Home seller want to get prices they paid in 2006-2009. How to get a buyer to realize prices have dropped from 2009 levels and mortgage limits caused?

Asked by Nhbb22, Dahlgren, VA Wed Mar 28, 2012

It this two . What are the comp range for 2500sq ft in tottenville in last 6 months compared to princes bay. Should there agent provide them with comps

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Bill Eckler’s answer
Bill Eckler, Agent, Venice, FL
Wed Mar 28, 2012
Yep...same old issue....denial!

The fact of the matter is that, unfortunately, someone will list the property at or near their terms. The best way to approach this scenario is to do your homework and find the best comps available, work the numbers, and issue a realistic value range to the seller. If they are not willing to accept the opinion of a professional there is usually little that can be done to change that.....I would say that it would be best to walk away from this opportunity that resembles a realtor's "money pit."

If enough agents walk away...eventually, they should see the light....
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marc jablon, Agent, Boca Raton, FL
Wed Mar 28, 2012
In South Florida, we often run into that same difficulty. The seller knows his neighbor got $850,000 for his home back in 2006 and none of his immediate neighbors has sold since then. However, when I tell him his house is worth exactly 50% of what his neighbors received, he can't believe that this is possible.

To counteract this tendency, which I always expect in neighborhoods with low turnover, I bring sold listings with me --on paper-- that show the last 90 days of sales of similar subdivisions within a mile radius.. That way, the owner can see for himself, house by house, neighborhood, what reality is.

Sometimes, an owner will just decide to "wait until prices go up again." Most of the time, the owner goes into mild shock, but then emerges with a suggestion that we price slightly higher than market.

At that point, I know there is a possibility that he or she will be willing to price for the current market.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
Web Reference:  http://www.JablonTeam.com
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Pacita Dimac…, Agent, Oakland, CA
Wed Mar 28, 2012
If a seller doesn't trust the comparable market analysis that an agent provides, he can hire a professional and unbiased appraiser to estimate the value of the house in today's market.

Another is to try to refinance -- the bank's appraiser will determine what it's worth before the loan is granted.

Then he'll see for himself.

The final deciding factor is to see what a buyer is willing to pay for it.
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d, , Staten Island, NY
Wed Mar 28, 2012
Have the seller get a professional appraiser to value their home. That way they will know exactly what their house is worth.
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Ron Thomas, Agent, Fresno, CA
Wed Mar 28, 2012
Understand that there are two people, and ONLY two people in the whole world, who can determine how much a house is worth:

A buyer determines the price when they put forth their money to buy it; at that moment, that house is WORTH exactly that much.

And the Seller determines how much the house is worth when they put their own number on it and do not sell it; it is worth exactly that much to them.

We can have no arguement with the Seller's mindset; they know what they want.
You can give them Appraisals and CMA and opinions until you are blue in the face....

Over time, if enough buyers give them offers sif=gnificantly less than their LIST price, they may come around; or not.
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Don Tepper, Agent, Burke, VA
Wed Mar 28, 2012
Sure. Their agent should provide them with comps. And it's possible the agent has. It's also possible (likely, in fact) that the seller wants to break even but, with the price drop, would have to sell at a loss.

When you make an offer, your agent can provide the seller with the comps you used in making the offer. As well as any other justification for your offer. Your agent can advise your further. But, again, just recognize that the sellers may not be financially able to accept a low offer that truly reflects the current value of their home.

Hope that helps.
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