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Blog entries tagged with "pricing":
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Price It Right From The Start!Pricing a home properly is one of the most important responsibilities of any listing agent - especially in a down market in which there may be unrealistic expectations. In order to overcome this here are some very helpful tips: Establish common objectives for the selling process. … (0 comments)
Since I am not a novice to Atlanta real estate there are certain things I do everyday. One thing I do is run a Hot Sheet for all local listing activity for Atlanta homes and condos. I do this daily! It gives me a snapshot at trends that are taking place, … (14 comments)
If you go to an internet search engine, it asks for the price of the home you are looking for. People enter in from $300,000 to $350,000. You should consider this when pricing a home. If your listing is priced at $299,999 it will not show up in the above search. If … (2 comments)
Misconception #1 - Giving a credit for a perceived defect or improvement is the same as having it done... "We'll give a credit for the ...stained carpet, paint, landscaping, roof, etc."As a consumer, when buying a car that needs new tires, do you feel you should pay the same price as … (23 comments)
Borrowers with FICO's under 680 will get hit with huge price adjustments.
Early in my career, I listed a house that belonged to Ralph Nader's chief litigator. A young couple came to the Open House and recognized a photo of Alan Morrison and his wife, Anne. They asked if the photo was the Alan Morrison, I said yes, and they said, "We have … (12 comments)
Ok so what did I learn. I took the listing at a price that was too high, because if I didn't someone else would have. While I gave the clients the right advice, I wasn't forceful enough about it. By not turning them down I did them a disservice. They … (4 comments)
There are so many things I love about my job. I love the people I meet, I love the homes that I help to buy and sell, I love that everyday is different. One of the things that I enjoy the most is solving a challenge. I love to be in … (4 comments)
In Florida not a day goes by where there is not some talk about the housing market; where it is and where it is heading. We have been called 'ground zero' by the national media. 
I wrote this back in April 2006 http://jmacsays.blogspot.com/2006_04_01_archive.htmlReal estate agents price homes like produce in a super market. They go into a listing presentation and they close the deal. Everyone agrees the home is worth $300,000 so the agent suggests that they put it on the market for $299,900. Everyone knows … (21 comments)
Ah, pricing your home to sell... The market vs. the seller vs. the agent. Where's the balance and who can you trust for advice and guidance?Let me start with a few 'truisms'; no matter how incredible your home shows, even in a great location, a fouled pricing strategy will cost the … (0 comments)
If you're one of my sellers then you already know that every week I provide you with a review the current active/pending/sold properties AND the absorption rate or months worth of inventory. Many of you ask, "Why is the absorption rate so important?" According to the National Association of Realtors®, only … (3 comments)
… (2 comments)
Omaha Real Estate Contributed by David Matney with Alliance Real Estate 
If you're selling your home this year, be prepared for a marathon, not a sprint.In most places, those heady days of putting a property on the market, receiving multiple bids, getting more than you expected, and accepting an offer in just days or weeks are over.Now, for most houses in most … (0 comments)
Todays Real Estate Market is by no means what it used to be even just a year or two ago.I believe that the greatest challenge professionals like me are facing in todays market is the correct pricing of homes. Once upon a time it was simple to just pull comparable properties in … (7 comments)
What value do you think that an ex-agent, now employed in some other industry, has to offer when they represent themselves by owner? We've been loosing 100+ members in our board annually since 2005. that is 20% of our membership. Some exiting agents want to sell their home by owner. If you … (5 comments)
As a follow up to my rant on the red light district Stagers - http://activerain.com/blogsview/287074/Get-off-your-back I thought it would be good to put this one up so that anyone reading this who wants to know what to charge - it's easy. . . just ASK.I cannot imagine a Stager established in … (17 comments)
Vidlisting will begin offering performance based pricing for video tours for residential properties in South Florida. We'll be adding other areas in the United States over the next few months.
