What is happening in our county with the housing market?
Recently, my husband and I put in an offer for a lakefront property in Kingsville. We offered $50,000 less than the list price. With an all cash offer, no contingencies and closing within a week if needed, it was a very good offer. The counter came back at $300,000 over their list price.
That means their list price was a flat out lie.
Bait and switch, while may not be illegal, it’s a dirty business practice that makes customers feel deceived. The motivation is to get customers coming in by pretending to offer something at a particular price, then once the customer is there, the product or in this case, property, is actually much more expensive. It is this deception that has home buyers feeling duped.
In a hot sellers’ market, properties sometimes go for more than asking price and that’s fine. Regardless of whether the final sale price of a property is higher or lower than the list price, the realtors and the sellers should be honest when listing a property. They should price their property at what they’re willing to accept. Otherwise, the listing agent and sellers, will be perceived as dishonest and deceptive.
Aren’t realtors concerned about their reputations? Do they want to be known as trustworthy or dishonest? What will we think the next time we see that realtor’s name on a property listing? Do they not worry about the perception people will have about them?
There are ebbs and flows in the real estate market. Properties sell for what the market dictates. Sometimes prices are over inflated, such as the present time, but let’s be honest about listing prices and stop wasting our time with your deceptive business practices.
— Name withheld on request —
~ Image by TierraMallorca from Pixabay