Home : Blogs : Brian Brumpton, Boise Idaho Real Estate : Boise, Idaho Real Estate News and Information

How to tell if your home is overpriced - the creepy crawly test.

Supra Lockbox covered in spiderwebs How do you know when your home is overpriced?

Well you could have your agent pull comps and if they're halfway competent you could take their word for it.

Or you could wait until the lock box on your front door sits long enough for all the creepy crawly things to feel safe enough to make it their home.

Bottom line if the spider living in your lock box is netting more visitors than you are chances are you're priced out of the market.

Statistically they say it takes two to three times longer to sell a home through price reductions than it does to price it right up front.

If your home is priced right for it's condition, for it's competition, and for the market, your agent shouldn't have to proceed with caution when removing the lock box from your door.

You can save yourself time and net a bigger return doing the research upfront and gettig the equation right from the start.

As for me I don't like spiders so if I show up at your door and your lock box looks like this, I'm going to leave it and it's inhabitants for the next agent.

Posted by Brian Brumpton, Boise Idaho Real Estate on 07/15/2009 11:08 PM

Comments (54)

Home Selling Tips in the ActiveRain Channel

home sales, marketing, homeowners, lockbox, selling your home

Generate short URL

This post has been included in Idaho Real Estate News
Post is included in group: Almost Anything Goes
Post is included in group: Keller Williams 'Rainers
Post is included in group: Keller Williams Realty Boise
Post is included in group: Realtors®
Post is included in group: The Lounge at Active Rain

54 Comments on How to tell if your home is overpriced - the creepy crawly test.

JUL

2009

LOL Brian! That is OH, SO TRUE! I hate opening the Supra boxes that have creepy crawlers all over them!

Hilarious... A lockbox that looks like that is a sure-fire indication its not getting a lot of use!

Brian: I just noted the other day that I had such a lock box. Can't get them down though. LOL in Des Moines!

Debe, there's a reason I'm an agent not an inspector - I don't do bugs well.

Jesse - fortunately it's not one of mine but it did get me thinking.

Matt - We all have those from time to time.

Brian - Double YUCK! I've never found a spider in a lockbox, but I've seen a snake guarding the front door, which prohibited me from opening the lockbox!

Kim - I could probably handle the snake but you put a spider on me and you'll see a grown man dance like a cat on a hot tin roof.

Brian,

Thanks for creeping me out right before I go to sleep. ACK!!

Love the post Brian. Getting past the creepy crawlers, you make some excellent points. Not only are price reductions ineffective, they also make so much more work. You're constantly debating with the seller over something that should have been resolved at the very first meeting. I've only done it once - against my better judgement - and I'm in no hurry to do it again!

Too funny!

Of course this time of year...in this part of the country a lock box can look that way fairly quick

A good point which is illustrated wonderfully with that great graphic. A picture or in this case a photo is worth a thousand words.

Yes, that Supra box is talking to its agent, the seller and also any prospective buyers.

Creepy crawlie kind of describes the type of buyers who come to overpriced homes too - welcome to the joy of underbelly lowballs...

JUL

2009

Eeewwwwwww. I hate spiders. I'd have to hire someone to come and take down a lockbox of mine that had gotten that bad. No way! EEEEKK!

Brian, this is something you should use for the new contest that was just announced. You could use this picture and have some wording on it that says something like "A sure sign that your house is overpriced!"

What's ironic is... as I was reading this blog a spider came out of nowhere and landed right on my computer! Creepy. I'm going to have nightmares tonight;)

And now for the bonus round.

Whose house, located at 1313 Mockingbird Lane, would this lock box be appropriate to hang on their door the first day?

Love the alternate method to getting comps.

Brian,

We've just been informed that our lock boxes are changing, so ours will be all spiffy and new.

Brian - The "KISS" Principle you apply in this post is brilliant.

Ahhh, the pain of the sellers is palpable when they just can't face reality!! Our area did not overly appreciate, but, none the less the current market is very painful to sellers who need to put their properties on the market at this time. Unfortunately I don't see things improving in the near future price wise. For many home owners who purchased in recent past years I think it will be some time before they arrive at the positive equity side of things. But, I sure hope I'm wrong!! It's painful watching the daily price changes on the hot sheet. Sooooo much inventory.

Sue of Robin and Sue

Ha ha --- good post -- there are definitely some lock boxes that look that way .