In my market I continue to see agents and brokers obtain new listings by a list at any price strategy. More times than not the listing price is too optimistic and the property sits on the MLS until there is a drop in price. This move may get a little attention, but heady … (4 comments)
Results of the National Association of REALTORS® median price survey of single-family resale in 150 metro markets showed encouraging results for the 3rd quarter of 2007. Compared to the 3rd quarter in 2006, 93 markets showed improvement, 3 were even, and 54 declined.Top-performing cities were: Bismarck, ND (+15.1%); Salt Lake City, UT (+14.1%); Yakima, … (4 comments)
With foreclosures on the rise and tougher lending practices, inventory is also on the rise! If listings are getting harder to sell, why take any more? How about leverage...how about marketing opportunities... and how about networking opportunities?So how do you get them sold? I believe if you price them right, you … (2 comments)
Somewhere along the way (probably when houses were selling before going in the MLS), the mentality about real estate prices shifted. It used to be that an agent would show a client homes around their price range that fit their needs and if they liked a home they would make an offer. … (0 comments)
1. You think a buyer is going to pay more for your home because you owe too much.
How many listings have you seen with these comments on them? How effective are these comments.
By: Ryan Vaught, Keller Williams Realty, Chico CA
I've lived in Lewiston most of my 38 years and have watched a particlualr avenue change drastically over the years. It went from a fairly busy residential road to a heavy traffic area, with stop lights, and businesses popping up more and more each week. I recently listed and sold an … (0 comments)
Value, is your home a value for buyers?
The recent stats released for Westchester County, NY show that for those who are fence-sitting in anticipation of major price adjustment – will probably have a long wait or become permanent renters. This was particularly true of the condo/cooperative market which is the major entry point for most first-time buyers. County-wide … (0 comments)
Just like the location axiom; I'm convinced that the most important thing a listing agent does for their clients is "nail" the price/pricing strategy. A buyers market reminds us of this daily. Unfortunately, there are two big incentives that can run counter to excellence in pricing:Many homeowners are attracted to the realtor(s) … (0 comments)
I've been tossing this idea for an article around for a few days.Then I came across a post on Miamism written by Rick & Ines that said pretty much what I'd been thinking about. Hey, great minds think alike!In the article they present 3 Scenarios, all of which deal with current problems in the … (2 comments)
It may not come as a shock to you, but you'd be surprised how many property owners have not figured out how to sell their home quickly! Is it the Agent? Is it the Buyer? Is it the Market? Are the planets all in alignment? Is it the Law of … (1 comments)
For some time now, we have all seen Price Reduced riders on yard signs, in advertisements and fllyers. In general these are an attempt to communicate a new price but what are we really saying.
Is The Price Right?Given today's market conditions of high inventory levels and longer days on market, there's no margin for error when selecting a list price for your home. If your price is too high, the market can literally pass you by.A common misconception among sellers is: What's the harm in … (7 comments)
Every month there are reported sales of 1000 houses sold through MLS in the Orlando, Kissimmee & St. Cloud areas. With over 25,000 homes listed one might ask what makes one house sell faster than another. Or for those sellers who are more astute, how do I get to become one … (3 comments)
Here is an article that I put out in our local Pennysaver as an ad. This was done back in the summer and have since written one article a month.Patti's CornerEvery seller obviously wants to get the most money for his or her property. Ironically, the best way to do this … (4 comments)
On October 27, the South Carolina Association of REALTORS forwarded the following article to all members of the Association:
Are you looking to sell your home? Do you see half a dozen "For Sale" signs up in your neighborhood? What is going to make YOUR house stand out??1. Curb Appeal: When driving through a neighborhood, the exterior appearance is what a potential buyer is seeing. They are looking to see … (0 comments)
One thing I always talk about, and I used it in my last post is, as a For Sale By Owner (FSBO) you always pay a commission, it just depends on whether you want to pay it to the buyer or pay it to a REALTOR. If you were to compare … (0 comments)
Price - Price - Price has replaced Location - Location - Location. Yes, I know that they are related, but my point is that if Location doesn't have the right Price, it won't sell.
For a long time now I have told my potential sellers that so called "Test Pricing" doesn't work. And now we seem to have the proof to back up my theories once again.
