who care if you can buy the house for $0.10 on the $1.00 if it is in a bad location.:huh:

 

[islandhopper00]

I sold my house FSBO...well as Chuck said, there was a realtor involved. I did everything except navigate all the headache of paperwork nightmare. Geeze, how hard does it have to be! It took me right at a year. WHEW! The location was great, but in this economy the price was the deciding factor. I had to eat $37,000.00, and the $8,000.00 freebee from the goobmint was the deciding factor. You know what is painful, I kept hearing give a good deal, get a good deal. Well, I'm waiting for the good deal! People, (like myself) don't want to accept that. For whatever reason, people keep holding on and making payments hoping for a market recovery. Well they just might wait long enough for the sequal comming in 2010. Better do your homework and lose alittle now rather than your A$$ later. My opinion. I hope I'm wrong, but I think I'll wait.

 

[douglee25]

Doug...presentation brings up a good point. When houses don't sell in a particular time frame (diff. for diff. areas), they become "stale". Agents don't show them for various reasons incl. thinking something is wrong with them. You could take it off the market for 1 or 2 months and then re-list it. I would list it with a VERY active broker in your area. I would list it at 6 % with 3 and a half % going to the selling agent. Get agents wanting to sell YOUR house. Ric

So if I'm understanding you correctly, instead of giving each agent 3% on the sale (if 2 agents involved), give 3.5% to the actual selling agent who brought the person to the home initially? (3.5% to one, 2.5% to the other)

Doug

 

[chuck1]

Mike, as much as I hate it I'm afraid you are right. Everybody is just holding on right now, hoping it will get better. Each area is different, but until we get rid of the excess inventory prices are going to continue down. (Supply & Demand) We have had record number of foreclosure and that is even with some banks putting a moratorium on it. Heck they don't want them they already have to many. What really bites is when the bank only go halfway through the foreclosure process. You then just homes sitting and deteriorating.

 

[chuck1]

So if I'm understanding you correctly, instead of giving each agent 3% on the sale (if 2 agents involved), give 3.5% to the actual selling agent who brought the person to the home initially? (3.5% to one, 2.5% to the other)

Doug

Yep, I see it happening more and more. What is really interesting is the people that go with forsalebyowner site. They have to pay upfront the listing side fee X number dollars to get it into the MLS, etc. When/if it sells they pay X percent on the selling side. Heck if it does not sell because it is overprice the forsalebyowner company does not care they have already got their money. You want to extend it fine pay X flat fee again to them.

Plus think of this way if I'm Joe blow selling agent and I've to 10 homes basically the same shape, location, price, etc for my buying customer which one do you think I'm going to push more, the one that gives me 3% or the one that gives me 4%. Heck since I'm such a good guy I'm going to give that extra 1% to my buying customer. Guess who they are going to recommend to their friends??

 

[douglee25]

Yep, I see it happening more and more. What is really interesting is the people that go with forsalebyowner site. They have to pay upfront the listing side fee X number dollars to get it into the MLS, etc. When/if it sells they pay X percent on the selling side. Heck if it does not sell because it is overprice the forsalebyowner company does not care they have already got their money. You want to extend it fine pay X flat fee again to them.

Plus think of this way if I'm Joe blow selling agent and I've to 10 homes basically the same shape, location, price, etc for my buying customer which one do you think I'm going to push more, the one that gives me 3% or the one that gives me 4%. Heck since I'm such a good guy I'm going to give that extra 1% to my buying customer. Guess who they are going to recommend to their friends??

I even suggested a 'finders fee' or an extra 1% for the selling agent but my realtor said it wasn't a good idea??

Doug

 

[Newbie]

So, how do you get the word out to buyers agents that you are offering them 3.5%?

I have hired and fired several realtors in the last year or so and I'm getting ready to go check on the current one in a minute (parade of homes going on) Chances are, they will be fired by weeks end.

 

[chuck1]

I even suggested a 'finders fee' or an extra 1% for the selling agent but my realtor said it wasn't a good idea??

Doug

Better to adjust your price lower, IMHO. Get more buyers looking at.
Remember what I said if all things about the homes are the same. Heck if I was recommending just because it had a finders fee for me what do you think my buying client would think???

 

[douglee25]

Better to adjust your price lower, IMHO. Get more buyers looking at.
Remember what I said if all things about the homes are the same. Heck if I was recommending just because it had a finders fee for me what do you think my buying client would think???

Gotcha.... Still weighing my options here.

Doug

 

[chuck1]

So, how do you get the word out to buyers agents that you are offering them 3.5%?

