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Market Strength Affected By New Real Estate Licensee Property Pricing Too!

      You are a brand new real estate agent...you sport a new brief case from Santa, 500 business cards wih a thousand watt smile and a provisional license for a year.  You are ready to take to the open road.  Listings, listings, listings...collect 'em, get those sellers signed up pronto.  With the news of nationally a soft market, new agents can add to the sluggishness of that market in many pockets of the country. When agents ask the seller what they think the place is worth, nothing good comes out of the resulting over priced property listing. Many part time agents are happy to just have their name plastered on a sign rider somewhere in their burg. They  put food on the table with another full time job outside the real estate arena.  Do you want to just list the property  to eventually lose it to another agent / broker who eventually prices it correctly so it has a chance of selling? The over priced property starts a land slide of other sellers thinking hey...if that place is worth that, Small Boy Follows Maine Sea Gullthen mine is ten times the property.  The folks down the street decide to list and throw back objections when you show them them the fair market value of their place.  "Well Joe Green down the street has a home worth $200,000 so my place should be $300,000 at least right?"  Wrong, basing your property value on what another is LISTED for is destined for heartache.  Makes for touchy ground when you start building a case with comp sales for what their home is worth but without coming right out suggesting what is happening in the local market with the sky's the limit pricing strategy of many many new licensees.  If you have made your living full time selling real estate and know the market, you step back in amazement with the sea of over priced property that starts to glut the market.  The local market can freeze and become more sluggish due to a glut of over priced property.  Then buyers new to the market start to wonder what is wrong with the property they drive by daily that has curb appeal but sticker shock.  The only thing wrong with the property to keep it from selling is a way way too large unrealistic price tag that can snowball with agents continuing to list over priced property.  It can quickly become monkey see, monkey do pricing which was not what was taught in real estate valuation 101. Don't follow the trend of whatever the seller wants pricing.  Anything will sell if realistic priced and marketed correctly...

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Comment balloon 0 commentsAndrew Mooers | 207.532.6573 • August 20 2007 04:58AM

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