Mike’s Real Estate Show

It all depends. In certain areas of Santa Rosa the $299,000 price might be $50,000-100,000 below the marekt price. The Assett Manager and his Realtor/Licensee have made a marketing decision to get it way below the market to be percieved as a super-deal–hence, buyers/agents drive up the price. We’ve been seeing these shennanigans with comments in the confidential remarks section saying, “20 offers now on the table–don’t bother submitting any offer under $350,000″ and the property is listed for $259,000!!

The issues we have with “Short-Sales” and REO’s is the public percieves them as desperate sellers. I got news for you, assett managers once they get it back are NOT pushovers!! And Short-Sale folks? It’s totally contingent upon lender approval so what do THEY care about pricing? Buyers think they can come in and get a killer deal–not happening in this county. Sure, you’re getting prices at 30-50% off from just 3 eyars ago but since Buyer’s have little historical context they all want “more”!! . Folks like yourself, without any representation of a local, savvy Realtor/Licensee troll through the internet and see prices, do a Zillow search and tell their agent, since they are a buyer and they’ve all heard this is a BUYER’S market, they want to offer LESS!! I’m writing an offer on an REO in a property on the Eastside of Santa Rosa and I’ve been setting my buyer’s expectations, sharingn with them the market realities, showing them the different neighborhoods and HE asked how much do we need to go over to get this!
On the flip side, if the area has truly cratered and the $299,000 is HIGH for that area then by all means offer less. But to careful of the blanket pricing strategy so inherent in watching late night TV or listening to the latest foreclosure guru!!