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I personally think a lot of people are getting smart. It's not a greed thing or even a "fed up" thing. Why would you pay someone tens of thousands or dollars for something you could do yourself? It's not like craigslist doesn't work. It's proven to work in the SF Bay area. The only reason a person would give up on FSBO is if they had no buyers and they were really desperate and willing to take a loss. You could put an add in the open homes section of the sunday paper with the same wording that realt-whores do.
3% of 700k is 21k, and 6% is 42k... that's just insane!
Wow! Where do we start on this one?
Obviously when appreciation is "Fat City" and sellers are already working with their landscaper on the next dream home who has the time to bother with the low lifes that are buying that "dump" they used to live in? Let the realtor orchestrate the bidding war!
Well, I think that time has come and gone and I believe there are two basic "types" that go FSBO.
The brazenly over confident that "know" that hiring a realtor, tax accountant or doctor is just a waste of money. They're a HS grad. and they've gotten this far in life. Besides they can use the "extra" money to take that well earned vacation.
The trembling that are pretty sure they should have sold in______ and are now furiously scrambling to get out from under something they KNOW they can't afford.
A third potential category is the older empty nester couple that don't care when, if or for how much their place sells for. They've always wanted to live in_______. If it takes longer then so be it.
Oh, btw I think most everyone "should" go FSBO if they at all can. Scott J is right but my comments were more based on why all the interest in FSBO "now".
I think FSBO are all greedy, or at least frugal. However, only a small portion of them are smart. To do FSBO properly require figuring out the right price and figuring a way to crack the MLS monopoly. It also means being familar with the process. A lot of FSBO on C/L and elsewhere think they can stick a sign in the front yard and ask for above market prices.
On top of that, I think a good RE agent can have a lot of pull in a RE office, and direct undiscriminating buyers towards a listing. This isn't a huge deal in a hot market, but will be important in a cold market.
I've noticed quite a few people in my neighborhood doing this. In every single case, the owners are usually poor, and asking way, way way more than the house is worth. We're talking 1.2 million, 960k, 875k respectivly on smaller 2 and 3 bedroom houses. Two of them are always open. They sit with signs up around the block 24 hours a day. This has been going on for months now and none are selling. The stupidity is that these are most likely less monied long time residents who would pocket most of the sale price, yet it's taken over 4 months for one of them to "lower" the price by a mere 7k. I would call them both greedy and stupid.
SHE'S BACK! ASTRID IS BACK EVERYBODY!
Had me worried ther for a little bit but she's back, and in a big way!
"However, only a small portion of them are smart"
SQT had C/L figured out some time ago. Home of the desperate........ and the delusional.
That's not to say it can't work but so many of the listings I've seen come under "courting a lottery winner" b/c there is no way the seller's asking price can be met with a loan!
Good to have ya' back astrid!
To add more to my previous post, I just find it so stupid that a long time resident simply can't accept the case of selling at or possibly below market. I mean- cmon.. $650k for a piece if shit overated prefab? You can STILL buy a very, very nice home in a very nice area somewhere other than CA. I'd do it in a heartbeat. I hope these greedy SOB's get screwed.
DinOR,
My ISP went on the blinker for most of this week.
I won't be here long though. My together-together time with the ole boyfriend is coming up. I'll be out of action for the next couple weeks as we go see more of God's glorious Roadrunner and Coyote country.
SQT,
I'd have to agree. It would have to be one sweet deal for me as a buyer to contemplate that. More of a "one of a kind" type of deal. And yes FSBO's in Oregon seem to be priced above broker listed homes. Weird huh?
I think the whole opinion of people who might have owned their property pre-boom is very diffrent than those that bought during or post. It would be like if you owned a 93 Chevy Lumina. Big deal. gets you point A and B. Suddenly, people will pay you 60k for it. Holy crap! So it's like magical money from heaven. Doesn't matter who has the money or if it's overpriced. The neighbors got "X" for theirs, so you'd better get more for yours. They very likely view the people paying this kind of money for a house totally stupid or insane, so if they price it into the stratosphere, then there's just surely got to be a bigger idiot out there. The fact that people were willing to pay more than anyone ever expected for a stucco and wooden box is a mystery enough, so logic doesn't seem to apply. As a result they ignore basic economic fundementals and the changing selling atmosphere.
Comments 1 - 11 of 79 Next » Last » Search these comments
Have you noticed the number of "For Sale By Owner" listings in your neighborhood? Chances are, they're popping up more and more. Websites like FSBO.com and salebyownercalifornia.com are becoming as common as condoflip websites were less than a year ago.
Why is everyone so quick to sell on their own? Is it because they're greedy and don't want to pay the realtorâ„¢ commission fee? Or have the realt-whores finally pi$$ed everyone off?
What's your opinion on the whole thing?
#housing