Is ‘Priced to sell’ the dumbest sales pitch?

One would presume that if you offer something up for sale you’re interested in selling it.

That would mean that you have priced it at a point where you hope to make a sale, even if you’ve hopelessly overpriced it, you’re still dreaming that it’s ‘priced to sell’.

And yet not infrequently you’ll find listings that declare that they are ‘PRICED TO SELL!’.

Do these agent not price their other properties to sell?  Are these the only properties that are priced at a point where they hope to sell?

Then there are the synonyms: “MUST SELL”, “WON’T LAST!” and “NOT A DRIVE BY!”.

They all really mean just one thing:

SELLER IS DESPERATE!

 

Sort by:   newest | oldest | most voted
Village Whisperer
Member
Village Whisperer

Touching a nerve: Was a Richmond real estate agent forced to remove a graph plotting a potential 70% decline in housing prices?

http://whispersfromtheedgeoftherainforest.blogspot.ca/2012/10/touching-nerve-was-richmond-real-estate.html

patriotz
Member

My favourite is “Owner Says Sell”. Well duh, is the owner going to say “Buy”?

What they’re really trying to make you think with “Priced to Sell” is that the listed price is below market and you’d better act fast before someone else buys it. In the RE Bizarro world, this is not at odds with a historically high MOI.

patriotz
Member

This ad came up on the board and I think it’s worth a look:

http://www.kbhome.com/new-homes-orlando-area/?=105208QInt

New houses from $126K up. And they give you a free pumpkin too!

West Van Tree Dweller
Guest
West Van Tree Dweller

With some of the North Shore listings, it appears that the new catchphrase should be “Priced to Sit”… 🙂

Anonymous
Guest
Anonymous

@patriotz: when Vancouver houses start selling with free pumpkins instead of ‘free’ cars you’ll know we’re getting into more reasonable prices.

Ralph Cramdown
Guest
Ralph Cramdown

If the property is bad, describe the neighbourhood. If the neighbourhood is bad, describe the property. If they’re both bad, patter on about the price or the owner or something… Look! A seagull!

RFM
Guest
RFM
Another nondescript mediocre condo building sits 20% unsold and vacant: OnQue, a small 30-unit development on the southwest corner of Broadway and Quebec (http://www.liveonque.com/neighbourhood.html) was completed many months ago, but there are still at least six units listed for sale by the developer. Ranging from 651 to 787 square feet, priced from $361,900 to $439,900, these are not moving. It is going to be another classic case of ‘chasing the market to the bottom.’ To sell these units and recoup any profit, the developer will discount the units to prices below what original purchasers paid, thus undermining their values and creating pressure on every unit in the building. And, just blocks away, they are digging huge holes in the ground and pouring concrete for 2,192 more units in southeast False Creek. Wall Center False Creek by Wall Financial————557 units Residences… Read more »
jesse
Member
Speaking of Realtor lingo, here’s a VMD post on vancouverpeak from a while ago. Feel free to add to the list, but I transcribed what’s there now. http://vancouverpeak.com/groups/bubble-humour/forum/topic/mls-lingo-translation-compilation-input-needed/ “Handyman’s Special”: looks bad, smells bad, has at least one major system that doesn’t function “Motivated”: seller gives the impression that he is under pressure to reach a quick deal “Prime Killarney” – Killarney. “Close to shopping” – within 4.5 km of major street. “Tenanted” – Sorry about the mess, and the smell. “Mortgage helper” – Owner drywalled the stairway and installed a hot plate. “All offers presented” – All realistic offers presented. “Cute” or “adorable ” too small to fit regular furniture “Solid” ugly but not falling over “Below assessment” – BC assessment goofed and highballed the actual value “Lot value only” – Lot value only “Investor alert!” 1.You don’t want… Read more »
Sidelines
Guest
Sidelines

@RFM
Re: OnQue – have you seem the condo fees there? Holy cow! Well over $500 – and for what? The extensive landscaping perhaps? Sheesh.

Many Franks
Guest
Active Member
Many Franks

Seeking Alpha recommends shorting Royal Bank of Canada and Toronto Dominion.

RFM
Guest
RFM

Sidelines:
You may be looking at the wrong information regarding OnQue:
Condo fees are listed as ranging between $265 – $297 per month for the six listed properties. The purchase prices are between $553 – $584 psf.

