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Real Estate Wisdom Passing Through the Food Chain...

By
Real Estate Broker/Owner with Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate

 

cakeAt my house, food passes through a couple of different stages based on it's palatability. Maybe it's because everyone in my household can really cook. We're picky about food.  We know by looking at it if it's fresh or simply being passed off for fresh.  Well, sometimes we're fooled.  A trip to the grocery store sometimes results in the purchase of an item that looked wonderful when one is hungry, but somehow looses it's perk appeal once it is brought home. This happens most often with baked goods. Must be my sweet tooth.

Anyway, least we digress, the best chance a baked item has of being eaten in my house is within the first 24 hours. There's something about a new cake that seems to say "take me, eat me...I'm delicious."  I've noticed that the first slice is important. If the first slice doesn't occur within 24 hours, a cake is most certainly doomed.  It's just a matter of time.  The death march begins with it sitting on the counter in its pretty packaging for a few more days.  Perhaps one slice is taken, but the longer it stays out, the less appetizing the cake seems to become. 

After a couple of days, I tend to begin to feel sorry for the increasingly forlorn cake, so I put it into the refrigerator.  I know this will escalate the staling process further...but there's a part of me that hates throwing away food. Once in the refrigerator, it is now out of sight.  Apart from the occasional opening of the refrigerator door.  Gradually, the cake is pushed further and further back...behind things that people really need like milk, cheese, orange juice and butter.

At this point, it's all over except the trashin'. It's just a matter of time. Food that has been pushed to the back of the refrigerator has been forgotten. Until the next time, the entire contents of the refrigerator are examined for cleaning purposes. Ah, yes, the cake is in the back. But it's now rock hard...the moisture totally drained out of it by the cold environment of the fridge.  The icing is caked and cracked...not appetizing at all.  Into the dust bin!

It seems to me that this process happens with homes on the market too.  Home owners, do you realize that your home will be a "hot property" for only a short time?  The first 30 days are going to produce your best qualified buyers! The shelf life for homes on the market actually decreases during a "down" market.  There are just too many other "goodies" competing for the buyer's attention. 

In Grand Rapids, Michigan we have twice the number of homes for sale that we had a scant 72 months ago.  More homes are being Staged for Sale.  On this stage, it's foolish to enter an over-priced, lack luster listing.  Even though your agent may be able to create wizardry with the aid of a digital camera, buyer's are going to scrutinize carefully.  If your price is above the prevailing norms in an area and the home looks a little scruffy...well, in this market, your best buyers will pass on even looking. A click on the computer and ...poof, onto the next home.

When supply was low and demand was up, buyers were willing to look at homes which were sub-par and force their imaginations to work a little.  But those days are over.  If you're placing your home on the market today, make sure the "fresh perk" factor is on full display.  Fix what needs fixing, paint and clean up to the max and then price it a little below your competition.  That is if being a guaranteed Sale is important to you.

Otherwise, just like my lonely cake, you might find your home being pushed further and further back on the search criteria list... slowly receding from public view until the market finally says it's time to go...You've expired.

Copyright 2007 Audu Real Estate  All Rights Reserved

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Comments(31)

Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

Thanks Brian.  Nowadays, homes almost have to look good enough to eat...the competion is tough out there. :)

Nov 30, 2007 10:21 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Jennifer...generally the first offer is the best.  However, over the years I have seen probably a 15% exception rate to this "rule."  Thanks for stopping by...good luck with the sweets. :)
Nov 30, 2007 10:23 AM
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
With all the homes coming on the market here in St. Petersburg and Tampa Bay, it's the first 7 days that are critical rather than the first 30. 
Nov 30, 2007 11:01 AM
Monika McGillicuddy
Berkshire Hathaway HomeServices Verani Realty - Hampstead, NH
Southern NH & the Seacoast Area
I love how you tied it into baking...I use the fresh baked bread analogy myself...works real well.
Nov 30, 2007 11:19 AM
Gary Smith
Agent Marketing Today - Commerce Township, MI

Lola, What a great analogy. In our MLS, it's shown as "new" for the first two weeks. Once it goes past new, the bottom feeders have their chance.

