I just read this comment on an article thread …. “real estate people drive up prices on houses to get more selling fees…”
Ugh! That’s not how real estate works!!
Real Estate agents/professionals/REALTORs do not set market prices when listing a home or helping a buyer with the purchase of a home or property. The free market (i.e. buyer) sets the prices. As a REALTOR, I complete a market analysis on a property and then suggest a market value range. Market price is exactly the price a buyer is willing to pay for a property.
There is no way a REALTOR can ‘fix’ or purposefully “drive it up” to “get more selling fees”. No buyer in their right mind is going to pay more for a property than what they think it’s worth. DISCLAIMER: each buyer is different! One buyer may value the same property more than another buyer! The beauty is in the eye of the beholder.
And while up on my soap box… we have NOTHING to do with assessments! Got a problem with your assessment? Take it up with the local tax assessor on grievance day.
I think what they might be referring to is driving buyers into more exoensive homes by showing them homes outside their price range. Sadly there are agent out there who do things like that. It is frustrating and disappoints me but it does happen. Thanks for posting.
Thanks for the comment. In my experience, I do not show buyers homes that they cannot afford. My buyers are pre-approved by the bank before I show them houses so both I and they know what they can and can’t afford. It’s a giant waste of my and my buyer’s time driving them aaround, looking at houses they can’t afford.