Deseret News | High hopes, falling prices — Homeowners cling to false optimism about own home

Reader comments
High hopes, falling prices — Homeowners cling to false optimism about own home

Ben Stein | 6:31 a.m. Nov. 30, 2008

It is difficult for me to read this article. Real estate agents are having trouble convincing people to losing hundreds of thousands of dollars, why don't they start by reducing their commissions to a combined total of 1%, Why should the homeowner absorb all the loses. Those pesky real estate agents are like volutures preying on the dead bodies of the homeowners. I am shocked to learn people don't want to lose money on the largest investment they will ever make in their life. If you want to help out real estate agents, if you have a heart and not just looking to make a quick buck, drop you commission rates, oh, you don't want to do that because you will make less money. That is exactly what you are asking the homebuyer to do!

so. utah resident | 7:30 a.m. Nov. 30, 2008

Just months ago, many real estate agents were saying there was no bubble, "buy now or be shut out forever" and locally that "it's different here". It will take awhile for the effects of their own aggressive hype to wear off. They undermined their credibility by being relentless starry eyed cheerleaders pumping this beast into the situation we have now, so they should hardly be surprised by the fallout.

not so fast | 8:36 a.m. Nov. 30, 2008

"Real estate agents are having trouble convincing people to losing hundreds of thousands of dollars"

Most of the time their losses are paper losses that they would have only been able to cash out if they had sold at the peak of the bubble.

I don't feel sorry for anybody who is trying to "cash out" and is having a hard time getting the inflated 2006 price.

This is going to be a long hard correction for everybody.

Comments continue below

Real Estate Agents need to... | 9:43 a.m. Nov. 30, 2008

earn their commissions. Anyone can sell anything that is priced cheap from the past. I hope Real estate agents push the features and not the price!! This is what they are getting paid to do and they make great money for this type of a sales process. We are better off here in Utah than the rest of the nation and i they can only sell on price - Lower the comission rate or more sellers are going to sell by owner, since these are hard dollars people are paying/losing!

Let's see | 11:16 a.m. Nov. 30, 2008

Last weeks headlines say average home prices along the Wasatch Front have dipped 1.6% so my agent wants me to cut 15% off from the current appraisal price?? I think when the listing expires I will SALE By OWNER!

to Let's See | 11:45 a.m. Nov. 30, 2008

What makes you think you cabn sell your house if a real estate agent can not sell it? I think the real estate agent has more access to home buyers then you possible do. Also, if you sell it to a buyer represented by an agent then you are still paying half commission.

Good luck, but you shuold jus try asking a reasonable price for the home and not some over inflated price reflected in self grandger.

SLC | 2:12 p.m. Nov. 30, 2008

To: "Let's see"
If the seller is overpricing their home ridiculously, it doesn't matter what the percentage of price declines is. That 1.6% is ACTUAL sales. The seller's wishing price is most likely off the charts.

41Cadillac | 5:45 p.m. Nov. 30, 2008

The real news and fact is that a bank or mortgage company is not going to lend money for a home unless there is a down payment and the buyer can prove they have the income to pay the loan.

Back to the 1950's. Remember the movie, "Back to the Future".

re Let's See | 6:31 p.m. Nov. 30, 2008

The 1.6% drop is only for the fools to believe. Those in the know of the market recognize it has dropped much more. For 1.6% less than a year ago someone can get a newew, bigger, nicer home than what was being sold a year ago. After your home has languished on the market for 6 months with not a sniff, reality will begin to kick in, but you will still refuse to accept it. I give credit to the realtors who are tyring to educate sellers. There are plenty out there that continue to cheerleader the prices, with no sales.

GTO | 7:42 p.m. Nov. 30, 2008

If the value of my home has decreased, why haven't my property taxes?

Susan | 8:57 a.m. Dec. 2, 2008

Real estate agents need to lower their commissions. To receive $18,000 commission at 6% on a home selling for $300,000 is outrageous! I was a realtor at one time - and I thought it was nuts then. Lower your commissions and you will sell more because the owner will not have to take such a loss!

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