I have a new term for what some in the HB world call 'knife catchers." My term is "comp providers."
If no one buys houses, then we don't get falling comps. Without falling comps, sellers price their houses based on unrealistic and out of date comps. With poorly prices houses, we don't get any sales. So the only way out of the Catch-22 is for someone to purchase, and bring the comps down.
As one commenter has observed....there actually are some 'good buys' out due to highly negotiable sellers. In other words, there are some folks purchasing who have done their research and used it to negotiate reasonable contracts.
And I want to thank them.....cause they are providing comps for the rest of us who are still sitting on the fence.
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Blessed are the comp providers for they shall inherit a larger mortgage then me >; )
Amen. When I was looking this summer, I couldn't get sellers to get away from whatever the most recent direct-comp sold for. That comp inevitably sold back in Feb or March and was basically worthless today, but try convincing them that. Sigh. Thank heavens for the comp providers. Things will look much better for buyers when the only recent comps are courtesy of the comp providers.
We also need a special word of thanks for reasonable sellers selling to the comp providers. How about a nickname of their own? Knife droppers? Downward leaders? Or perhaps sellers with half a brain?
G spot1 -
I simply call them sellers....(everyone else is just a lister).
haha - it's truly amazing how few "sellers" are actually out there. Although I have to say thanks to all the "listers" who kept me from doing something stupid like setting some new comps....
I keep track of homes looooong after they come off the MLS. At first to track what they sold for but now I track if they sold at all. I'd say about 20% of what I watch actually changes hands. Most just go into the rental pool.
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