Author Topic: In a very depressing situation, advice needed  (Read 3092 times)

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Offline TennisCoach

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In a very depressing situation, advice needed
« on: June 20, 2022, 09:04:15 PM »
Hi all,

A relative of mine decided to put their home on the market recently because they needed more bedrooms for their newborn.  The market is not good and its been very stressful for their family and everyone around them.  The situation is they have been on the market for over 30 days and already done one price cut.  Their agent keeps pushing them to go lower.  They are in 92620 and priced around 740-750 per sq ft.  The agent also has their neighbor as a listing and have told my relatives to drop into the high 600s per sq ft range because their neighbor will drop soon.  So it sounds like if they dont drop then they will be undercut by their neighbor.  But if they drop first then wouldn't their neighbor also have to drop because the agent will just tell the other side, oh look…your neighbor dropped.  They are so stressed because if they keep going lower they wont be able to buy back into a larger home in the same community.  Its not GP.  Its in the stonegate, woodburry, cypresss village area.  Their agent have their listing for 6 months.  But i feel what the agent is doing is very ruthless.  By holding 2 neighbor listing and using each other to slash each others price.  What would you do in this situation? 
« Last Edit: June 21, 2022, 01:31:56 AM by TennisCoach »

Offline qwerty

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Re: In a very depressing situation, advice needed
« Reply #1 on: June 20, 2022, 09:07:37 PM »
I would have listed my house with Martin Mania (Usctrojan CPA)

The market moves in lockstep. So if your relatives current house is dropping the larger home they are trying to move into will also drop (in theory). Unless they are wanting to do new construction as the price decreases will probably have a significant lag since the builders have more levers they can pull than resale sellers. 

Good luck to your relative.
« Last Edit: June 20, 2022, 09:14:51 PM by qwerty »

Offline TennisCoach

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Re: In a very depressing situation, advice needed
« Reply #2 on: June 20, 2022, 09:16:38 PM »
They cant switch agent without terminating the contract right?

Offline TestingIrvine

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Re: In a very depressing situation, advice needed
« Reply #3 on: June 20, 2022, 09:38:00 PM »
Hi all,

A relative of mine decided to put their home on the market recently because they needed more bedrooms for their newborn.  The market is not good and its been very stressful for their family and everyone around them.  The situation is they have been on the market for over 30 days and already done one price cut.  Their agent keeps pushing them to go lower.  They are in 92620 and priced around 740-750 per sq ft.  The agent also has their neighbor as a listing and have told my relatives to drop to the 680 per sq ft range because their neighbor will drop soon.  So it sounds like if they dont drop then they will be undercut by their neighbor.  But if they drop first then wouldn't their neighbor also have to drop because the agent will just tell the other side, oh look…your neighbor dropped.  They are so stressed because if they keep going lower they wont be able to buy back into a larger home in the same community.  Its not GP.  Its in the stonegate, woodburry, cypresss village area.  Their agent have their listing for 6 months.  But i feel what the agent is doing is very ruthless.  By holding 2 neighbor listing and using each other to slash each others price.  What would you do in this situation?


“ Its in the stonegate, woodburry, cypresss village area”
This statement makes no sense.

You are a troll account. This is your first ever post. This post is just to spread panic all over in “in the stonegate, woodburry, cypresss village area”. 

Dumbest post ever troll.

Thanks Liar Loan.  LOLLLLLL
« Last Edit: June 20, 2022, 09:43:31 PM by TestingIrvine »

Offline USCTrojanCPA

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Re: In a very depressing situation, advice needed
« Reply #4 on: June 20, 2022, 09:49:54 PM »
They cant switch agent without terminating the contract right?

The agent not being able to sell the home in the past 3-4 months is ridiculous, the market started turning materially in May from what I've seen. 

A seller can not cancel a listing agreement before the expiration date unless the listing broker agrees to do so.  Sellers should NEVER sign a 6 or more month listing agreement.  My listing agreements are 3-4 months and my broker listens to me as I'm the brokerage's top agent so I can have a listing agreement cancelled anytime.
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Offline baconpark

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Re: In a very depressing situation, advice needed
« Reply #5 on: June 20, 2022, 10:02:25 PM »
The 740-750 per square foot pricing seems very high to me. The 680 recommendation is reasonable in my opinion. But hey, what do I know?

I recommend your relative call up a few listing agents and see what they say.

Offline daedalus

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Re: In a very depressing situation, advice needed
« Reply #6 on: June 21, 2022, 01:17:40 AM »
It's a well known tactic of crooked agents everywhere to encourage price cuts; otherwise they have to pay higher taxes on their commissions, and who would want that, right?  Also, I can only hope that if and when the time comes for me to sell my home, that there isn't just a single potential buyer out there that I'll have to compete against my neighbors to sell to.  I can't imagine how bad that would be.  Seriously, I can't imagine it. 

Offline OCtoSV

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Re: In a very depressing situation, advice needed
« Reply #7 on: June 21, 2022, 05:52:02 AM »
Fear descends on the 92620!

