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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My First Sale depresses me--the people always have to take so much less money than they wanted/needed.  I know it is usually because they overpriced their homes, but it's still depressing when they either can't sell and have to rent it out or take like $50k less than they wanted for the house.[/quote]
This is what kills me on My First Sale.  The listing agent will say something like "several homes next to you in your neighborhood exactly like yours sold 20 days ago for $400,000."  The seller will say something like "but we paid $600,000."  The agent will say "you have to be realistic in this market."  The seller will say "ok let's list for $550,000."   Then the seller gets the first offer of $500,000..rejects it.  They the proceed to spend the rest of the episode getting offers alot lower than $500,000 and sometimes they end up not selling the home or wishing they could get the $500,000 offer again. 
I saw one where the sellers were trying to sell a overpriced condo in the Miami market.  They were quite nasty.  Owners confronted the agent and it got very nasty cause he couldnt unload their condo at their inflated asking price.  [/quote]

But is this that different from RE Intervention where Mike tells them the issues with their home, then shows them a sold comp and a listed comp that are better than theirs but listed for less?  The point is that people (especially ones that bought in the mid-00's) are still expected the early-to-mid 2000 price points or are forced into that because they don't have enough equity in their home and can't afford to sell for what the market will bear.  Until people are comfortable with the new reality, that's going to continue to happen.

I had this problem selling my first house in 2008.  I had to put in a lot of renovation money and still drop the price significantly (original listing price was $369K, I put in almost $15K and finally sold for $314K).  It was disappointing because a comp sold in 2006 (just before I had originally listed it) for $410K.  But, I had bought for $139K so I could afford all of the above.  6 months later, another comp down the street was listed for $249K and was on the market for over 100 days.  It finally sold, but I forgot to look for what.  The only reason I could afford the downturn was because I had bought *BEFORE* the big bubble, but those who bought in the bubble were up a creek.[/quote]

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