Why are some homes selling quickly and others NOT even getting a showing? - maybe a nice flyer will do it!! LOL- I actually saw that nonsense in a real estate column recently!
Here on the Outer Banks the price of an average middle class home went from 80k to 120k in 1998 to 280k-350K in a matter of three short years !! My little home on Palmetto street was worth 80k for about 7 solid years in the 90's - then all of a sudden BANG $295,000!! Let's remember that historic appreciation in real estate is 6 to 8% . This is reality - THAT other thing was a very quick dream - or a nightmare for some.
One reason The Outer Banks market has a higher than normal absorption rate is because we are primarily a second home market. The real reason is that so many people are stuck in that fantasy price and trying to sell in a brutally real market. Buyers want value and when they see it they are buying without flinching.
Why would they buy an investment property that is only grossing 5% ?? The answer is .. real investors only laugh at this nonsense. This correction has been more painful than the last but consider the huge appreciation in only a few short years. It only makes sense to go back and remember the reality price of your home in 1999 or 2000 and then compare to where you are priced today. Are you at $350,000 when similar homes have sold recenlty for $265,000?? BUt ,but what about my granite & tile ??? SORRY maybe you can get $270,000 then. Most likely it will be $265,000 with the granite helping you up from $260,000- remember the market is moving and prices are declining still.
While we are going through this market correction and waiting for prices to find their way to buyers reality price -Find an agent with skills and listen to them about price. If your sales person has not been trained and is not constantly honing their skills then maybe there is grass growing under his/her feet while your home collects dust on MLS. If your agent does not think of him or her self as a trained salesperson then RUN quickly to the nearest trained SALESPERSON and list your home with them!
An agent with skill is one that is actively beating the bushes for buyers for your listing. These people are highly trained on every script and dialog that can occur in real estate buying and selling. I would rather have an agent that as spent some time and money learning SALES skills than the guy that has billboard and bus bench ads . Why? - usually(not always) these Billboard agents are more passive and are hoping to BUY business through what they call marketing.
In reality most of the homes that are selling in this market are sold before they even have time to get into print ads. Why??? because the sellers are reading the market stats with the help of a professional , jumping out ahead of the declining price curve and SELLING that home. It is as simple as 123.
Check out this Myers BarnesVideo about the market - he was my first coach & he tells it like it is.
If you are having trouble getting your home sold ... Call me today , we will look at market stats and use them in your favor before you ride this curve ALL the way to the bottom. Visit me @ Beachhouseouterbanks.com
If you are an agent wanting to brush up on your skills - then go to you tube and check out myers' free videos!
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