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Sellers Need To Offer Tempting Home Prices

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By SHANNON BEHNKEN

sbehnken@tampatrib.com

Published: February 22, 2009

As much as home prices have fallen - and they've plummeted nearly 30 percent since their peak - apparently some sellers still need to swallow their medicine.

Three Tampa Bay area ZIP codes have some of most unrealistic sellers in the nation, according to California-based ZipRealty.

The company compared the listing prices of homes sold in the fourth quarter of 2008 to the actual sales price. These ZIPs made the list of the 10 "coldest" ZIPs in the country, meaning homes sold for far less than the seller originally asked.

33756 - This ZIP, which includes the Clearwater neighborhood of Belleair, was the worst among all those the company tracked. Homes there sold for 69.54 percent of list price. Average sales price: $178,161. Average list price: $256,197

33767, Clearwater Beach - Homes sold for 79.85 percent of the list price. Average sales price: $567,433. Average list price: $710,622.

33607, West Tampa, Raymond James stadium area. Homes sold for 83.67 percent of the list price. Average sales price: $112,968. Average list price: $135,009.

"I think this shows that it's not just one type of neighborhood," said John Oldman, spokesman for ZipRealty. "This is happening across the marketplace, in every neighborhood, regardless of price range."

The ZIP codes on this list include working-class neighborhoods and higher-end beach-front homes. Jack Rodriguez, president of the Greater Tampa Association of Realtors, offered this possibility:

"Some homeowners may have overpriced their homes or some may be so desperate to sell that they end up talking much less money," he said.

Clearly, not every seller is holding out, though.

Consider this: the median sales price in the Tampa-St. Petersburg-Clearwater area in the fourth quarter was $149,400. That's a 25 percent drop from $198,400 in the fourth quarter a year earlier.

Even so, real estate agents say they're still grappling with sellers who don't want to give away their perceived equity.

Part of the reason is that's it's hard to admit our homes aren't worth what they were even last year. Checking sites like Zillow.com and Cyberhomes.com have become just as depressing as checking your 401(k) balance.

It all boils down to competition. With so many financially strapped homeowners and lenders trying to unload homes, price is a moving target. Private sellers trying to at least break even have a tough time standing out.

"You may not be in a situation of desperation, but you're competing with people who are," said Bonnie Harbaugh of Keller Williams Realty. "In this market, you need to look like the best deal around."

Vickie Morris, a real estate agent with ZipRealty, said unrealistic sellers were so frustrating that last year she decided to work only with buyers.

"It's hard for buyers to accept that they bought two years ago and the prices have gone down so much," she said. "It's hard to get sellers to come to terms with it."

But here's some good news: Sellers are coming around.

"When I take people out to look now, we see the prices getting much more reasonable," Morris said.

The Bay area may have "cold" ZIP codes, but ZipRealty says we have "hot" ones, too - those that sell near the initial list price.

33534, Gibsonton - Homes there sold for 97.07 percent of the list price. Average sales price: $139,584. Average list price: $143,763.

33569, Riverview - Homes there sold also sold for 97.04 percent of the list price. Average sales price: $162,200. Average list price: $167,143.

Sellers in these areas seem to be pricing their homes to sell.

The bottom line?

David Harbaugh of Keller Williams puts it best: "There's a price that will cause your home not to sell in this market and a price that will tempt people to buy it," he said.

So if you're a seller, be tempting.

Shannon Behnken can be reached at (813) 259-7804.

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