I have hired and fired several realtors in the last year or so and I'm getting ready to go check on the current one in a minute (parade of homes going on) Chances are, they will be fired by weeks end.

Should be listed in the MLS what commission you are offering.
Sorry to hear about your place not selling. Why has your home not sold? What have sales been like in your area. What type of CMA have you gotten? How is your home priced? How long has it been on the Market. How are you choosing your Realtor?

 

[katricol]

The buyer knows nothing about what fees are being paid out till closing, and at that point it dosen't matter. Doug you did read my post right about %. Let me tell you this...the GOOD agents will know about the % or about any other incentive you offer, because they READ the mls listings1 or 2 times a day, know their market inside and out, and that is why they are the most active realtors. I am NOT suggesting that an agent steer a buyer only for the commiss. I am saying if all is equal then they will try hard to get your better payday. mI have also offered a $ amout like 1000.00 to an agent to sell onr of my houses. In this market .....try marketing! Ric

 

[douglee25]

The buyer knows nothing about what fees are being paid out till closing, and at that point it dosen't matter. Doug you did read my post right about %. Let me tell you this...the GOOD agents will know about the % or about any other incentive you offer, because they READ the mls listings1 or 2 times a day, know their market inside and out, and that is why they are the most active realtors. I am NOT suggesting that an agent steer a buyer only for the commiss. I am saying if all is equal then they will try hard to get your better payday. mI have also offered a $ amout like 1000.00 to an agent to sell onr of my houses. In this market .....try marketing! Ric

Trust me, I've tried thinking of a bunch of things to try and market the house! Everytime I come up with a scenario, my realtor shoots it down. Thanks for the confirmation though. I may just ask him to change the terms. My contract is up with him at the end of this month. I'm unsure if I will stay with him or go find someone new. I'm usually very good at selling things too. I've thought about going FSBO, but my time is limited at the moment, and I'm not sure how well it would work out.

Doug

 

[chuck1]

A smart buyer will know what fees are being paid way before closing. In most states a buyer that wants to be a client must have signed a buyers contract with an agent. The buyers are also reading the MLS too. I've personally setup my buyer clients on an email system that notifies them as soon as something new/changes in the MLS that might work for them.The may get the MLS notice even before I see it.
IMHO - In this market all that really maters is Location and Price. You only have control over one of them.

The buyer knows nothing about what fees are being paid out till closing, and at that point it dosen't matter. Doug you did read my post right about %. Let me tell you this...the GOOD agents will know about the % or about any other incentive you offer, because they READ the mls listings1 or 2 times a day, know their market inside and out, and that is why they are the most active realtors. I am NOT suggesting that an agent steer a buyer only for the commiss. I am saying if all is equal then they will try hard to get your better payday. mI have also offered a $ amout like 1000.00 to an agent to sell onr of my houses. In this market .....try marketing! Ric

 

[islandhopper00]

Trust me, I've tried thinking of a bunch of things to try and market the house! Everytime I come up with a scenario, my realtor shoots it down. Thanks for the confirmation though. I may just ask him to change the terms. My contract is up with him at the end of this month. I'm unsure if I will stay with him or go find someone new. I'm usually very good at selling things too. I've thought about going FSBO, but my time is limited at the moment, and I'm not sure how well it would work out.

Doug

Doug, I'm not an expert just because I sold mine FSBO, ( I had help) but...I am a grad of the school of hard knocks now! My opinion is this, if you go the FSBO route, you will understand why the real estate folks earn their money! You can't believe the audacity of people. People will call you at every inconvient time if possible. I think they wait for supper time. They think nothing of asking you to drive hours to show the home, just to give you attitude, and point out every questionable issue with the house. I think they are vocalizing the justification for their "no ball" offer! Then there are the no shows. You inconvience yourself, (leave whatever your doing) to show the house and they never show up. You light all the candles, open the windows, turn on all the lights, put all the junk you normally live with away, and NO SHOW! So you put everything back, blow out the candles, close the windows, get your junk back out, lay down for a nap and...bing bong! ****TTTTTTT! Their late!
I think you get the idea.
Really, I don't know what your situation is, but if you can lower the price of your house to what the market will bear, it will sell it's self. There are alot of buyers out there, "WE" are waiting for ya"ll to falter and sell short. I'm sorry as hell, but......it is what it is! I dealt with it, now I'm on the other side of the fence, and let me tell you it feels Ggooooooood over here!!!!!

 

[chuck1]

..... and NO SHOW! ....

Say it ain't so, you had No Shows too.:grin:
Sorry Mike could not help myself. Man if I had a nickel for every person that said they would be back or was a no show. I would have a 680 Sunsport not dreaming about my 290 Sunsport.:smt089