Some Listing Agents In Panic Mode

I've been able to read some of the commentary of a few of our local high-volume listing agents on their websites, and as expected their high overhead of carrying a lot of inventory is putting them in near-panic mode. High advertising costs just don't get covered when they have a lot of listings that aren't selling, and so some are advising their clients to drop prices drastically, on the order of 10%. Yep, agents with staffs and names easily recognized by the public are swallowing hard, letting some staff go, cutting back on advertising, and getting back to work.

They are grinding their sellers hard for price reductions, and not just incremental adjustments, but cuts to the bone. After all, they have got to make payroll and support the lifestyle.

Wait a minute. I've taken a look at the sales data, and there is nothing there that indicates the real situation is as dire as some of these agents have been describing. Could it be that they have 'bought the listing' when they came to agreement with the seller to sell the home? Uh, yeah. Pricing the home high just to get a signed contract is a habit of our recent fast appreciating market. In years past, if you took a listing that was priced too high, you would just have to wait a little longer for the market to catch up. When it sold, the agent was a hero and a genius. Now, in a stable market that is going into a seasonal slowdown, if your home on the market is priced too high and you won't come down to reality, you might as well take that overpriced turkey off the market. Buyers are looking for well-priced homes and deals, and there is so much on the market that they will just pass you by.

But seriously, homes that are priced right to begin with don't need a Big Story and a polished act. If the home is not getting shown the market is talking. If it is getting shown but doesn't have an offer, take a look at condition. Realtors with lots of listed inventory.... you know the ones... full page advertising everywhere and higher than high visibility, are really hurting right now and the inside the game commentary is pretty bad.

So when you want a Realtor who will give you the straight story based on the comparable sales data and not on a personal need to cover high overhead, give me a call. 'Positve Results With Service Second to None' isn't just a good slogan, it is how I actually run my business.