Real Estate Toledo OH, Real Estate Report, Selling Houses in Greater Toledo, Trends and Strategies.
MEMO from the desk of Lonn Dugan, Realtor
American Dream Team Real Estate Seller Market Update: July, 2007
THE PROBLEM: Home sales have continued to be generally slower than normal for our area. Foreclosures continue at record pace. Our local economy continues to be weak. Desperate sellers or bank owned homes are priced low to sell fast, hurting prices. My marketing helps overcome this, but it is still a Buyer's Market.
BUT THERE IS HOPE... At least buyers are buying when the price is right. The last few months have seen houses selling faster again - at least for my clients. The market has been more active. I have had the best quarter in years. Prices may have firmed up a bit in some neighborhoods but they are still weaker than a year or two ago in most places.
THE SOLUTION: We have to cut the fluff, and forget about leaving negotiating room in our "ASKING" price. We have to advertise the bottom line, showing a price SO GOOD that buyers just HAVE TO COME AND SEE THE HOUSE. Once they fall in love with it, even think they can get it for $5,000 or $10,000 less, we make them pay our price. I tell them we already negotiated when we lowered the price. IT WORKS!
POWERFUL PROOF THAT IT WORKS: I don't control the Market, but I am able to excel in it by giving good service and good advice. My clients are excelling as well. Many are getting 98% or more of their list price due to my aggressive pricing and negotiation strategies. BUT I WANT MORE FOR MY HOUSE: I know. That's normal. But look around. There are some great buys right now. If you wait for your house price to go up, then the house you buy will also cost more. Because of market conditions, you may have to sell for less than you wanted, but the good news is that you will be buying for less than you planned to spend.
THE BEST WAY TO SELL INSTEAD OF SIT: You may need to reduce your price if you have not done so lately (maybe again?). HOW LONG WILL IT TAKE? Statistics tell us that most houses sell within 30 days of the last price change. That means if the market agrees with your price then we should be sold in the next 30 days. I am willing to stay the course if you cannot reduce price further, but you should know that it may take a while longer to sell the house.
THE BEST TIME TO SELL??? More houses will be sold in the next few weeks, than after the middle of August. Parents are realizing they have to make up their mind in order for their children to start school in the new neighborhood. After Mid August, things slow down for a few weeks. Many people will devote themselves to one more round of summer fun, or start getting ready for the school year, or both.
SO WHAT WILL IT BE? Do you want to speed things up or wait it out? Just let me know.
PARTING THOUGHT: The market is smart and razor edged. Prices only have to be off a little to kill your chances. If your house is not getting showings, then the price is probably about 5% too high for a fast sale. If getting showings but no offers, then you are perhaps only a few thousand too high.
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