Sidelines
Guest
Sidelines

@RFM – I was just about to write in to say, I’m an idiot, can’t read, and need coffee. Oh well, good thing I like coffee. Carry on everyone, nothing to see here…

painted turtle
Guest
painted turtle

Soon coming to Canada:

http://www.aljazeera.com/indepth/opinion/2012/10/201210156340797431.html

As the evidence keeps telling us, the basic story is about as simple as it gets. The housing bubbles were driving demand prior to the collapse both directly through building booms and indirectly from the consumption generated by bubble generated housing equity. When the bubbles burst the construction booms went bust. And when the bubble generated housing equity vanished so did the consumption for which it provided a basis.

Anonymous
Guest
Anonymous

Here’s one of my favorites:
http://vancouver.en.craigslist.ca/rds/reb/3317081378.html

They’ve listed 10 times yesterday and 6 times the day before on CL.
If you look through they claim it’s been reduced by anywhere from 30-50k and they’ve got all your favorites:
“Come & Bring Your Offers”
“Sellers Open to All Offers- Just Try!”

You can smell the desperation…

Chem Guy
Guest
Chem Guy

@Anonymous: What is a spice kitchen? Is it the Surrey equivalent to the West sides wok kitchen?

SunBlaster
Guest
SunBlaster

To things I learned when it comes to buying and selling:
1. One who calls the price first always looses
2. One who sells first always wins

There is a third one too but its a bit of a mind breaker:
3. One who wins a bidding war always overpays

chilled
Member
chilled

@Anonymous:

“They’ve listed 10 times yesterday and 6 times the day before on CL.

About the same as some middle aged bald guy searching the personals for a 3 some. Probably a few inquiries, but it ain’t gonna happen.

Makaya
Member
Makaya

Quick anecdote of the day.

One of my friend, currently on a 1-year long mat leave. Hubby is a realtor and has not closed a deal for quite some time now (and being very frustrated about it…). I don’t know if this is because they can no longer pay the mortgage or because he sees the writing on the wall (probably a bit of both), but they’ve just put up their 2-br-$800K condo for sale (good luck with that one in this market!).

It’s funny how quickly things change. Just a year ago, I was ridiculed during a conversation for just mentioning that maybe the RE market was over-inflated, that maybe a correction might eventually occur, and that flipping a property at this point might not be a good idea…

Oh well, I may not sound so stupid anymore, I guess…

Bo Xilai
Guest
Bo Xilai

@Chem Guy:

“What is a spice kitchen?”

Maybe it’s a built-in tandoor oven. Good question though…

G
Guest
G

Anyone saw the station square presale? It’s more expensive than solo and mc2. And they are doing 4 buildings

Chabar
Guest
Chabar
fatso
Guest
fatso

lets read until G&M slap $20 fee 🙂

“The latest Census figures show that more than one in four (25.2 per cent) of young people age 25 to 29 are still living at home, up dramatically from just 11.3 per cent in 1981. And many baby boomers who can afford to do so are helping their children to avoid or minimize student debt.

We should focus more on issues like rising inequality, high unemployment and reduced income security which impact all Canadians, rather than think that one generation is winning at the expense of another.”
http://www.theglobeandmail.com/report-on-business/economy/economy-lab/are-boomer-kids-really-getting-a-raw-deal/article4615091/

UnagiDon
Guest
UnagiDon

“Canada Household Debt Approaches US Bubble Levels; Inane Housing Comments From Canadian Economist”

http://globaleconomicanalysis.blogspot.ca/2012/10/canada-household-debt-approaches-us.html

Chem Guy
Guest
Chem Guy

@Chabar: Culturally insensitive??? You want to eat shark fin, go back to China just like I’d tell a Korowai person that if they want to eat people to go back to New Guinea

Best place on meth
Member
Best place on meth

@Chabar:

Chung said it’s people’s right to eat what they want and that any such ban is “culturally insensitive.”

In his culture, serving a dish such as shark fin soup to someone is necessary to show sincerity in your gratitude, he added.

In true locust fashion, they devour everything in sight until it’s all gone.

I’d like to slice an arm off Chung and Alice Wong and throw them into the ocean.

wpDiscuz