Listing agents, do your homework. Things are changing.

By
Real Estate Agent with Idahomesearch.com 208-989-2749 AB26967

I visited a retired couple the other day to buy some furniture they had for sale. Out of curiosity, I asked them why they were selling? (The furniture) They said they just sold their house and purchased a new smaller one. I politely asked what it sold for, and told them I was a Broker and just wanted to know for my own knowledge. They happily obliged and happily told me. I hid my jaw drop,(I hope) They also said it sold in 4 days. So fast they had to rent it back a month to have time to move!

Now I realize this is a good thing for sellers. But this gorgeous, well kept home on a close in 1 acre lot for what I saw was well under market (now) made me a little sad. I have know idea who sold it yet, But I kinda feel like they may have been taken advantage of. So listing agents, try and do the best for your clients, comps are going to take a while to get caught up, just like they did as the market slid.

Do your client a favor and make sure you know what you have competition wise, condition, location, etc when you price a home. Get off the computer and go look at the area. This area had NO competition, NO other houses for sale, and a very desirable established 1 acre lots close in.

Just sayin', I think its good to be versatile in handling both sides of the market. If your just listing or just selling, make sure you keep up with the market. A lot of sellers are not aware of the upswing in some areas, so they easily agree to underpriced listings.

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Topic:
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Idaho Ada County
Groups:
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Tags:
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Rainmaker
385,528
Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL

You are right it pays for all of us to do our homework and know what is selling so we can best service our customer's.

May 07, 2012 09:46 AM #1
Rainmaker
1,199,002
Tony & Darcy Cannon
Keller Williams Legacy - Woods Cross, UT
The C Team

David, That is a great post, it is important to price a property properly in the market and not just give it away to get a quick commission check.  

May 07, 2012 10:40 AM #2
Ambassador
686,724
Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Did you ask the sellers if they underpriced it for a quick sale?  They may have very well agreed to it so that they could get on with their plans.

May 08, 2012 02:53 AM #3
Rainmaker
1,029,320
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Unfortunately, not everyone will be forthright with buyers or sellers. That is certainly why, folks that do it right continue to get the greater amount of business.

Thank you for sharing the post with all of us.

 

 

May 08, 2012 03:27 AM #4
Rainer
127,133
David W. Hughes
Idahomesearch.com 208-989-2749 - Nampa, ID
Associate Broker w/Team Realty of Idaho

Pat & Tony - Exactly

Charita - I thought about that possibility? But them having to rent back because they were'nt ready to move yet kinda made me think maybe not. But maybe they were still looking for a quck sale and just got surprised. Still inspired me to write about it though, regardless of their intent. I see a lot of houses I know I know could have sold for more, sold in single digit days. So I thought I'd bring up the topic.

Joe - I agree, if they feel bad about it later, they wont be calling you again, or recomending you any time soon.

Thanks all for your comments!

May 09, 2012 10:37 AM #5
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Rainer
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David W. Hughes

Associate Broker w/Team Realty of Idaho
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