| |
pricing a home to sell: "Hoping for That One Special Buyer" is Not a Marketing Plan - 06/22/11 10:58 AM
In my travels, I have run across a number of home sellers who price their home based on sentiment. Market activity, comparable sales and competing listings don't influence their price as much as "their number."
"Their number" is not justified by empirical fact, market data, or realism, and they believe that their buyer will be that one special person who loves the place the way they do. The challenge is that their bias is borne of years-sometimes decades- of living in the home, and buyers come in cold. One such client a few years ago were the original owners, so they … (16 comments)
|
pricing a home to sell: Amateur Investors - 05/27/11 10:07 PM
I have written before that I do not recruit or solicit first-time investors. Real estate mistakes are expensive, they can ruin you, and I don't want to go head to head with a newbie who won't take my advice, gets hurt, but still reserves the right to blame me. Not my idea of fun.
There is a home that is in the final stages of renovation in my marketplace that I am well familiar with; I looked at it when it was on sale in 2007, and I showed it as a bank-owned foreclosure last year. The investors I showed it … (40 comments)
|
pricing a home to sell: How Do You Price a Short Sale? - 11/14/10 10:14 PM
After two similar discussions the past week, it would be wise to address how a short sale should be priced. After all, if the offer submitted to the lender is subject to approval and therefore not a certainty, all the more that the asking price is also a hypothesis.
It is. But, as educated guesses go, a good short sale broker’s list price is pretty educated. It takes into account comparable sales, competing listings, and, sometimes, the gut sense of a seasoned professional. You have to skate a nuanced line in some cases between what will get the phone to ring … (6 comments)
|
pricing a home to sell: If I Can Get XX Dollars For My Home, Why Do I Need a Broker? - 09/22/10 06:38 PM
Early on the the beginning of the company, I listed a gorgeous old home that dated back to colonial times just outside the border of a village. It was a striking place, and even though it abutted commercial properties, its location outside the border of the village gave it residential zoning. A non-residential use required a special use permit, which probably would have been forthcoming for the right applicant.
We had offers from a lawyer, an art gallery, and others, all contingent on that special use permit.
However, the owner refused to do business with any of the offers.
He wanted … (11 comments)
|
pricing a home to sell: Want More Money For Your House? Lower Your Price. - 07/06/10 08:25 AM
Every so often, I have a listing celebrate an anniversary. I hate anniversaries. No broker wants to have a listing that doesn't sell for a year. Every year-old listing has a story of old offers they regret not accepting and a journey of chasing the market. Recently, I had a year-old client dismiss my recommendation of a price reduction with the words "you just want to make a sale." Well, duh. That's what you hired me for, isn't it? The rub here, is that the house has an offer on it, but he doesn't like the offer! On a $450,000 listing, … (64 comments)
|
pricing a home to sell: How NOT to Price Your Home - 11/28/09 01:02 AM
How not to price your home:
Take your mortgage balance. Add your credit cards. Throw in your cars. Add a generous portion of all the money you borrowed from relatives. Pile on your down payment for that other house you have your eye on. Last but not least, give yourself an extra 50 grand just for being you. Get a blank look on your face when you are told that the buying public doesn't care what you owe. Wait. Wait some more. Decide you'll stay after all. Here's a better plan: Find out what homes like your have sold for in … (25 comments)
|
pricing a home to sell: The Secret to Getting a Bidding War - 11/15/09 08:50 AM
Do you want to get a bidding war going on your home, even in this slow market? Do you want to get multiple buyers, all competing against each other over your home, driving the price to tens of thousands above asking price? It can be done, you know. Is that what you want?
Are you sure? Fine. Here's what you do.
Drop your price 20-30%. You'll get a bidding war. An appraiser in this New York Times article on bidding wars has it right. In a market where most properties are still overpriced, correctly priced homes will attract the buyers. "Correctly priced," … (6 comments)
|
|
|
|
|
|
J Philip Faranda, Broker-Owner
Briarcliff Manor,
NY
More about me…
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY
Address: 522 North State Road , Suite 100, Briarcliff Manor, NY, 10510
Office Phone: (914) 762-2500
Email Me
Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 20 agents and closed 300 transactions valued at $125 million. He is in his 3rd term as Vice President of the HGMLS. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900. Warning: *Sarcasm and irony advisory at all times.*
  
 Listings
Links
Archives
|
;)
;)
;)
