That means that the price was too high.
Home sellers by state taking their unsold home off the market rather than reduce price
- Thread starter GON
- Start date
That means that the price was too high.
It is obvious to me that housing is a momentum trade. Either everyone is trying to buy everything that exists. Or no one wants to buy anything.
Of course sellers are locked in and need a place to live, so once the momentum ends they decide to just hold their asset.
Not sure the solution, or if there even is one, but generally the cure for high prices is high prices, but we have allowed subsidized 30 year fixed mortgages and now were learning why those are a very bad idea.
To be fair, it was only on the market for 3 weeks. One older couple loved the house and was ready to make an offer. But the wife decided it was too much work for her older husband. I agreed.
Back in the late 90s and early 2000's during my real estate practice years. I cant tell you how many for sale by owner homes I listed. Dozens if not more maybe 100? I have no idea.
They ALWAYS thought someone was interested. I always stayed in touch, most all eventually gave in to listing their house with me. For the stubborn ones who were so sure they had someone OR multiple parties interested I offered if they listed their home with me, they could still sell privately to those people. Right on the listing agreement or attached to it, some people would have multiple names of couples along with their phone numbers that if they wanted the house they can buy it without me involved.
100% true statement, not once, not once did any homeowner who thought for sure that someone was interested bought the house.
Im not saying it never happens. I am saying it never happened with me. Some people do not understand that some buyers are afraid to be 100% honest and pretend just to get out of a house and out of talking with the owner.
Also be aware if a homeowner has a 1% listing that means nothing, that would be the selling agent commission, as a private seller you can offer anything however an agent with a buyer can ask any commission they want when an offer is made.
Typically 3% can be higher and or lower/ it's up to the homeowner at that point if they want to pay it on behalf of the buyer or not sell the house to the buyer.
The buyers agent has the buyer and it is the buyer is who brings the money to the table. A selling agent or homeowner cannot deny a buyer having representation nor dictate how much the representative gets paid. All they can do is turn down a deal presented to them.
They ALWAYS thought someone was interested. I always stayed in touch, most all eventually gave in to listing their house with me. For the stubborn ones who were so sure they had someone OR multiple parties interested I offered if they listed their home with me, they could still sell privately to those people. Right on the listing agreement or attached to it, some people would have multiple names of couples along with their phone numbers that if they wanted the house they can buy it without me involved.
100% true statement, not once, not once did any homeowner who thought for sure that someone was interested bought the house.
Im not saying it never happens. I am saying it never happened with me. Some people do not understand that some buyers are afraid to be 100% honest and pretend just to get out of a house and out of talking with the owner.
Also be aware if a homeowner has a 1% listing that means nothing, that would be the selling agent commission, as a private seller you can offer anything however an agent with a buyer can ask any commission they want when an offer is made.
Typically 3% can be higher and or lower/ it's up to the homeowner at that point if they want to pay it on behalf of the buyer or not sell the house to the buyer.
The buyers agent has the buyer and it is the buyer is who brings the money to the table. A selling agent or homeowner cannot deny a buyer having representation nor dictate how much the representative gets paid. All they can do is turn down a deal presented to them.
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