Buyers are educated! *Real Estate*
Oct 18, 2016
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After 37 years in the business and appraising over 3,000 homes in writing, I would like to know where agents, Brokers get their asking prices from.
How about thin air. Including those in the business who try and sell their homes by saying 'BY OWNER, FOR SALE'.
They are only wasting their time. Years of experience mean nothing if a home is not at market asking price today. If a home for example is a two bedroom Bungalow, near Juniper Park, but needs a $100k in renavation, how can anyone ask $565,000 for this type of home. Especially if one just like it sold for about $410k a few doors down 12 months ago?
Next by owner ads. Whether the owner is not a sales agent, or a broker, they think by adding a $100k to $150k more in asking price, that buyers will call and buy the listing because there is no Broker involved they are again kidding themselves.
Buyers are educated. And a educated buyer will buy a listing if priced accurately period. If a 1 family 3bedroom with basement and garage under the terrace sells for $825k to $925k depending on condition, how does the owner expect to sell if they are asking $1.1 million dollars?
These are two examples of current for sale listings that will sit until owners wake up. Wake up when rates for mortgages go to 7% or a recession and prices start sliding downward.
A mind is a terrible thing to waste.
And stupidity is a disease.
Some agents/Brokers can not appraise a home if their life depended on it.
And if an owner dictates the price to an agent or broker, and it is way out of line, they should tell the owner or walk away from that listing.
Getting an exclusive listing for sale that is not priced at all near current market value is a waste of everyone's time.
I have in 37 years assisted Maspeth Federal Bank and Cross County banks in appraising and submitting loan applications. I also testified in New York State Supreme Court as an expert witness in appraising a home.
Google my name: Jim Turano/Broker
It is like a Resume. No other agent or Broker in all of Queens has so much recommendations on the internet.
Whether appraising a Home, a mixed use property, or Commercial property, give me a call for a down to earth market evaluation any time.
DIVERSE REAL ESTATE