Home Buying in Durango>Question Details

Katymiddleton, Home Buyer in Durango, CO

Are homes justing sitting on the market with inflated prices?

Asked by Katymiddleton, Durango, CO Sat Aug 4, 2012

It seems like there is a big differences with "homes for sale" and "sold homes" regarding prices.The sold homes seem quite resonable while homes for sale seem inflated. Is that why there are so many homes that have been on the market for a long time?

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Answers

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You have to understand that the market can shift suddenly, which can result in a drastic price shift.

Due to supply and demand, home prices have come up. But using a Realtor who properly educates the Seller on pricing their home, and identifying their motivation is resulting in a much quicker turn around. The key is timing...after 30 days, the listing begins to grow stale in the Buyer's eyes, and even though they take price reduction after price reduction...it's too late!

Unfortunately, some overpriced listings are there because the Seller was not properly educated, or the agent may be giving the Seller false hopes on a price, simply to get a sign in the yard, and get Buyer calls.

The properties I am seeing sit...and sit...and sit, and FSBO's. Unfortunately, in most situations, they are so attached (emotionally) to the home, see the market (less inventory), and have a tendency to overprice their homes...hence they sit.

So finding the right agent for the job is imperative...not just the guy with the most signs out there!
0 votes Thank Flag Link Thu May 29, 2014
We try to tell our sellers over and over that overpriced homes not only don't sell they actually end up selling for less than a well priced home. Lots of sellers seem to think their home is always worth more than the other homes on the market. However, shame on agents for taking overpriced listings in the first place.
0 votes Thank Flag Link Tue Jan 8, 2013
Pretty much ALL of Durango real estate is inflated. They just wait for folks from TX or CA to overpay for "paradise"... Just wait them out a little longer, prices will most likely DUMP in 2013.
0 votes Thank Flag Link Tue Jan 8, 2013
This is exactly what I recently experienced after making a reasonable offer at true market value (based on renovation costs, rent out costs, etc. in the real world) vs. the ridiculous, inflated BS price the listing broker idiot working for Freddie Mac made up (pulled out of his #$ss). Yes, the difference is too obvious, and thus it is possible to make an offer that is truly fair vs. buying into the hyped out inflated market prices caused by monopolization of the market. More on this:

I am another consumer looking for a house, but I am finding in this market nothing but phoney, unsupported pricing from Freddie Mac, Fannie Mae, and HUD. This is obviously due to their restriction of inventory onto the market. That aside, do as professionals would say. Only offer what the house is worth to you and evaluate the comps in the area. Realize list prices are indeed inflated and watch out for their self-interested multiple offer forms. Just a nice trick to inflate prices. Let the other buyer be the fool who pays too much and try to find a house listed at a competitive price instead of the bogus prices the government entities are creating. They are monopolizing the market, controlling the prices, and profiteering. Anti-trust in any other industry. As they sell more and more of the only truly discounted properties to Wall Street criminals, we will see the shift to the society of renters who rent from the wealthy. Sounds awful to me. Totalitarian ownership caused by the issue you are bringing up here!
0 votes Thank Flag Link Fri Oct 12, 2012
There are still a lot of Sellers who think that they can put an inflated LIST Price, and that either a Dupe will come along and pay it, or that Buyers will just make an Offer and they can negotiate.
We have to deal with Sellers who think that their idea of the property's worth, is realistic!

Yes, we see this.
0 votes Thank Flag Link Sat Aug 4, 2012
Thanks for the response, How do you know when you are looking at house, which ones are over priced or where to start negotiating?
Flag Sat Aug 4, 2012
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