In a very depressing situation, advice needed

CalBears96 said:
HMart said:
Doesn't sound like market value if it hasn't sold, tbh
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Right. Market value is what buyers are willing to pay for, not what Zillow or Redfin says.
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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.
 
TennisCoach said:
CalBears96 said:
HMart said:
Doesn't sound like market value if it hasn't sold, tbh
Click to expand...

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

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.
Click to expand...

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.
 
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?
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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.
 
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.
 
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