Idaho Real Estate >> ID Real Estate Specialist

Offering $125,000 on a $200,000 home wouldn't fly here in the South Puget Sound area. Homes are still appreciating and although homes stay on the market longer, sellers are by no means desperate. I hate when news programs offer blanket advice without regard to geographic conditions.

Sandy

Sandy - You are preaching to the choir my friend.  Email Suze Orman and tell her!

Suze is crazy!! I wonder how she would feel if someone tried to low-ball her on her home.

Vincent - Amen my friend! To make a blanket statement like this is insane!  I would love to find out her home address so I can email her a low ball offer when her home comes on the market!

I'll write the offer.

Looking for a BIG agency retainer check first...

George - The ignorance of the educated who do not understand the Real Estate market.

Haha way to go Suze, I never really liked her, her method is very out there and sometimes beyond what reality is. But she is a talker and enthusiastic about what she sells and thats why people listen to her and follow her.

Suze Orman is about sensationalism.  Her advice is about being brazen, not helpful. 

Or, is she there to see how long she can be the worst dressed TV personality on the air.

Interesting thoughts by Suze, I have often listened in on her shows and appreciated some things she has to say. Even have a book or two. 

I have also read some of her advice that seems really off the wall, this being one of them!! What was she thinking. I think we all should bombard her website with inquires and ask her to explain herself. Good grief. She can do better than this, what a disappointment.

Heather - Email her and tell her what you think!

Lenn - All I can tell you is that I have heard good things about her but this just blew me away!

George, $125,000 on $200,000 on one of my, already priced below market, listings will get TLW and her Redneck Offer Destroyer into action. Now on some of the grossly overpriced listings it may very well be good advice. The first thing a buyer needs to do is have their REALTOR(R) find out what the true value of the property is and then work your offer out. In my market, list price really doesn't have much to do with value.

George, I wrote a blog last week about when is the right time to buy. Those who are waiting until the market drops further could miss out on a wonderful opportunity. they need to realize why they are buying a home, the location, schools or great price right now. they also need to remember that interest rates are still at all time lows.

Candace - Amen my friend!  You can just imagine how I felt!  Our market is showing signs of coming back and Suze comes on national T.V. with a blanket comment like that!

Bryant - Go tell it to Ms. Orman!

Zen - I am right with you!

These lowball offers that are that drastic are not going to work on most sellers.  Maybe 1 in 50 will do something, but they have to be super motivated.

George - If sweet suze had advocated offering 10% below the list price, would you have heard her? Would the friend you spoke with later in the day even bothered quoting her? There really is no sizzle in business done in a practical fashion. If you were to do legitimate voice overs, much of the advice shared throughout the day could be replaced with "I am a moron, don't listen to me!"

The american entertainment community has long savored the "maplethorpe" splash to the senses. The pronouncements of the talking heads that take themselves seriously have as much credibility as Jon Stewart or Steven Colbert.

If Suze is ranting, can Dr. Phil or Bill O'Reilly be far behind.

Yeah... I got me one of those buyers, have been working with him for a long time...he is waiting for a great deal....

Suze Orman is about stupidity. I have listened to her off and on and everytime I see her on TV babbling on about finances and the advice she gives is horrible. It makes me cringe. Now she is coming after Real Estate. I have a feeling that we need to bombard her with endless e-mails about her comments. Perhaps we should also call the N.A.R. and get them to issue a statement to her and about her remarks.

She has no right to comment on something she knows nothing about.

Hi George - someone really REALLY needs to clue the media in on the fact that there is NO NATIONAL REAL ESTATE MARKET!  Real estate is local - always has been always will be - and those who offer idiotic advice like that really need to get a grip.

Those buyers who are waiting for the prices to come down more are very soon going to be looking in the rear view mirror wondering where the market went.  While they were sitting there waiting and waiting while listening to the media drone on and on about how bad the market is, that same market will have bounced right by them.

History, as we all know, can only be seen by looking behind us.  And that's just what's going to happen to many buyers listening to all the chicken-little drivel spewed by so-called 'experts'.......they'll have history to view while those buyers who saw the great buys today took advantage of them and ACTED on them TODAY, not tomorrow or next month, but now.  Not only that, buyers really need to remember that buying a home is about far more than trying to time a market, which even the experts can't always do.

