Author Topic: In a very depressing situation, advice needed  (Read 3099 times)

0 Members and 2 Guests are viewing this topic.

Offline Mety

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 229
  • -Received: 285
  • Posts: 2740
Re: In a very depressing situation, advice needed
« Reply #15 on: June 21, 2022, 02:33:56 PM »
What happened to eyephone?

The following member(s) thanked this post:


Online irvinehomeowner

  • The Unicorn Hunter
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2776
  • -Received: 4104
  • Posts: 23914
  • 3CWG
Re: In a very depressing situation, advice needed
« Reply #16 on: June 21, 2022, 02:57:29 PM »
What happened to eyephone?

Don't know... he still logs in but doesn't post anymore.
Once you go 3-car garage... your junk can never go back.
3CWG: 3-Car Wide Garage
FCB: Foreign Cash Buyer
I recommend:
www.irvinerealtorsite.com
member: Soylent Green Is People (loans/refis)

The following member(s) thanked this post:


Offline melodypowell

  • Tourist
  • *
  • Thanks
  • -Given: 4
  • -Received: 12
  • Posts: 44
Re: In a very depressing situation, advice needed
« Reply #17 on: June 21, 2022, 04:54:18 PM »
It certainly is not ideal if your neighbor is selling too, and their price is more attractive. That's really not the agent's fault though, there are a lot of inventories on the market right now, and it is sound advice to price your home more competitively if you want to actually sell. If we had crazy demands like a few months ago, then both home will sell. With the current market, I would not blame on the agent that their home isn't selling fast. Sounds like their real problem is not putting their house on the market a few months earlier.

I am not sure this situation is bringing so much stress on you though... I am sure their home has increased in value regardless? And it's probably not your issue either way? Is this person calling you daily to give you update?

Offline test

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 8
  • -Received: 407
  • Posts: 2272
Re: In a very depressing situation, advice needed
« Reply #18 on: June 28, 2022, 11:40:41 AM »
Their agent keeps pushing them to go lower.

They should have listened to their agent to being with.  Stubborn clients are their own worst enemy.

Offline TennisCoach

  • Newbie
  • Thanks
  • -Given: 1
  • -Received: 1
  • Posts: 5
Re: In a very depressing situation, advice needed
« Reply #19 on: June 28, 2022, 11:06:22 PM »
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.

Yes your absolutely right.  Their agent is a total putz.  Yes lets get head of the market and straight drop your price 15-20% after a few weeks.  Oh wait thats right after they botched cash offer.  🤦‍♀️  And now want the client to list below previous cash offer or wont do anymore open houses.  Agents are not all created equal, there are pros and then there are putz 😭
« Last Edit: June 28, 2022, 11:18:32 PM by TennisCoach »

Offline TennisCoach

  • Newbie
  • Thanks
  • -Given: 1
  • -Received: 1
  • Posts: 5
Re: In a very depressing situation, advice needed
« Reply #20 on: June 28, 2022, 11:56:42 PM »
Looks like the realtor just wants the commission as soon as possible

Yes.  How dare the home owners ask for close to market value. 

Offline HMart

  • O.C. Resident
  • ***
  • Thanks
  • -Given: 262
  • -Received: 85
  • Posts: 587
Re: In a very depressing situation, advice needed
« Reply #21 on: June 29, 2022, 08:32:01 AM »
Doesn't sound like market value if it hasn't sold, tbh

The following member(s) thanked this post:


Online CalBears96

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 39
  • -Received: 144
  • Posts: 1288
Re: In a very depressing situation, advice needed
« Reply #22 on: June 29, 2022, 11:19:44 AM »
Doesn't sound like market value if it hasn't sold, tbh

Right. Market value is what buyers are willing to pay for, not what Zillow or Redfin says.

Offline TennisCoach

  • Newbie
  • Thanks
  • -Given: 1
  • -Received: 1
  • Posts: 5
Re: In a very depressing situation, advice needed
« Reply #23 on: June 29, 2022, 02:12:28 PM »
Doesn't sound like market value if it hasn't sold, tbh

Right. Market value is what buyers are willing to pay for, not what Zillow or Redfin says.

Cash offer means a real person with real money put in a real offer.   Which requires a real agent to close the deal.  You must have missed that part.  I think i still remember the name of this agent.
« Last Edit: June 29, 2022, 02:21:18 PM by TennisCoach »

The following member(s) thanked this post:


Online CalBears96

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 39
  • -Received: 144
  • Posts: 1288
Re: In a very depressing situation, advice needed
« Reply #24 on: June 29, 2022, 04:26:23 PM »
Doesn't sound like market value if it hasn't sold, tbh

Right. Market value is what buyers are willing to pay for, not what Zillow or Redfin says.

Cash offer means a real person with real money put in a real offer.   Which requires a real agent to close the deal.  You must have missed that part.  I think i still remember the name of this agent.

Like you said, the agent botched the cash offer. That was then, but this is now. How long ago was the cash offer? You know very well, since LL has kept reminding us, that the housing market has softened, so the market value has gone down.

Offline Agent Joe

  • The No-Pressure, Straightforward Realtor
  • Tourist
  • *
  • Thanks
  • -Given: 12
  • -Received: 7
  • Posts: 47
  • Gender: Male
  • The No-Pressure, Straightforward Realtor
    • Joe & Judy Real Estate
Re: In a very depressing situation, advice needed
« Reply #25 on: July 10, 2022, 06:16:26 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?

First, I find it hard to believe that any home in 92620 would be that hard to sell.

Here's what I would do: increase the price of the current listing for a few days, then cancel the listing agreement and sign a new one. "Cancel" the current listing on MLS. Put up a new listing with a more "reasonable" price and a different cover picture in 1 to 2 weeks.

Wish we didn't have to do that but it would be a better way of saving a stale listing rather than continuously dropping price. How did the listing go stale in the first place? Probably a combination of unreasonable listing price and poor marketing.
« Last Edit: July 10, 2022, 10:26:13 PM by Agent Joe »
Joseph Du
Cell: 949-393-0835
Email: joe@joenjudy.com
IG: @realjosephdu
WeChat: MasterJoeJoe
CalDRE: 02066402
JC Pacific Capital

USC, UMich alum w/ 10+ years of professional experience. Specialized in new homes and residential real estate investing.

Offline nosuchreality

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 155
  • -Received: 582
  • Posts: 2832
Re: In a very depressing situation, advice needed
« Reply #26 on: July 11, 2022, 07:14:01 AM »
Just revisited this post.  Checked Redfin, Woodbridge is still on fire.  23 listings, 30 sold in the last month.  Of which 18 sold for under $1 Million, lots of 2/1s, 2/2 selling at low-mid $700/sf.

There is one oddball listing that closed way below the others at $585/sf.  It’s in Greenfield Apartments (are those converted condos?), one other sale in there in the last month at $630/sf.

The inside looked nice, the exterior is classic $1980s apartment building, carport and $615/month HOA.

There is one 3/1.5 for sale in there, also at $623/sf.    It appears buyers consider the exterior 80s apartment vibe and a carport to be $100-$150/sf flaws.

 

Talk Irvine Links

[Recent Posts]
[FAQ / Rules]

Site Supporters


SimplePortal 2.3.7 © 2008-2022, SimplePortal