The local real estate market has followed the normal pattern of a beauty contest and a price war.  Sellers are having to put more effort into their properties to get them sold quickly, but even a beautiful property will sit if not priced well.  When curb appeal and price align with the planets, it is can be a quick turn around.

My last three sales only took two weeks.  Two of those sold in less than 24 hours total.  The properties were priced well.  Each one was priced with two things in mind.  The property had to be priced according to current comps, but it also had to be priced based upon its current condition.  If a property is run down or in need of repair, it doesn't matter what the the recent comps say, it will sit.

Of the three recent sold properties, two were REOs in need of repair.  Based upon recent sold comps, they would have sold for about 20-30% more, but based upon their condition they sold for less.  Homeowners who have great comps to review when listing their property need to stop and consider the condition of their property. 

Does that facet still need to be repaired?  Is there siding missing or lose?  Is the carpet stained or in need of replacing?  Has the landscaping been let go for a while?   Is the interior paint too much one way or the other for the masses? 

Sellers need to take an inventory before they list.  What would turn them off if they were the buyer walking through the door for the first time?  It is easy to get accustomed to a neglected repair need.  That frayed carpet on the steps goes unnoticed day after day, but a buyer will see it.  That light bulb that's burned out in foyer light fixture doesn't even get the sellers attention any more, but a buyer will see it.

So, before a seller lists his property, he needs to take inventory.  It doesn't matter what the comps say.  The condition of the property will either cooperate with the sold comps, or it will defy them and demand that the price be lowered.  It's not always a beauty contest and a price war.