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Bobby J

Beach Fanatic
Apr 18, 2005
4,043
600
Blue Mountain beach
www.lifeonshore.com
You can put a FSBO sign up and "ask" as much as you want, but that doesn't mean that you will have anyone look at your house let alone make an offer. Buyers right now are few and far between and they have done their research and know what property values are. In the very unlikely even that you did get an offer for the amount you are asking, there is no way that the buyers would get financing after the bank does an appraisal and your property comes in at 50% of what you are asking.

I'm not being negative, just realistic.

I agree with everything you are saying CCK but buyers are not few. They are everywhere! We did not lose buyers. We lost value. They show up when they see a value. Until then it is a giant waste of time to list unless you can take a serious unbiased look at true market value based on recent sale data.

I don't even like to look at actives when pricing a home. New definition for active: Homes currently on the market not selling!
 

traderx

Beach Fanatic
Mar 25, 2008
2,133
467
Bobby,

Who are the would be sellers who put their overpriced homes on the market?

I am guessing that they are not financially desperate. Are they just curious or fishing or hoping a fool offers them close to asking price? I look at so many homes on the public MLS and just shake my head.
 

robertsondavies

Beach Fanatic
Apr 16, 2006
500
28
I short sold CROX at $60 to some poor sucker from out of state (likely) who thought it was worth more.... CROX is now trading at a $1 a share or so...

so I'm icky too u suppose... I purposely found a sucker, and the fact that I don't know who it was on the other end of that trade, I suppose makes me holier than holi???


discuss
 

John R

needs to get out more
Dec 31, 2005
6,777
819
Conflictinator
logo-sowal-20-300.gif
INSTANT CLASSIC!
 
I short sold CROX at $60 to some poor sucker from out of state (likely) who thought it was worth more.... CROX is now trading at a $1 a share or so...

so I'm icky too u suppose... I purposely found a sucker, and the fact that I don't know who it was on the other end of that trade, I suppose makes me holier than holi???


discuss

That's a great free trade quote and definately something to consider. I suppose if the property is offered in a fashion that has the same disclosures as the CROX you traded I have to get behind your theory and probably holi's.

Offer it with the transparency that's reasonable and you have my vote to offer it. Good luck.
 

Bobby J

Beach Fanatic
Apr 18, 2005
4,043
600
Blue Mountain beach
www.lifeonshore.com
Bobby,

Who are the would be sellers who put their overpriced homes on the market?

I am guessing that they are not financially desperate. Are they just curious or fishing or hoping a fool offers them close to asking price? I look at so many homes on the public MLS and just shake my head.

Good question. Some sellers will not listen when you try to get them to get right on the price. Often times I have to just walk away. I will be the first to admit that I get stuck with an occasional over priced listing. As time has gone on we are getting better at getting rid of those. Some folks just insist on keeping them in the market.:bang: Sometimes, I just have to fire myself or them! People always say the market is flooded with inventory. I disagree with that. I would say 10-15% is good inventory. 10-5% is great inventory! The rest is a waste of time. The secret is really having an understanding of the current values so you don't waste time looking at over priced listings.
 

chanster

Banned
Dec 7, 2008
187
14
scouring mls listings for months on end i've come to the conclusion that south walton real estate has much downside left. some of the prices are just outrageous and looking at todays 570k record unemployment claims south walton still has a huge adjustment coming. i can rent a nice 4 bedroom home on the north side of 30a for $1500 amonth in the winter. with that i don't have to worry about $1500 a month for ins,association fee's and property taxes. since i live 7 hrs a way and can't use it but maybe 15 weeks of the year i don't have to worry about whats happening to it when i'm not there. and the biggest worry is a hurricaine flattening it and having to mess with being down there for months as its rebuilt. i can spend 20k a year and have 4 nice vactions a year with no headache. now if we enter a mild depression and prices go back to 1995-1998 i would buy for an investment
 
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chanster

Banned
Dec 7, 2008
187
14
trader x many might not be finacially desperate today but the way things unraveling 10's of millions could be desperate soon. remember many of these people who bought 1-5 mil dollar homes live high lifestyles with huge overhead and a 1-4 time a year used beach house is the first thing to go when times get tough
 

Matt J

SWGB
May 9, 2007
24,646
9,496
scouring mls listings for months on end i've come to the conclusion that south walton real estate has much downside left. some of the prices are just outrageous and looking at todays 570k record unemployment claims south walton still has a huge adjustment coming. i can rent a nice 4 bedroom home on the north side of 30a for $1500 amonth in the winter. with that i don't have to worry about $1500 a month for ins,association fee's and property taxes. since i live 7 hrs a way and can't use it but maybe 15 weeks of the year i don't have to worry about whats happening to it when i'm not there. and the biggest worry is a hurricaine flattening it and having to mess with being down there for months as its rebuilt. i can spend 20k a year and have 4 nice vactions a year with no headache. now if we enter a mild depression and prices go back to 1995-1998 i would buy for an investment

You and SHELLY should get along just fine. :welcome:
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
Good question. Some sellers will not listen when you try to get them to get right on the price. Often times I have to just walk away. I will be the first to admit that I get stuck with an occasional over priced listing. As time has gone on we are getting better at getting rid of those. Some folks just insist on keeping them in the market.:bang: Sometimes, I just have to fire myself or them! People always say the market is flooded with inventory. I disagree with that. I would say 10-15% is good inventory. 10-5% is great inventory! The rest is a waste of time. The secret is really having an understanding of the current values so you don't waste time looking at over priced listings.

Could it be possible that when these sellers originally bought the properties, they were told by their Realtors and developers "Now's a great time to buy; they're not making any more land; buy before you're priced out of the market; this area is "special" and worth these high premiums; the baby boomers are coming! the baby boomers are coming!!!; real estate values only go up; if you don't buy now you'll regret it; real estate investing is less risky than the stock market;..etc., etc., etc." ??

If the seller is now finding out what their Realtor/developer told them wasn't exactly factual on the way up, I can understand why they're having a difficult time believing what they're being told on the way down.

When it's all said and done, all the rah-rah Real Estate rhetoric spewed by the NAR/FAR, their agents and developers during the frenzy is a contributor what's biting them in the arse now.

.
 
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