October 2007NAR's Price Analysis for the Salt Lake City Metro Region states that "Home prices in the Greater Salt Lake City Metro Region are still booming." I wouldn't say "booming" - I would say still rising - at about 9% (based on 3rd Quarter Statistics).Copyright National Association of REALTORS®, Reprinted from … (0 comments)
How often have sellers told us "I need to leave room to negotiate in my price" or "I can always come down later"
Use the following dialogue to channel your seller's greed motivation. They'll create a cream-puff of a property for you to list!"Buyers will either buy your home because of how it looks or in spite of how it looks. If you want to get a great price, your home has to look … (2 comments)
Yeah, I know across the country there are areas that are experiencing unbelievable housing inventory and ridiculous days on the market. Home owners are still cautious to put their homes on the market for fear of "losing" money and yes if you just purchased your home a year ago or recently refinanced … (0 comments)
In lieu of today's marketplace I thought that it would be a great time to take the opportunity to discuss home pricing. Pricing a home correctly in this market has become a art form. There are many factors to consider when pricing a home including condition, timing and individual neighborhood comps. … (1 comments)
The buzz in the industry today is all about slowing home sales. Our MLS seems to be holding strong with the same number of homes selling today that have always sold on a monthly basis over the past few years, but the problem seems to be the inventory is almost DOUBLE … (1 comments)
This posting is for those home sellers and Realtor's who are NORTH of the Mason Dixon Line... I'm not sure how weather and the seasons affect homes in the south, I won't even venture to guess.That's my disclosure...There are several factors that you must take into consideration before you list your … (7 comments)
Rates continue to drop for those Americans with great credit. Provident is offering par pricing at 5.875%, that's smoking hot! You can also get a 6.125% par interest only rate as well. Jumbo 5/1 ARM's are pricing at 6.125%! These are just direct rates off their website, these in no way … (2 comments)
How Home Sellers Go WrongAs a home-seller you need to understand that there are certain things you must do to ensure a successful sale of your home. These are things that should be done before you list with an agent so you do not waste your time or your agent’s.
Recently, I have found it more important than ever to use absorption rates when helping the seller determine a listing price. To determine the absorption rate, take the number of houses sold in the last 12 months and divide by 12. Divide that number into the number of houses currently on … (6 comments)
I was at a real estate conference Wednesday put on by Howard Brinton’s Starpower group (www.GoStarPower.com) with a lot of top agents from around the country in places that have been experiencing a changing or “correcting” market for a lot longer than we have in the Washington, DC area. … (4 comments)
I have turned down more listings in the past few months than I have turned down in my entire 18 years in the real estate business. Overpriced under motivated over extended sellers cost time and money. Yes, but here is the rub, sellers in my market area actually believe the hype brought on by … (41 comments)
There are a fair number of experts being used by the media who are telling the buying public not to buy property right now because prices will come down. That's basic economic theory they tell us.Unfortunately real estate pricing is a little more complex than that. Some prices have come down, … (3 comments)
I have a client that recently relocated from Minnesota, and was very focused on finding a foreclosure and fixing it up because in their mind, that offered the best value. We saw many REO listings which ranged in condition from "trashed" to "not bad at all" within the desired area. We then … (0 comments)
I viewed a property for my clients, and thought it fit all their criteria. It's listed at $900k. When I mentioned it to them they told me that they had seen it two years earlier and really liked it but at the time they couldn't afford it. Now they can.The thing … (7 comments)
In today's market, the key for sellers is to price their home 'at market' or even slightly below. You need to remember that buyers today are taking on the risk of a slowing market in their offering price.If your home is not selling, you might wonder how long you should wait … (0 comments)
I recently became aware of Trulia -- a real estate website geared mostly to consumers -- and was amazed at some of the postings by my fellow real estate professionals.
