But that's not what the seller hired me for... he hired me to be an advocate for his concerns, and get him the highest price, with the best terms possible, for his property.
The buyer, has also hired me to be a bulldog for his interests, and get him the lowest price, with the terms most advantageous for HIM.
Those are mutually exclusive, and I can't possibly do both... but I can be "FAIR" to both sides... but that means I can no longer truly advocate for either side. I'm effectively neutralized into, what I like to call, "therapeutic real estate". The buyer asks me "what should I offer", and I answer like a therapist "I don't know... what do YOU think we should offer?"
Or an inspection issue arises, and the buyer asks "What should we do... should we walk away... ask for a repair... ask for a credit?" to which I can only respond... "I don't know... what do YOU think we should do?".
When the buyers request a $10,000 credit for the cracked foundation... the seller asks me "Should we pay it???... should we negotiate the amount.... should we tell them to go to hell??? All I can respond is, "what do YOU think we should do.
You've effectively neutered your advocate. Not what you had in mind when you hired your agent. Fair & neutral, but not what you're paying me the big bucks for.
Are you being unreasonable with regard to price?
The bottom line is you are ready to make an offer and your agent isn't, find an agent that can communicate effectively with you.
As far as you "switching realtors" - you do not have a realtor. Find one; sign an Exclusive Buyers Agency, then look for homes.
TRI-Group Realty, L.L.C.
Further, while I am not in any way attempting to interfere with your relationship with your Realtor, I am concerned by a few things you say. For example, I don't know what you consider a "fair price" and your Realtor may be disagreeing because he/she thinks the number you're proposing is unrealistic. However...big however here...you're the client. If a house is priced at $200,000 and you want to offer $125,000 (especially if the pricing of the house was done by your Realtor), although you'll meet with some resistance, you're the client. Offer $125,000. It's your money. It's your offer. And I'll bet the numbers weren't as extreme as in my example.
Next, while no one has a crystal ball, any agent who suggested last summer that prices would go up was, umm, err, expressing irrational exhuberance. It was clear that foreclosures would continue as mortgage rates continued to reset. It was clear we were heading into a recession that would depress prices further. It was clear that in most areas the "buying season" is springtime, not winter.
Similarly, while no one had a crystal ball, a prediction of rates rising was unusual. Check my past posts. Check others. With demand dropping, interest rates weren't going to rise. With the lack of inflation, rates weren't going to rise. With the Fed radically lowering the prime rate, interest rates weren't going to rise. Again, I don't know the reason your agent was making these predictions. But clearly they were off target. And remember: Past performance IS a good predictor of future performance.
Will owners most likely rent before they drop the prices any further? Not necessarily. It all depends on the circumstances and motivations of the owners. I know plenty of sellers--they have a lot of equity in their properties and they want to sell--who won't mind lowering their prices further. I also know plenty of sellers without much equity who won't consider renting because the negative cash flow would kill them. I know other sellers who just don't want to be landlords. Besides, you never know until you make an offer.
I'd suggest you have a good heart-to-heart talk with your Realtor. If he/she is able to satisfactorily resolve all your concerns--and if you're willing to discount the past poor predictions--then stay with him/her. Otherwise, you might consider looking for someone else.
Hope that helps.
Roger Berrey, Broker / Realtor
Wilkinson & Associates Real Estate
Century 21 Astro
Top 1% Agents in the WORLD!
Centurion Award Winner and Diamond Club Member
You have nothing to lose, and everything to gain in retaining a good buyer agent. Our job is to assist you in your negotiations and to represent you. One of the best parts of it is ....you do not pay us for our services, but we are paid by the seller, at the end of escrow an amount previously agreed to between the seller and the listing agent.