Special offer

Wayback Wednesday... Homes ARE Selling!

By
Real Estate Agent with Century 21 Results Realty GA RE Lic # 282060
This home is owned by a couple, who are writer...
Image via Wikipedia

A couple of years ago I wrote about a deal on a property I ran across.  It was priced around $330,000.  At the time I said that it would have around $75,000 equity.  It sold for $300,000.  The most recent comps in the neighborhood have sold around $400,000 in the last couple of months.  Also of note, it was only on the market for about two weeks.

Since then, I have posted a couple of other times about properties that looked like good deals.  None of them were on the market for more than a couple of weeks... often less.

I have also been working recently with a buyer that made 7 offers before getting one through.  In 4 of those cases (at least) the properties were in multiple offer situations.  Our offers were close to (in one case... OVER) list price.  These were properties that were on the market LESS than a week. He wasn't the only one... other buyers I have dealt with over the last year have been in the same boat... lots of offers and a lot of multiple offer situations.

Adam and Eve in the Garden of Eden
Image via Wikipedia

So, in what is supposed to be THE worst housing market since Adam and Eve were foreclosed in the Garden of Eden, there are properties selling for OVER list price, within DAYS of coming on the market.  Of course, there are others that languish for months (or years) without so much as an offer... and barely a look.

If you are a seller, the secret is the price.  If you are giving it away, there WILL be a line.  A low price MAY actually start a bidding war... or it may not.  But price HAS to represent value to the buyer.

If you are a buyer, time may NOT be on your side.  Low prices and killer mortgage rates are pulling people in.  There is a good chance that the property YOU are attracted to, if priced right, will be attractive to someone else.  Make realistic offers (regardless of the list price).

Of course, a LOT more goes into it... if you need an agent that understands it, feel free to give me a shout.

Here is a link to the original post...

from LaneBailey.com

Enhanced by Zemanta
Posted by

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2012 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

Comments (7)

Margo Currie
Exit 1 Stop Realty - Saint Augustine Beach, FL

I hope you're right. I haven't seen too many homes here selling over list, other than some REOs, but perhaps it's coming.

Dec 01, 2010 01:30 PM
Larry Brewer - Benchmark Realty llc
Benchmark Realty LLc - Nashville, TN

Lane - Is that snow in Georgia? I thought it never happened south of Tennessee. Houses are selling here also and it's driving buyers crazy.

Dec 01, 2010 02:30 PM
Nancy Williams
Coldwell Banker Homestead Group Select Professionals - Harrisburg, PA

This is great news.  We are in the trenches, and we experience the trends first.  These are higher end prices, too--are you seeing the lower and mid-range experiencing similar?

Dec 01, 2010 04:41 PM
Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc. - Sumter, SC

Lane, I think in any market great value takes away time for the buyers.  Decisions need to be made quickly and offers written.  In our market we are finding that a home might sit for months and suddenly everyone wants to see it and make an offer.  The life in real estate, trends change, and you need to be watching!

Dec 01, 2010 11:08 PM
Rick Frissell
HomeXpress Realty - Valrico, FL
aka "The Red Baron of Real Estate"

Nancy ~ You are so correct.  Yesterday I had a call from an investor that asked if we should cancel a short sale offer we have based on the day before yesterday Case Schiller report.  I had to remind him that if our offer is accepted, we would more than make up the C/S negative report.  In agreement with you, I told him that the media reports information seen through the rear view mirrow, but Realtors are seeing the activity through the front windshield.  So far so good.

Dec 01, 2010 11:43 PM
Nancy Williams
Coldwell Banker Homestead Group Select Professionals - Harrisburg, PA

Love Rick's analogy of Realtors seeing activity through the front windshield.

Dec 02, 2010 08:39 AM
Erby Crofutt
B4 U Close Home Inspections&Radon Testing (www.b4uclose.com) - Lexington, KY
The Central Kentucky Home Inspector, Lexington KY

A cute analogy.  Thanks for stopping by my blog.   I do note that your posts would read a little easier if you used the appearance tab when inserting photos to insert some vertical and horizontal space around your photos.  I usuallly use 10 for both.

Dec 02, 2010 10:01 PM