{"id":1676,"date":"2007-07-19T10:07:30","date_gmt":"2007-07-19T17:07:30","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=1676"},"modified":"2007-07-19T10:26:17","modified_gmt":"2007-07-19T17:26:17","slug":"in-down-markets-realtors-on-both-sides-of-the-transaction-need-to-step-up-for-their-clients","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1676\/in-down-markets-realtors-on-both-sides-of-the-transaction-need-to-step-up-for-their-clients\/","title":{"rendered":"In Down Markets Realtors on Both Sides of the Transaction Need to Step Up for Their Clients"},"content":{"rendered":"

As the real estate market begins its tailspin, home buyers and sellers alike need to figure out how to play the real estate game. The time has passed for simply taking the lowest cost provider of real estate services. Realtors on both sides of the transaction must now prove their worth. In a down market, which many buyers and sellers now face, market knowledge and savvy negotiating skills champion the day.<\/p>\n

The Sell Side<\/strong><\/p>\n

The most obvious need for good representation is on the sell side of real estate transactions. Realtors, who simply look at the MLS and price a home at the market average, will become serious liabilities to their clients. There is nothing worse for a seller than trailing a market decline. <\/p>\n

When listing a home, there should not be a time where sellers are forced to reduce their price. This suggests either the seller had their sights set too high or that the real estate agent in charge of the listing was out of touch with the market. Regardless of the situation, every month a home stays on the market cost the seller pays holding costs. This could be additional mortgage payments, lower market demand, or simply the hassle of postponing moving plans.<\/p>\n

Furthermore, in a declining market a faster sell means experiencing less of a price decline and a higher long run purchase price. When my wife and I wanted to exit our Detroit properties, we looked at the market and priced our house about 2.5% below the market average. This strategy was important because our house looked better than the market average. Initially, it looked like we could have gotten more, but it was clear that the market was declining fast. Even with our reduced price, our home languished on the market for almost two months. Luckily, we were able to get very close to our asking price when our first (and only) offer came in.<\/p>\n

The flip side of that story is the numerous houses that stayed on the market for years! This is no exaggeration. There were houses that were still on the market a full two years Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

As the real estate market begins its tailspin, home buyers and sellers alike need to figure out how to play the real estate game. The time has passed for simply taking the lowest cost provider of real estate services. Realtors on both sides of the transaction must now prove their worth. In a down market, […]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2,8,5],"tags":[],"class_list":{"0":"post-1676","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-general","7":"category-investment","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":272,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/272\/escape-clause-would-help-all\/","url_meta":{"origin":1676,"position":0},"title":"Escape clause would help all","author":"Greg Swann","date":"September 1, 2006","format":false,"excerpt":"This is me in today's Republic (permanent link), another chance at infamy:Escape clause would help all Believe it or not, this can be a rabble-rousing column. Sometimes I write about the perils of dual agency or why the buyer is actually paying for everything in a real estate transaction or\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":632,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/632\/632\/","url_meta":{"origin":1676,"position":1},"title":"This is not to suggest that all Realtors are “professionals”","author":"Russell Shaw","date":"November 13, 2006","format":false,"excerpt":"The well informed and logical Kaye Thomas wrote:It never ceases to amaze me that REALTORS are blamed for prices going up and down in the real estate market. Really, do you think if we had that type of power the market would be where it is now? Here's a secret\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":762,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/762\/who-needs-realtors\/","url_meta":{"origin":1676,"position":2},"title":"Who needs Realtors . . . ?","author":"Greg Swann","date":"December 12, 2006","format":false,"excerpt":"I was talking with a reporter yesterday about the idea of disintermediation in real estate. I brought up the question of what is the ideal closing date, just as a quick and dirty illustration of why buyers and sellers need professional advice, even if they think they don't. This morning's\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":68,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/68\/in-the-battle-of-the-baseball-cards-the-biggest-shoe-box-wins\/","url_meta":{"origin":1676,"position":3},"title":"In the battle of the baseball cards, the biggest shoe-box wins — but Realtors who master the art of marketing homes will be fine","author":"Greg Swann","date":"June 28, 2008","format":false,"excerpt":"[This post appeared on BloodhoundBlog on June 30, 2006, our second day. I'm reprising it now as a part of our birthday celebration. It's fun for me to see how much of what I talk about here was with us on our very first days. --GSS] \u00a0Cathleen and I live\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":857,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/857\/communication-a-good-reason-to-use-realtor\/","url_meta":{"origin":1676,"position":4},"title":"Communication a good reason to use Realtor","author":"Greg Swann","date":"January 5, 2007","format":false,"excerpt":"This is me from today's Arizona Republic (permanent link): \u00a0Communication a good reason to use Realtor Why do you need professional representation when you buy or sell a home? It's not because of the Multiple Listing Service. As we have seen, Realtors can put a transaction together in ways you\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1397,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1397\/a-world-fit-to-be-conquered-five-steps-to-total-real-estate-listing-dominance\/","url_meta":{"origin":1676,"position":5},"title":"A world fit to be conquered: Five steps to total real estate listing dominance","author":"Greg Swann","date":"May 8, 2007","format":false,"excerpt":"Here's the thing: We want to be excellent real estate listing agents. But there's more to it than that. We want to be so good at listing real estate that no one can compete with us. The idea of selling \"by-owner\" pales in the light of what we do, but\u2026","rel":"","context":"In "Enduring Interest"","block_context":{"text":"Enduring Interest","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/enduring-interest\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=1676"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1676\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=1676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=1676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=1676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}