re: Real Estate Market

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Sounds like your family member needs to fire their realtor and probably lower the asking price as well.

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Maybe. There are times I suggest a seller getting an appraisal before they list a property.

There are times a seller insists on a higher price to list at “we can always negotiate down if need be”. I hear that one all the time, which usually prompts this story from me.

I had a home I sold a client for 850k. About 18 months later they decide to move to the beach, so I go there for the listing appointment. I gave the comparable sales laid out (I got started in real estate working for an appraiser, so I know how). I lay it out, I have a range of 930-950 it would probably sell in, and am going to suggest 949 as an initial list price. They flatly refuse to even listen and insist on a 1,050,000 list price. Since the client has the last word on it, that’s what it lists for.

90 days later, 1 showing. Meet again, they want to go with another agent because they don’t feel like I’m doing enough to sell their house. Fine with me, i suggest another agent with another firm who happens to be building a 2 million dollar home for themselves on the same street.

7 months later, he’s sold 3 houses in that same subdivision for 900k or so, theirs is still sitting now at 950k.

Why is it still there? Because buyers are wondering whats wrong with it.

Moral of the story, listen to your realtor when it comes to listing your house if they give you a comps analysis.