Agent Open Houses

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Real Estate Agent with Leading Edge Properties

Ok, I just read about all the members out there who never blog...Yes, I'm guilty as charged!  So here I go, and I will plan to write more often, daily perhaps???  We'll see, won't we?

So I've returned from hosting an open house luncheon for my fellow area agents at a listing that shows beautifully, has nice features, and when it listed, was not really overpriced.  We thought we'd at least get an offer, even a low offer.  Well, that was over 2 months ago.  We've had a couple showings with good feedback but no offers. 

The feedback today from about 11 agents was that the price needed to come down significantly.  While I really appreciate the input (I wouldn't go to the trouble if I didn't want to know what they think)  I do wonder, with only minimal criticisms of the property itself, do we agents automatically focus on the price?

Is it really only about being a couple thousand dollars less than the next house down the road?  I hope to hear from you out there!  Thanks, Amy

 

Posted by

askleadingedge.com

Amy Salisbury, Realtor/Owner

                                 amy@askleadingedge.com     www.askleadingedge.com

 Leading Edge Properties

130 Augustine Avenue, Unit 54, Charles Town, West Virginia 25414 

304.724.9191

Striving to provide excellent customer satisfaction in all things real estate related in the beautiful Eastern Panhandle of West Virginia, just an hour west of Washington, DC and Baltimore, MD.

Serving Jefferson County: Charles Town, Harpers Ferry, Shepherdstown.  Berkeley County: Martinsburg, Inwood, Bunker Hill, Falling Waters, Hedgesville, Gerrardstown.

Please feel free to email questions and comments!

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Tags:
list price
open house
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Rainer
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Matt Bier
Real Estate Services for the Greater Phoenix Area
RealEstate.com

Personally, I do not focus on price.  In fact if the property comps well, it becomes the least important factor.  Once a client tells me what they can afford, I then focus on finding them the best within their price range.  About 3 weeks ago, I showed clients homes priced in the range of $130,000 - $180,000;  they ended up choosing the $180,000 home.

However, I would have a concern when agents are suggesting that the price be reduced "significantly": How does the subject property comp?  Furthermore, if it is overpriced, how does that affect the buyer's ability to obtain financing or afford the down payment, etc. 

In short, if the property is priced fairly, I focus on it qualities.

 

Matt Bier 

 

June 19, 2008 04:19 PM
Rainer
63,819
Amy Salisbury
West Virginia Realtor/Jefferson/Berkeley
Leading Edge Properties

Matt,

Thanks for your comment.  I agree with your approach when working with buyers.  I also find that when comparing properties, my buyers tend to purchase the one that most meets their needs, even if its the more expensive home they've looked at.

From a listing agent's point of view now, when I listed this home in April, we listed it several thousand under the current average list price of comps.  It exactly matched the sold price of an extremely comparable home that had closed within the previous year.

The range of price reductions I received from fellow agents at the open house yesterday were from $5000 - $30,000.  Therefore, my question: are we, with virtually nothing else to critisize on a property, focusing overmuch on asking price?  I feel stuck between the rock and hard place when advising my sellers.  If they reduce the price by $30,000, they'll likely get an even lower offer.  UUggghhh...

Any advice would really be appreciated, thanks Matt!

June 20, 2008 08:54 AM
Rainer
72,750
Andrew Johnson
Touchstone Realty

I love agent open houses.  IT gives me a chance to spend my money and feed everyone. Nothing better than an agent who comes to the house, eats and never looks around... Lets do lunch next week

August 08, 2008 03:48 PM
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Rainer
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Amy Salisbury

West Virginia Realtor/Jefferson/Berkeley
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