October 18, 2007 by Joe Kennedy.

I had to laugh - and applaud!  This is a great marketing idea, but unfortunately does show the state of the market.  Agents are getting discouraged with the lack of buyers and sellers who think their properties are worth a lot more than they are.  Apparently this listing agent is finding that other agents are no longer showing up for open houses.  Many listing agents are finding that their open houses are only attended by neighbors who want to snoop - and only a short time ago, these same houses would have sold before a brokers open could be held.

I did get this email this afternoon through spam (apparently many real estate professionals feel that its ok to illegally spam other real estate professionals), which I hate and never condone - but I do have to appreciate the fact that this agent is trying something different …   Perhaps she should just try advertising it in Eastside Business.  That’s one of the places our advertising gets listed.

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May 31, 2007 by Joe Kennedy.

Thursday is the day each week when real estate agents hold “brokers opens” for their listings in the area designated by the Northwest MLS as 520, which is described as Bellevue, east of Lake Washington and west of I-405.  Usually these are new listings, but occassionally there will be an older listing included that may have had a price drop or had some improvements done since it was listed.

Today there are 14 homes on the list - and only two priced below a million dollars.  One of these homes is just down the street from where I live, has been on the market for 40 days and just had a $10k price reduction to $739k (I believe that these sellers are ‘fishing’ and that this is still over priced by at least $200k).

The other brokers open today in area 520 that is priced under a mil, is in the Clyde Hill area and described as “very livable” with “limitless upside potential for expansion/new construction”.  Can you say “tear down” with no view for $899,000.

It doesn’t appear that either one of these sellers are being realistic, have been getting good advice, or else they just aren’t motivated to sell.

There are only four other homes on this list that are priced under two million - and one of those is in Newcastle, not Bellevue.  Apparently sellers feel like the market is still strong and that they are going to get these prices.  For their sakes, I hope they sell them soon or offer big price reductions so that they are not holding onto them for a long time …

If you would like to sell your home while prices are this high and get professional representation with reasonable (LOW) listing commissions, please give me a call at 425-455-LIST (5478).

Posted in Brokers Open, Listing, Bellevue, Uncategorized | No Comments »