Real Estate Reality Shows

Real Estate Reality Shows

Just about everybody has watched HGTV's real estate reality shows at one time or another.  Ever wonder just how real, or how current, those reality shows are?  Maybe I am just a bit calloused being in the real estate business, but when I watch them I often have to laugh; they sometimes just seem soooooo UN-real!

A Realtor® friend of mine Ines Hegedus-Garcia in Miami Shores Florida wrote an enlightening article HGTV in Miami Shores - Real or Fiction over at Miamism.com about the reality behind one of the homes in Miami Shores which was featured on the "My House is Worth What" show.  While watching the show Ines and her husband Rick recognized the featured home as one they had shown back in 2006, two years prior. 

The Real Estate expert on the show suggested a price of $840,000; the Realtor actually listed the home at $949,000 in January of 2006, yep $109,000 more than suggested on the show.  The home (purchased 3 years earlier for $430,000) actually sold, after 6 price reductions, in January of 2007, over a year later, for $735,000.  Yeah, that's a far cry from $949,000, but still a tidy profit.  This is a great example of a seller overpricing and  "chasing the market down". Had the seller priced the home more realistically, earlier in the listing, they likely would have netted more from the sale. 

Ines was kind enough to post the property history which details the price reductions during the course of the listing:

The reality TV shows don't always depict actual reality.  It is always a wise move to consult with your local Realtor® when you are in the market for a new home. 

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Posted on February 15, 2008 07:00:00 by Laurie.Manny

Comment from: Missy Cajulk [Visitor] · http://AnnArborRealEstateTalk.com

We use the same mls here, and I always check the history. In the new release coming out, we will be able to email that history to our clients instead of printing it. It helps when we do market analysiss.

Permalink February 16, 2008 07:42:02

Comment from: Laurie Manny [Visitor] · http://www.lauriemanny.com/

Missy,

I always check the history, it often tells an interesting story.  I like the idea of being able to email the history to clients as well.  The board here recently removed CDOM (combined days on market) from the client copy.  It's nice when a board realizes the consumers need for more information rather than less.  I really don't know what our board was thinking. 

Permalink February 16, 2008 14:58:27

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