WatchI guess you are not taking your clients to this neighborhood. They are all buying up the 1000sqft million dollar homes next to El Camino where you keep saying there were 10 bids, but then when the price finally gets public it went for under list. Give it up already, you are full of lies.
Here is a good case to study. I watched this home being built in 2009. Good construction and no expense spared. Tough place to build also. After being on the market for what looks like over a year where it was priced at 1.489mil there were no takers. Now it is listed on MLS for 1.29mil. Where are the multiple bids you bunch of liars. BA is rising huh? Get real.
http://www.propertymaps.com/property/mls/usa/california/san+mateo/redwood+city/94062/126/361930
http://www.movoto.com/real-estate/homes-for-sale/CA/Redwood-City/285-Sylvan-Way-100_81211167.htm
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San Jose, CA
Did the realtor actually say they were over asking? They just said there were multiple bids.
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Pleasanton, CA
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bighorse says
Many times it was said. You don't remember this article of lies?
http://www.contracostatimes.com/business/ci_20235268/buyers-compete-short-supply-homes-bay-area
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Sometimes if they are both a listing agent and a buyer agent, the buyer gets lied to.
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I sold a previous house. We had multiple bids, but it went for under asking. Not that surprising; there were 3 people interested, but they all bid below asking.
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SiO2 says
Haha. Thanks for enlightening me about the bidding wars. LOL.
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Pleasanton, CA
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bubblesitter says
It is like everyone is retreating and what they are calling a "war" is the fight between everyone to not trip over themselves as they are racing away. :)
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Sebastopol, CA
There were two multiple bidding situations I am aware of in my area last week. Both nice places and well priced. Both sold at the asking price. Sometimes an all cash bid will beat one that requires financing and sometimes a bid with fewer contingencies will beat a higher bid with more. And sometimes agents lie. Half of all agents are below average by definition.
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Tom Stone says
In both cases there is always downward pressure on price,not what realtors claims - bid now,its going up! Go ask the banks,they know better where the home prices are heading,although they don't want to sell their assets for cheap either.
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RentingForHalfTheCost have you considered simply going to an auction, if you have cash saved up? Investors can't compete with a buyer, because investors have to make profit on a sale... you don't... so you get more playing room.
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bubblesitter says
Yes--their track record on housing is truly exceptional.
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Pleasanton, CA
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FortWayne says
I am considering that path. Have actually spent time on the court steps already. Like anything in the BA, it has its own set of problems. There is definitely an asymmetry of information there as well. Not as bad as when the realtors are involved, but also worrisome all the same. My other option is to buy land at auction and then just build. Not in a rush, so can wait and learn.
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Beverly Hills, CA
Why does the title of this have to mock retards? Poor form, poor taste. Patrick should clean it up.
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Pleasanton, CA
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uvafitz says
Because they deserve to be mocked. They should clean up their behavior if they can't take the heat. What can they do? Many things
1) complain to their NAR headquarters that the whole process needs to be more transparent to buyers/sellers. Things like bids being recorded and public for starters. If you are an honest realtor then this seems like something you should welcome.
2) complain to NAR that the existing pay structure for realtors makes no sense. Both agents are heavily vested in a sale. However, a buyers agent needs the threat of a no sale to properly negotiate. The sellers agent should be paid on percent sale amount, but the buyers agent should be a fixed cost. A person hires a buyer and pays regardless of sale or no sale. They work and showcase their negotiation skills. That is what we are suppose to be paying them for right?
3) complain to NAR that there needs to be a process where incompetent realtors are held accountable. Too many complaints from clients and your license is suspended. Too much abuse is occurring out there. No accountability and no one gives a crap.
4) complain to NAR that they need to clean up their forecasting and their image. The markets changes, they are not always in our favor or in NARs favor. Right now, NAR has ruined its image for a whole generation. I don't see anything they are doing to repair that damage. Their leader is a puppet, and idiotic one at that. They need a make-over. They could serve a great purpose in society, but right now they are hated worse than car salesmen.
5) Require all realtors to do ethics courses. Over and over and over again. You violate the simple rules of ethics you lose your E-class convertible and go back to public transit. :)
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Redwood City, CA
That house is on a terrible, unusable lot that is already smallish by Emerald Hills standards. I'm not surprised they're having a hard time moving it.
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Pleasanton, CA
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uvafitz says
Also, poor form and taste is a realtard taking 30K commission from some family that can only save 30K a year if they are lucky. All the while telling them they are making a brilliant investment decision. Nonsense and immoral. That is in poor everything.