Guys today I want to talk about the real estate rot. Yes, the real estate rot....What is the real estate rot....Well. I was pulling some stats of the mls for a client who has a home East of the ditch(thats the intra-coastal waterway for those of you who aren't familiar/local slang). … (18 comments)
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I was responding to anothers post about sellers not listening to reason, and realized that my reply made a good post. Yes, it was good for me. So, here is a reply/post that I think has merit. The actual post/reply was a tounge in cheek letter titled http://activerain.com/blogsview/221949/Dear-Mr-Mrs-UnrealisticGreat post, really made … (6 comments)
Pricing and Marketing Value The truth up-front! FACT: Buyers determine the market value of your home, not you and I! The time to tell you this is right now, not after your home has been on the market for months and you have finally received a ridiculously low offer. Some things … (0 comments)
I had an interesting conversation with a seller whose home I held open. Her home has been listed for some time and she has reduced the price but has had no offers and is getting concerned. She was close to tears today, lamenting that if she can't get enough proceeds from … (4 comments)
That is some of the best advice I have heard recently. It certainly applies to sellers in this market. The idea is to price aggressively. As REALTORS® we know, and so do the sellers, that prices have dropped. We are not only not experiencing a rise in prices we have had … (5 comments)
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The answer, in a nutshell, is NO! We've written other blogs pertaining to home pricing and what we wrote then still hold true today. We've also written a blog advising how buyers can get their homes at the right price. Many sellers say that they want to price their home at a … (0 comments)
Setting a realistic market price for a property is most important if we plan to move it in a reasonable amount of time. Sometimes coming up with a CMA from our local MLS system info is a challenge when there has not been a lot of activity in a given area … (1 comments)
Pricing your home how and why. 9-27-07 I am sure other Real Estate professionals will relate to at least some of this. As you talk to potential clients about listing their home you seem to see reoccurring themes, at least I do. Have you ever gone to a listing appointment and … (6 comments)
Yesterday, Maine Real Estate Information Systems released Maine housings stats for August. 
I was invited to attend a meeting today and the topic was that agents should stop taking listings of any property that will not readily agree to price the home properly from day one and is reasonable enough to understand that the market of today is not the market 2 years … (16 comments)
DO consult a Realtor to get up-to-date comparable properties. 
In today's market, where uncertainty is certain, you may have fear about selling your home. With good reason too. You've probably read and heard about how many homes are on the market right now and how many homes aren't selling. You don't want to be "just another home" languishing on the … (0 comments)
We recently were asked to list a home that was part of an estate on Derwen Road in Lower Merion. Great location and a wonderful old house, but it had suffered over the years. Originally a large and invitingl family home and the practice of a dentist this Tudor style colonial … (2 comments)
In areas with a tremendous quantity of new home communities, the competition among builders have created a phenomena I call the "Domino Corridor Effect". As we are very much in the midst of a buyer's market, new home builders are finding several strategies to compete. Normally they use an assortment of … (0 comments)
Hello, and welcome to my blog post. If you have not heard the term "Absorption Rate", then you may not have your home(s) priced correctly to sell. Absorption rate is simply the time needed to sell a home based on inventory available and recent sales. Let me further explain:Let's assume there are … (5 comments)
Asking price affects whether you will profit from the sale of your home, how much you will profit, and the amount of time your home will stay on the market. Knowledge from your agent will be invaluable in determining what is selling, or not selling, and can help you reach an … (1 comments)
One aspect that all business people deal with on a daily basis is potential customers asking the one question that's been on their mind even before they picked up the phone, "how much does it cost?" Unfortunately a great deal of the customers' decision relies almost entirely on the price given … (2 comments)
Appraisal is not an exact science. In fact, appraisals are considered "opinions" of a property's value.
I've been getting asked exactly how Realtors determine the value of a property before we put it on the market. Unfortunately, it DOES have a lot to do with your neighbors, and especially if they … (0 comments)
I worked an open house today with a Realtor in Eastern Connecticut. The event was scheduled to take advantage of additional traffic passing by the home due to a local agricultrual fair. In spite of the extra traffic we managed to have only one visitor to the property. Fortunately, it was someone … (0 comments)
I love being a Realtor® and helping people with buying or selling a home, but lately I have been wondering what are some sellers thinking? It is a simple fact that Correct Pricing is 90% of Marketing a Home for Sale. There are sellers who still don't understand that you have … (7 comments)
Next to "How's the market?", I think the question I'm asked most frequently is, "What's it worth?" Considering that real estate often represents a persons largest asset, that's a very fair question for both buyers and sellers of property and, as a Market Value Appraiser - Residential, one that I think … (0 comments)
Attention: For Sale By Owners! Why People Are Afraid To Buy From You!
Hi folks. I wrote a post this week titled "My Poinciana "Peeps" Need Me!". It was basically about the things I do to get my listings sold in this more difficult market or any market for that matter. There were two questions that were asked in the comments that I want … (77 comments)