In a very depressing situation, advice needed

TennisCoach

New member
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? 
 
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.
 
TennisCoach said:
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
 
TennisCoach said:
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.
 
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.
 
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. 
 
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.

 
nosuchreality said:
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!
 
TestingIrvine said:
TennisCoach said:
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.
 
TennisCoach said:
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.
 
irvinehomeowner said:
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. 
 
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?
 
TennisCoach said:
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.
 
nosuchreality said:
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 😭
 
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