Does it make sense that most large banks have been listing their Incline / Crystal Bay real estate repo's only in the NNRMLS (Northern Nevada Regional Multiple Listing System) which covers northern Nevada outside of this immediate area? They appear to be naive to the fact that Incline Village / Crystal Bay real estate selling is most effectively achieved through the IVBOR MLS (Incline Village Board of Realtors Multiple Listing System). The practice indicates how much the banks are out of touch with this local market. It's not their primary business and it's clearly evident to local Realtors. The bank waste of time and money amounts to perhaps hundreds of thousands of dollars. Since bank marketing is less effective, they often lean on price reductions to below market levels to move property when it does not sell in a timely manner. The selling season is short here and it is a discretionary purchase market. Shouldn't the banks be listing with a local broker to sell in the shortest period of time?
This story is currently one of the biggest regarding current, local real estate transactions and I believe it is hurting property valuations here. Local sale prices are going lower and suffering from distortion because of poor real estate marketing by large banks. If you move quickly when a bank reduces a listing price to a material below market level, you can score, but the neighbors, in my opinion, are getting screwed.
I apologize in advance for the apolitical characterization regarding pricing. I will probably hear about this from my broker, but I believe it is about time someone wrote about the issue.
So there it is, my first blog rant!