Very good post. . I have some rust on some of my lockboxes. .I should send someone with a can of oil to clean them up. .or I could just reduce the price.

In Florida, we often have lil' lizzards hiding behind the lock boxes. We also found lil' frogs once or twice.

LOL! This was a great illustration for the need to price homes correctly the first time, Brian.

I have never seen this before. But great reminder!! Thanks

Hey I don't appreciate you showing everyone my listing's lockbox @ 123 E.Main St. !!! It'll eventually sell !!!

Brian,

Love it. I usually look at the snow and leafless trees in the MLS pictures.

Rich

Yeah, i would say that home may have been on the market a little too long!

Creepy photo. I have to agree, price it right the first time! Multiple price reductions show that the Realtor does not know the market, or that seller dictated an inflated price.

;)

That is so good and so true. I hate to open a lock box that has webs and spiders all over it.

You never know what is lurking beneath it.

Ginger

Very true post. I've seen a few homes that have looked like that lockbox lately.

OK, good point, but here on our little island, the average days on market is well over a year. Plenty of time for creepy crawlies to move in. ):

Hey Brian, Great point...it's so much better to price a home correctly from the beginning...sometimes that's easier said than done. In this market though I'd rather not take a listing if the homeowners aren't willing to price their home competitively from the start.

Have a great day,

Anne Rains

"Oh what a tangled web we weave" when we price too high. Even if your list is priced too high, keep the ELB clean...may fool an agent into showing it!

Love the photo...hate the creepy crawlers! I have seen so many lockboxes that look EXACTLY like that one! Great post!

LOL...great post & great point. If you're giving price reductions at the same pace as the market is moving down you're in trouble!

Best,
Dan

Wow, what a great, funny picture. I would laugh if I had not seen those types of boxes too many times. I admit I sometimes price at something I would not prefer after arguing negotiating with the owner, with an agreement to take another look after a couple of weeks with no showings. (Hey, it's hard to turn down a listing!) Thanks for a good post and chuckle.

That's why professional market evaluation usually pays off in the end.

What a great way to get your point across about correct pricing. Great read!

Love it! It comes down to people trying to get what they want vs what is realistic - we all have un realistic wants but in this case it does no one any favors to over price a listing - your reputation is on the line in several networks one of which is the neighborhood and they don't get their home sold. Whats worse is they will blame you - yank the listing, re list with someone else, finally see that they need to reduce it from day one and they will!!

You make a good point. Unfortunately we have a few listings that are priced right and ready to go but we still can't get any one to look or make an offer.

Oh wow, this is an awesome photo for a listing presentation!

Brian - This is a great point along with a great illustration.

This is so true, when you chase the market it takes much longer to sell. Like your picture!!

Brian, this is a hoot, and so very true. I haven't seen one with spiders...yet!

Add: "Dust and Clean Lockbox" to your Listing Checklist

That is just too funny! Great analogy. What cracks me up is that when I pick up lockboxes from the MLS office, they are always filtthy, looking not much better than that!

Ha....maybe they are going in the window. Did you check those?

Patricia Aulson

I am so glad I wasn't drinking a beverage when I opened this post - I'd surely need a new keyboard.

Brian, I knew our market in Boise was slow, but not that slow. Great post.

It's true, it's true! Great post.

Love it! Job well done!

creepy crawlers beware...there is no room on our lockboxes for you!

Another test might be when you view the listing and there's snow on the ground and Santa Claus (and possibly presents and reindeer) on the front lawn, yet here we are in July.

JUL

2009

See, if that were me finding a lockbox like that, I'm rushing out to the car to get my digital SLR camera and my macro lens to see if I can get some good pictures of the spiders and/or their visitors. Of course, then I'd blog about it, too, to get a couple of hundred points or so -- LOL.

Brian - Thanks for making me laugh! Definitely a sign of over-pricing! I should show this picture to my seller who needs a price reduction and ask if they want that to be them! Great illustration! - Laurie

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?

Brian Brumpton, Boise Idaho Real Estate

Boise, ID

More about me…

Keller Williams Boise

Address: 1065 S. Allante Place, Boise, ID, 83709

Office Phone: (208) 407-3265

Cell Phone: (208) 407-3265

Email Me

Listings

Links

Archives

Find ID real estate agents and Boise real estate on ActiveRain.

Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.