BTW, love the new photo

Nov 30, 2007 11:53 AM
Kelly Sibilsky
Licensed Through Referral Connection, LTD. - Lake Zurich, IL

Into the dust bin with all the stale listings, I say!

Great analogy, great new pic!

Nov 30, 2007 12:17 PM
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

It's a shame that so many sellers can't grasp this concept. It's so true. In the mean time, they're losing more and more money, the longer the property's on the market.

Nov 30, 2007 03:31 PM
Anonymous
Anonymous
Your analogy is right on target!   What a fun and informative article Lola.  You do have a way of making them both :-)
Nov 30, 2007 08:04 PM
#19
Elizabeth Nieves
The Elizabeth Nieves Realty Group - Durham, NC
Bilingual Raleigh - Durham North Carolina Real Estate Team
Lola:  I tell my clients this same thing...but maybe the cake analogy will help. I can even bring a cake for show and tell. I LOVE IT!!
Dec 01, 2007 01:05 AM
Dena Stevens
Rocky Mountain Realty - Canon City, CO
Putting The Real Into Realtor Since 2004
If you keep writing about food we are going to have to call you Julia Childs of blogging! I can't wait to make the African rice you wrote about in your Thanksgiving post. And cake too!
Dec 01, 2007 01:52 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

Sharon, Wow, 7 days!  That's a very unforgiving market if you don't hit the mark right from the very beginning.  Although, I would say that all over the country...the critical time period is becoming shorter.  Thanks for sharing your experiences.

 

Dec 01, 2007 06:22 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Monika, Thanks for stopping by.  It's a helpful analogy because it resonates.  We all know how we feel about old or stale food.  The grocery stores discount to get it off their shelves.  In real estate, although we have a longer time period, a stale listing goes through somewhat of the same process unfortunately.
Dec 01, 2007 06:24 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Hi Gary, Thanks.  We have the same sort of highlighting for new listings in Grand Rapids too.  I am not sure how long it is highlighted as NEW, but it's probably similar to your Board.  That fact alone is huge!
Dec 01, 2007 06:26 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

Hi Kelly, Thanks for your comment.

Lisa, Very true.  I also think that often real estate agents don't explain the implications quite this clearly. :)

Anonymous...Thank You.

Dec 01, 2007 06:29 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Elizabeth...That would really bring the point home...a cake during the listing appointment!  If you were competing with another agent...you'd probably win hands down. :)  Thanks for stopping by and commenting.
Dec 01, 2007 07:21 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Hi Dena, Jollof Rice is absolutely fantastic!  Let me know how yours turns out. :)
Dec 01, 2007 07:23 AM
Billnulls Blog Florida Realty Professional
Charles Rutenberg Realty - Clearwater, FL
AHWD
I absolutely LOVE that comparison! You did it again! Great post!
Dec 01, 2007 11:02 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Thanks Bill & Barbara Jo.  It's always a pleasure to see you here for a visit.
Dec 01, 2007 02:42 PM
Mary McGraw
GLREA - Rockford, MI
2015: Solar Energy Is Still A Simple Machine!
Lola - I missed this one. You have a great way of tying that cake into business! What a great metaphor for what takes place in the market!
Dec 05, 2007 11:55 AM
ASHEVILLE REALTY REFERRAL RESOURCE 828-776-0779
REAL ESTATE REFERRAL NETWORK - Asheville, NC
CONTACT janeAnne365@gmail.com

Lola~

I've bookmarked this one...it is a gold star in my book and I will be shoring it with the brokers at my Firm. Thanks(as always) for your insightful work....and your way of sharing your insights.

Dec 05, 2007 12:23 PM