Offline The California Court Company

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Re: In a very depressing situation, advice needed
« Reply #8 on: June 21, 2022, 06:49:16 AM »
Looks like the realtor just wants the commission as soon as possible
"Should any Person come into contact with such fruit, soil or groundwater, such Person is advised to wash thoroughly with soap and water and seek immediate medical attention"-Augusta Disclosure, Tustin Legacy

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Offline nosuchreality

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Re: In a very depressing situation, advice needed
« Reply #9 on: June 21, 2022, 08:24:59 AM »
Market segment makes a big difference.  Given that the reason is more room for baby, are they selling one of the older condos?  A 1/1 perhaps?

A 2/2 condo at $750 would be right on market for where they closed last month.

92620 has essentially one month of inventory and been churning that every month.  If the place didn’t sell and doesn’t have a major flaw, then the agent is a putz.

If it’s a bigger SFR type place in the mid $1M, then the agent is a putz for pricing it at $750/sf.

The 1/1 is the only place I would foresee trouble because of interest rates.

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Offline USCTrojanCPA

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Re: In a very depressing situation, advice needed
« Reply #10 on: June 21, 2022, 10:22:01 AM »
Market segment makes a big difference.  Given that the reason is more room for baby, are they selling one of the older condos?  A 1/1 perhaps?

A 2/2 condo at $750 would be right on market for where they closed last month.

92620 has essentially one month of inventory and been churning that every month.  If the place didn’t sell and doesn’t have a major flaw, then the agent is a putz.

If it’s a bigger SFR type place in the mid $1M, then the agent is a putz for pricing it at $750/sf.

The 1/1 is the only place I would foresee trouble because of interest rates.



^ This!
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Offline Liar Loan

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Re: In a very depressing situation, advice needed
« Reply #11 on: June 21, 2022, 11:03:08 AM »
Hi all,

A relative of mine decided to put their home on the market recently because they needed more bedrooms for their newborn.  The market is not good and its been very stressful for their family and everyone around them.  The situation is they have been on the market for over 30 days and already done one price cut.  Their agent keeps pushing them to go lower.  They are in 92620 and priced around 740-750 per sq ft.  The agent also has their neighbor as a listing and have told my relatives to drop to the 680 per sq ft range because their neighbor will drop soon.  So it sounds like if they dont drop then they will be undercut by their neighbor.  But if they drop first then wouldn't their neighbor also have to drop because the agent will just tell the other side, oh look…your neighbor dropped.  They are so stressed because if they keep going lower they wont be able to buy back into a larger home in the same community.  Its not GP.  Its in the stonegate, woodburry, cypresss village area.  Their agent have their listing for 6 months.  But i feel what the agent is doing is very ruthless.  By holding 2 neighbor listing and using each other to slash each others price.  What would you do in this situation?


“ Its in the stonegate, woodburry, cypresss village area”
This statement makes no sense.

You are a troll account. This is your first ever post. This post is just to spread panic all over in “in the stonegate, woodburry, cypresss village area”. 

Dumbest post ever troll.

Thanks Liar Loan.  LOLLLLLL

I've never used a burner account.  Why would I when I can just as easily troll with this account?

BTW, the fear and paranoia oozing from your posts is palpable.  Kind of sad really.

Offline Liar Loan

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Re: In a very depressing situation, advice needed
« Reply #12 on: June 21, 2022, 11:11:18 AM »
Hi all,

A relative of mine decided to put their home on the market recently because they needed more bedrooms for their newborn.  The market is not good and its been very stressful for their family and everyone around them.  The situation is they have been on the market for over 30 days and already done one price cut.  Their agent keeps pushing them to go lower.  They are in 92620 and priced around 740-750 per sq ft.  The agent also has their neighbor as a listing and have told my relatives to drop into the high 600s per sq ft range because their neighbor will drop soon.  So it sounds like if they dont drop then they will be undercut by their neighbor.  But if they drop first then wouldn't their neighbor also have to drop because the agent will just tell the other side, oh look…your neighbor dropped.  They are so stressed because if they keep going lower they wont be able to buy back into a larger home in the same community.  Its not GP.  Its in the stonegate, woodburry, cypresss village area.  Their agent have their listing for 6 months.  But i feel what the agent is doing is very ruthless.  By holding 2 neighbor listing and using each other to slash each others price.  What would you do in this situation?

TennisCoach - Housing is in the early stages of a decline, so they shouldn't expect to get the price they were wishing for originally.  The best strategy is not to chase the market down, but to lower the price ahead of others to get the sale done quickly.  At that point, if they can find a deal on the larger home, then go for it.  If not, renting is not the worst option in the world as prices will go lower.  They need a hurry up and wait strategy:  Hurry up and sell, then wait for the market to come to them on the larger home.

Offline irvinehomeowner

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Re: In a very depressing situation, advice needed
« Reply #13 on: June 21, 2022, 11:30:47 AM »
I'll back up LL... don't think he's ever used or needed a burner account.

That's BTB/YF territory. :)
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Offline USCTrojanCPA

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Re: In a very depressing situation, advice needed
« Reply #14 on: June 21, 2022, 11:43:13 AM »
I'll back up LL... don't think he's ever used or needed a burner account.

That's BTB/YF territory. :)

Yeah, LL definitely doesn't need a burner TI account as that's not his style and he has thick skin. 
Martin Mania, CPA
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mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

 

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