Jeez, can ya tell that ticked me off a tad??  Sorry for the rant!
Ann

Rob - Thanks for your input

John - I am sure Suze is getting an earful and I sent her a long email!

Konnie - That buyer may just miss the boat!

Charles - I have not watched her much...thanks for the insight!  She sure put her foot in her mouth today!

Ann - Amen and thank you my friend.  You need to go to Suze's site and give her your opinion as I did today.

I'm not surprised that Suze gave that advice. I mean, after all, she is all about getting people to save money and invest wisely. But she seems to be forgetting the emotional element that's involved when people are buying or selling a home. If I got an offer that was that far under the asking price, unless it was overpriced to begin with, I've go on a rant too.

And how many houses does Suzi sell a year? She is a victim of the media. Although, most of time she give great advice.

I just sent my email to her.   Tried a friendly approach to seek first to understand.

I did ask her to call me if Home Depot will sell me some shares for60% of the value that they sold for today.  Wonder what her response is to that?

Let us know if anyone gets a response.

Lisa - She generally gives good advice but this is over the hill!

Missy - Who knows my friend.  She just rambled off something she knows nothing about.

Jeff - Good job!

George - Suze Orman is one of those people that just drives me nuts.  I know she is well respected and knowledgeable, but....

When someone in her position gives that kind of advice I become totally disheartened with them and their principles.  Our sellers are having a hard enough time, Realtors are having a hard time and when people like Suze Orman make such generalizations it just makes me want to scream.

George -- that is nuts!  and I AM going to email Suze Orman... I'm one of those people who thinks her message for many on cutting up credit cards and reducing debt is good and needed - but she crossed a line on this one...

 

 

Carol - Go to Suze's site and tell her what you think.  I already did!

Eva - Go for it...I arleady did!

I didn't realize Suze Orman is a REALTOR(r)...oh, she isn't? Well, let's just say I don't go around giving people financial advice...

We are the experts in our markets.

Real estate is local and blanket statements like that just dont apply everywhere, but she is on the mark in my market. We saw a double in   from about 2003 to the end of 2005, which was just crazy. Now we are in a correction and  I think we are on our way back to 2002 prices.

Im working with a client now that wants a waterfront building lot in a certain area of Cape Coral. There are about 20 lots offered that would suit him. they are priced from about 500k. He hopes to buy one for about $350000, which is the same ratio that Suzi suggested. (about 60% of the offer price)  One of those lots was purchased by the current owner for $555000 in mid 2004 It sold for $135000 in 2001.  In January of 2003 it was valued for tax purposes at $255000. Even at $350000 I think he may be paying too much.

Deals like these are being made every day

Kelly - She is not a Realtor. She is a financial personality and I am not sure if she is even a certified financial planner but she has no business going around and making statements like this!

Ron - Regardless of whether or not she is on the mark in your market area means nothing.  In my area she is totally off mark as she is in many markets, USA and had no business making a general statement like she did.

OMG!  The non-stop Media madness.  Like BB said, that strategy is typically only effective if a home wasn't priced correctly to begin with.  Prospective Buyers hear this stuff and then we, in turn, hear them regurgitate this nonsense and actually expect to submit an Offer like this and have it accepted (which, we know, rarely happens).  I do like much of Suze Orman's financial advice OTHERWISE.

George:  I'll just say it right up front, I don't like Suze but then what has that got to do with it, right?!  Well, nothing, I just wanted to say it.  I think you are dead on with your post and I ask buyers when they hesitate as to why, they will usually say they think prices will go lower, I ask how much lower do you think and then they may give me an answer.  When they do, I tell them to make that offer and if they get it, then they didn't have to wait for the prices to go lower and risk that they might not.  Our economy in the south is strong and we are optimistic that our market can turn on a dime and buyers really do need to consider that.

 I am disgusted by the media. They feed off of themselves. Our area is in a market correction and its like the end of the world if you listen to the news.

Vickie - Suze just simply stepped over the line!

Donna - You are right on!  I hope you read the blog I posted on my website

Tara - I am right with you...our market is in a correctin mode as well and didn't need this

And then we wonder why sellers want to overprice their homes.  I have been told in the past week that even if they price correctly, they will be low-balled, so might as well overprice to see if a happy medium can be found!  Absolutely Absurd!

Rick & Ines - We all did not deserve for Suze Orman to make these remarks!

