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« I Love A Good Cat Fight - Part 1 of 2 | Main | 3 Weeks Later, and No Offers » April 11, 2008The Cat Fight Continuespart 2 of 2 The problem is the pitch to sellers really doesn’t hold up. The “lists” quickly make the rounds and within a few days or in some cases hours, everyone knows about the listing. And to be completely honest, I’ve even gotten a few of the lists, and could easily get hold of one by simply asking a few friends. If you need more proof of how prevalent this has become, check your office mailbox, your email or Craig’s list. More and more these days you’ll see the words, “Not on the MLS.” How big of an issue is it? The folks that work out of the Marin Association of Realtors actually spend a portion of every day calling agents who post just these types of listings on Craig’s to let them know they have to have an agreement from sellers not post to the MLS or face a fine. Two top agents in the City summed it up this way to me. No one wants the stench of failure hanging around their home. Especially a trophy home they bought at the top of the market and now are looking at taking a loss on after commissions and paying off the home equity line. Sellers they say are worried about the market. They are doing, as one agent said, “their best to deny it’s become a buyer’s market” While some houses in the City still sell within days of going on the market, and end up with multiple offers, it’s the fear of not selling that is keeping homes off the MLS. The bottom line is this, when you start messing with the free market place, you’re not going to like the outcome. Ask anyone who made sub-prime loans what they're doing these days.
Posted by Jeff Brooks on April 11, 2008 07:00 AM | Permalink TrackBackTrackBack URL for this entry: |