REALTORS(R) created the bubble and we are the reason the bubble burst.
REALTORS(R) sold houses to anyone that could breathe because we are money grubing theives.
REALTORS(R) give bad advise because all we care about is our commission.
REALTOR(S) are the root of all evil!!
Or so some would want you to believe.
Especially the “bubble heads”. They feel that we were out there setting prices higher and higher because the Buyers would pay it. There is some truth to that but the price was dictated by the market, not REALTORS®.
I can remember, in 2005, going back and forth with Sellers on where to price their house. They would want to price $20,000 higher than the last sale and as hard as I tried, I couldn’t talk them out of it, so we listed it. It would sell in a matter of days at their price!!! Then the appraisal would come in too low and the Buyer would agree to pay the difference.
The market was pulling values up with me kicking and screaming!! So I did what any good REALTOR® would do……I listed and sold a lot of houses.
Now we have the opposite problem. Most of the inventory, in my market, is either a short sale or a foreclosure (REO). With a short sale the seller doesn’t care about the price and with a REO the lender just wants to unload the property as quickly as possible.
In both cases the properties are being priced as low as needed to create bidding wars. Sellers are not interested in the highest price they are interested in selling quickly.
The market is pulling values down with me kicking and screaming! So I do what any good REALTOR® would do……I list them and sell them.
Our job is to list and sell property at a price that the market wants. We have NO control over what that price is. We cannot manipulate the market.
We don’t control property values. They are controlled by the market. When properties are scarce Buyers are willing to pay just about anything to get a home. When properties are abundant, Sellers needing desperately to sell, will price as low as they can to get their house sold. And there is nothing a REALTOR® can do about it.
It’s just simply “supply and demand”. What say you?
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
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