George, it's not only Suze Orman, according to some customers of mine, Time Magazine also wrote a similar article.  Buyers are getting advise from all over the place.....no wonder sellers are staying firm.

ines

Rick & Ines - All I can tell you is that Suze Orman made this comment on the NBC Today show and it had to influence millions. It is not fair to areas that are seeing a correction like my S.W. area of Idaho.

I can't wait for her house to be on the market!  ; )

Amen! and I will immediately email her a low ball offer!

Thanks for the information George.  I admire what you did but she is just jumping on the band wagon trying to pimp her products and boost her ratings. 

Nothing more. 

I would rather spend my time educating my clients and customers about the truth than sending her e-mails of outrage.  Nothing we say or do will convince her otherwise.  It is what is best for Suze...not us (in Suze's mind that is).  It is all about selling books, tapes, audio CD's and people watching her show.  The more outrageous things these people say...the more people tune in.  It's become the American Way....

However, I will be kicking her "bottom" (trying to be nice on your post) off my top 8 on myspace!!!!!!  I will get great satisfaction as I visualize my foot....well you get the picture. 

Hope you are having a GREAT night my friend!

Jessica - Well said my friend...I just felt angry that Suze Orman lowered herself and made a blanket statement that did not apply to many parts fo the country including my area.  I wish you all the best my friend.

It drives me nuts when the high profile news shows do this type of thing, especially with such a high profile person as Suze Orman.  I just lost a lot of respect for her that she could come out and make a blanket statement like that and just feed the fire.

George,  Suze is a minor part of the problem - the entire media keeps reporting that it will get worse before it gets better - it becomes a self fulfilling prophecy, Karen

George - Suze gives advise on just about anything - it makes for good entertainment for some. Even if someone did listen to her advice and offered 60% less then the asking price - they will find have a chance to find out first hand if she is right. Does that create more work for agents? Perhaps. But this is also a valuable education for buyers about market pricing -you've got to pay the market price to actually buy. 

May be Suze is doing us all a big favor.

Take away Suze's signature blond haircut, cute smile, skinny body, and one can't help but wonder if she would draw any attention at all.  She's a Martha Stewart-esque adviser with a Hillary-esque grating voice.

She has regurgitated her superficial financial opinions in books, articles and personal appearances for years.  God only knows where this stuff came to Suze from and what she did with it when she tried to interpret it and put it in her own words so as not to be called a plagiarizer.

I've long been ready for her to move on down the road.  The only ones she has consistently helped are those who haven't followed her advice on anything.

So what do you suppose her counter-positioned advice would be for the seller who got the ridiculous offer in this market?  I'd love to hear that side from her.

Billycherry

George - $125k for a $200k property just will not work in our market. All you will get is a livid listing agent and no response from the seller.

Martin - I drives me nuts as well!

Karen - I understand what you are saying but Suze Orman stepped way over bounds!

Faina - Many areas are recuperating like my area and this was just not right for Suze Orman to make a blanket comment like she made.

Bill - Well said!

Jill - Tell me about it!

Sometimes she is sooooo off base on her advice.  When the seller gets insulted with the offer and dismisses the buyer, we're the ones left holding the bag.

Rhonda - I could not have said it better!  Thank you!

All I have to say to all of this is COUNTER. Its too easy to counter, just show the lowball offer to the seller and draw a line thru and counter with what you will accept.  I also saw the show and felt good that someone was saying buy, even if its low ball. Our market has houses sitting for months and any offer would make the sellers have something to talk about. Remmeber that song>>Bonnie Rait..Lets give them something to talk about,

 http://youtube.com/watch?v=DIQ4fTio72k

George, Suze may do more good than you think with her off the wall advice. I bet Realtors across the country are going to get calls from people who want to go make offers. If they are qualified, I will take them too.

I just love how the media can pretend to be real estate agents.

I went through school, testing and a lot of studying to be a licensed agent as well as Realtor. Everyday you have to watch your area for changes.

Making blanket statements like this is just unprofessional!

sorry guys, gotta watch the Jeff Turner tutorial again...

Mike - I am sure Suze Orman has given a lot of good advice and helped a lot of people.  All I am saying is that the real estate market is not the same from New Hampshire to Seattle Washington and from Texas to Michigan.  For her to make a blanket statement like that was very, very irresponsible and damaging to a lot of sellers.

Jacqueline - Right on my friend!

Actually, if you get the email we could all email her our opionions. It would NOT be spam - just concerned realtors responding to her foolish comment!