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Sebastopol, CA
Uvafitz, I don't have much time but I will address some of your points. Commissions are split 4 ways, the usual net for a good agent is about .75%. Agents and brokers do have to take ethics courses to get their license renewals, this has as much affect as requiring politicians to take an ethics course prior to running for office would. Ethics are individual, it is a question of character. The NAR is embarassing, no way around it. You have to join the local association to work in the field and that automatically enrolls you in the CAR and NAR. Enforcement really depends on the local chapter or association, their rules and procedures are avaliable to the public, but it is the culture of the local chapter or association that makes the biggest difference. If you are not familiar with Jim Klinge or OC Renter's posts about super Jenae they are worth a read.
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Beverly Hills, CA
Go reread my post ... my problem with the title of the post clearly was not meant to protect the reputation of realtors. I would not and will not ever defend realtors. My problem with the title is that it was extremely insensitive to and belittles mentally handicapped people. Call them thieves, call them hacks, call them frauds but don't call them realtards. If you do, you are a jerk.
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I wouldn't dare disgrace thieves or hacks to that degree comparing them to realtards. What kind of monster do you think I am. jeesh...
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Belmont, CA
Its pending. Its amazing how much idiocracy is going on with peninsula real estate. Im done. Within a year Ill be gone from this middle class destroying hell hole. Hey, house poor dummies, call me up when your androgynous kid with a nose ring and purple hair calls you a douche. The kids going to the "top schools" around here are such a joke.
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Emeryville, CA
Tom Stone says
In my experience, nearly all of them are below average. Sure, there's an average among them, but that's like determining an average literacy rate at a Teabagger protest.
RentingforHalf---
How can it be otherwise? Countless homes still in inventory; millions of others just waiting to sell when it gets to an acceptable loss/break-even point; still tremendously high unemployment; boomers dumping their houses; interest rates to increase; property taxes likely will too
All signs point to DOWN!!!
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Palo Alto, CA
I won't even go look at a house if the realtor tells me there's an offer for it. No need to get into a bidding war, the pent up supply will take decades to work through. Baby boomers aren't getting any younger, I don't see them flipping up ever again.
Nationwide, just 500 homes per month have sold over the Fannie and Freddie $7xx,000 loan limit... for going on 6 months in a row. Chances are excellent any realtor telling you there are multiple offers is straight up lying, and there's no way they can get caught doing so either. NO regulation or enforcement.
The smart money is selling and moving into a cheaper cost of living state with friendlier residents and good weather.
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anon12366 says
This is the key to demise(in terms of price) of US home buying/selling industry.
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Pleasanton, CA
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anon12366 says
Where did you get this stat?
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San Diego, CA
RentingForHalfTheCost says
I think you're missing his point. He's saying that it is in poor taste to mock the mentally handicapped by using term "realtard". It's degrading to turn their handicap into an insult for others.
It's also probably insulting for them to be compared to realtors.
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And a cannibal is a sub-human freak by definition but, still, by most standards, a higher order creature than a Realtor®
Tom Stone says
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Oakland, CA
Shawn says
Nail on the head.
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APOCALYPSEFUCK is Tony Manero says
Some realtors out there are just the worst kinds of people you can ever run into.
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Pleasanton, CA
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BayArea says
Dammit, you are right. I get it now. It is insulting and my bad. Heading is now changed.
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Beverly Hills, CA
uvafitz says
SAY WHAT? If the salesman is STOOPID---what else do you call them?
Let me see...it is politically INCORRECT to use these words---
Idiot, moron, imbecile, stupid all adjectives referring to Realtards.....well if a REALTARD repeatedly calls their occupation a "Real A Tor".....why the F@#% should I care? Can they read? Let me spell it for you..
R E A L T O R Not Real - A -Tor also it is a TRACT HOUSE T R A C T NOT a "track" house. IMHO most of the Real-tards are MORONS AND IMBECILES....they all ---a been dine edumacated where they gradumacated from "skool" with their Real A Tor licenses....
Here is one for you....yesterday one of these Real-a turds kept yapping about "statues".....no art galleries or museums around here...Oh they means " S T A T U T E S" not " S T A T U E S" IDIOTS morons and imbeciles.....TOO STOOPID to be normal thieves or grifters. IQ is room temperature IN ALASKA.....with the windows open....
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Roslyn, NY
RentingForHalfTheCost says
6) Seller's agent will never ever receive dual or double commission if buyer decides to come in with no agent. There can be no dual representation. If a buyer comes in with no agent, they are representing themselves.
This rule will prevent the seller being lied too by their listing agent and it will also prevent the listing agent dumping a buyer's offer just because they come in with their own agent.
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Belmont, CA
Robber Baron Elite Scum says
Usually the double agent thing is that the seller becomes the buyers agent and the selling agent is handed off to someone else in the same office.
Ive seen this done. Double agency is how you can avoid bidding wars and lock in a bid early, if you think these prices are worth it.