Ox

Yorktown?? Come on, talk about being completely out of touch with market reality... Or is it just denial to serve your own interests? - Sat Nov 15 2008, 08:28

Jenny,

Notice a pattern here from the "Professional Advice" that these salesmen/women are providing? Pure negligence on their part. Part of the reason why we are in the current situation. When they say that they are looking out for your best interest, rest assured that is not completely true. Enormous conflict of interest in this line of work, this alone should justify no trust in these salesman. Do some research and educate yourself is the best advice... - Wed Oct 29 2008, 18:16

Mindy,

Notice a pattern here from the "Professional Advice" that these salesmen/women are providing? Pure negligence on their part. Part of the reason why we are in the current situation. When they say that they are looking out for your best interest, rest assured that is not completely true. Enormous conflict of interest in this line of work, this alone should justify no trust in these salesman. Do some research and educate yourself is the best advice... - Wed Oct 29 2008, 18:20

new reality for real estate agents (see link below) - Fri May 9 2008, 17:22

Thanks for the reply Rosalind! The data you provide does not paint the whole picture. Averages can be misleading, I would like to see the YOY averages for the SAME type of homes (square feet, zipcode, etc). It is possible that the average can be skewed when more higher priced homes are selling above the previous average. For example, that $400K home listed in 2006 is now re-listed for $300K in 2007. This would seem like a great deal to a prospective buyer and not the over priced shacks listed for below the previous average. Can you provide me the average price decrease on homes sitting on the market for more than 30 days (Original listing price vs Low price). Take the initial date on market not the re-list date after an upgrade, etc. - Thu Oct 4 2007, 15:08

Patti, that is a fair question. I wanted to get a sense of the agent's mentality at this point in time. So far, it's apparent we are still out of touch with the reality of the market and agents like Danilo still providing mis-information. - Thu Oct 4 2007, 10:41

Danilo - Your car example is poor. A car is NOT an investment but an expense. I expect my car to depreciate and a home to appreciate over time. I hope this is not what you are teaching your clients. Could this contribute to all the current negligence? Agents with none or very little business education? How is Louden county doing anyways? I understand it's one of the worst hit areas in the mid-Atlantic? - Thu Oct 4 2007, 10:25

Thanks for your response Erin. No disrespect, but comments from agents must be taken with a grain of salt. It is your commission and livelihood at stake. No different than car salesman. If the listing service was made public, many agents would be out of a job. But to address your darts analogy. I have plenty of darts to throw (10 months supply) and a very large dart board (no time constraints). It's ironic that no matter how bad the market is the NAR always tries to put a positive spin. But in recent times, they just don't sound so bullish on the market anymore. And you know it's bad when the local grocery clerk was talking about flipping homes. - Thu Oct 4 2007, 10:05

Sorry, I should of said ARMS are scheduled to adjust AGAIN next summer. I understand looking at the comps and available market data. But do agents consider local and national economic data, not just housing comps. I think there is a general consensus with economists, that in order to maintain long term housing affordability, prices must drop. It's simple economics right? So lets consider the local market. Ford has folded in the area and it seems every other year the threat of Oceana shutting down grows larger. The biggest employer is the Navy, last I checked the majority of enlisted personnel are not making 6 figure salaries. Which any fiscally responsible financial advisor would argue that a house should not be more than 2.5-3% of your annual gross salary. Of course, we deviated from this with the rampant speculation and easy money. I will begin my house hunt shortly. There is plenty to choose from, I will compile a list of my desired homes and low ball all of them. Basically, the sellers will be bidding for my sale. Because in today's reality, the buyer sets the market. The sellers mentality should be, I have the option of selling at 15% less than asking or refuse and be in a worse situation next year. Not every seller has the luxury of time on their side. Anyone interested in being my agent? - Thu Oct 4 2007, 09:30