Robin - Just log onto her site and email her from there.  Several members did that yesterday including yours truly and she needs to hear from all of us.

The buyers will not hold it against Suzi, they will hold it against their agent!  She is into telling her public what they want to hear.  She'll have a "plan" for sellers next week im sure that contidicts everything she said to the buyers. 

My wife recently bought her Home document safekeeping getup.  Basically its a plastic container with filefolders to keep your financial and personal docs in.  In the event of a flood it floats and flashes?  Im scared to ask how much it cost me.  In my area flooding is not a concern, I keep my files in fireproof storage.  My backups are stored off site.  Apperently she made a compelling argument on QVC.  Of course the unused exercise made easy equipment in the house is also a tribute to QVC as well. 

Note to self:  Activate parental controls and block QVC from my wife. 

Chad - The SELLERS should hold this against Suze Orman!  Many parts of the country are in a correction mode as is our area and this is the last thing buyers and sellers needed to hear!

Amazing how reporters don't really think about what they are saying until after it has affected thousands of people.

oh god George, I saw that this morning...I had a hard time not dropping my coffee. My mouth about dropped off of my face, I was pretty shocked to hear her say that. I should have expected since it came from a "respected media source" We have to love the media, right?

Rick - I was in shock myself and Suze and the rest of the media are doing a job on this real estate market.

Oh my! Just what we all need! Whether a buyers agent or a listing agent this advice is an equal opportunity nightmare! I have buyers offering 40,000 below list on a property that is under market as it is!

And rep a buyer who wants to offer 20,000 below on something that is in a highly desirable area and priced to sell already. This perception problem is growing! Getting to "reasonable" from here is quite the feat!

And this agent is worn out with the fight!

:.)

I think that Suzy's comments were ridiculous but I have no intention of sending her any comment because that will just drive her to go further - it is all about the ratings - she is now a tv personality and if she gets feedback weather negative or positive it will boost her ratings

Vanessa - You are right my friend.  Keep up the fight!

Judy - Her comment was ridiculous and I hope everyone sees the insantity of it!

I will agree that Real Estate is local...Very local. but in  my area, homes doubled and tripled in 6 years. Those that bought during that last runup are stuck. Thats all. There is nothing that suggests this area will come back to those price points for a long time. If ever. Other areas that did not appreciate as fast do not have as much of a correction, so the perception is different there. Here, the Orlando area was just voted the most overpriced area in The Southeast. This is from Fortune Magazine, last week.

I fight with people who paid 85k for their home 6 years ago, and will not consider lowering the price below 217k. This was brand new 6 years ago. Other homes sold for 150K 6 years ago are stuck in the 350K range now and wont budge...upon further review, we most always find they have pulled piles of "paper Equity" out of the home and feel like they need to make a big profit like the neighbors who sold 2 years ago.

This is fact in my area. Real Estate is local, and a 200k listing is not getting offers at all for months, may counter back on suzes bid  with 185K. Thats all I said was  to counter. I welcome agents making any kind of offers on my properties.

Mike - Thanks for sharing and have a great day and weekend.

Great post.  It's as if the Media has nothing else to talk about so real estate remains their focus.  I wonder if they care about the fact that their reporting is keeping this market in such upheaval?  Until they stop with the sensationalism, we will have to continue to re-educate buyers and sellers. 

Sue & Terry - Very true, thanks for the comment and have a great weekend.

Hi George: I somehow missed this post. I enjoy watching Suze from time to time and she has helped a lot of people with their finances. But she is a TV personality, and I think TV Personalities sometimes think they have to throw in an outrageous suggestion here and there to stir things up and maybe get a story in the Sunday newspapers across the country. Some people will follow here advice, and many won't. In the end the seller has the right to say no to low-ball offers, which they will get with or without Suze. Have a great Thanksgiving!

Michelle - Good morning and thank you for your input and you are so right.  I wish you and yours a wonderful and blessed Thanksgiving as well my friend.

Wow!  I used to like Suze but this is just plain misguiding of the public.  The real estate market is going to differ from one location to the next.  Depending on what state Suze lives in, she may want to re-consider her sage advice.  So true too that those poor misguided Buyers will lose out on the buying process when sitting on the side lines and waiting for that long-awaited Seller's market to return.  That just makes no sense at all!

Lisa & Bob - I am right with you!