Buyers are sellers too
It's clearly a buyers market in the Charleston South Carolina real estate market but that doesn't mean a buyer isn't a seller too. So when I talked with a seller recently about selling their home and buying another, does it make sense that you can sell your home for top dollar in a buyers market but then turn around and buy your next home at a bargain basement low price.
Here's the story, the sellers have a house worth about $289,000 but would like to price it at $350,000. They have their eye on a house listed for $549,900 and would consider offering $450,000.
Unfortunately, I don't think the numbers work.
And when I asked what they would say to an offer 18.18% below list price on their house, they told me they would be insulted and wouldn't consider it (that is the same percentage that they want off the house they want).
So I have better things to do than put an overpriced listing in the Charleston MLS with lots of pictures and a great writeup only to have no interest in the house by other real estate agents and their buyers. I had to tell these unrealistic and stubborn sellers as politely as I could that I really couldn't help them and that they should try to find another agent. Maybe they'll call me in 6 months.
I just think it's better to be honest and realistic with a client now than to overpromise and underdeliver by disappointing them later.
My little mini rant for the day: If the media is headlining to the general public about all the problems in the housing market, why are the buyers paying close attention to the news while some sellers continue to ignore current market conditions or choose to think it doesn't apply to them.