- Looking at the traditional method of selling a house it is no wonder the chances of selling are so low!
- Tons of Competition-
In our MLS area since January 1 2009 to today their where 4878 homes listed and 2542 sold, just over half! - Few Buyer Showings-
Because there is nothing setting your home apart from other homes for sale. Few buyers come out and look at it. - Hard to get a lot of showing WITHOUT "Giving Your Home Away" -
to get a lot of buyer activity, you have to price your home 10% below market.
Here is a Market Pulse Report for Jan 09 to today:
| Market Pulse Report | ||||||||||
| Activity Date: | New | BOM | Pend | Pend/CS | Expr | With | Sold | Avg Sold$ |
DOM | Median Sold$ |
| Jan 2009 | 632 | 198 | 355 | 1 | 289 | 187 | 261 | $63,115 | 87 | $108,500 |
| Feb 2009 | 633 | 167 | 364 | 0 | 185 | 183 | 302 | $81,354 | 80 | $122,250 |
| Mar 2009 | 729 | 198 | 419 | 2 | 213 | 206 | 359 | $77,422 | 85 | $118,000 |
| Apr 2009 | 756 | 179 | 459 | 8 | 174 | 161 | 357 | $76,310 | 79 | $120,000 |
| May 2009 | 712 | 186 | 441 | 5 | 219 | 180 | 358 | $77,320 | 76 | $123,000 |
| Jun 2009 | 456 | 116 | 283 | 6 | 112 | 121 | 264 | $79,514 | 76 | $127,125 |
- 8.9 months of Inventory equals tons of competition
- "Give Your Home Away" To get any showings and to get buyer activity you have to price your home 10% below the market
What are the options for home sellers?
Hire a real estate agent sell the home
The standard agent will only net the home seller 77% "if" you are aggressively priced.
What Used to Work Isn't Working Anymore
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There are about 20 lockboxes on that pole.
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Each lock-box is a condo for sale. so you want 75% of
Fair Market value?
I use condo to punctuate my point...obviously on single family home those lock-boxes are spread out, but you get what I'm saying here!
What about those buyers? What do they want?
With all the media attention given to the foreclosure crisis, buyers are programed to look for a deal! They are looking at At Least 25-50 homes, before buying!
They make "low ball" offers and walk away if the seller makes a counter offer...let's face it they have options.
They back out of buying a home becasue they decided the home wasn't a good enough deal.
When Do Home Buyers Buy?
1. When they feel they are getting a Good "Deal"
2. When they have to, Job Transfer, etc
What Does EVERY Home Buyer Want?
SAD BUT TRUE - To Practically ROB A Home
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The longer they wait the cheaper prices get
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Trying to Gage the "Bottom of the Market"
So if your home does not sell what are your options?
Rent the property? This is just not something most people are prepared to do...it is just a huge headache to rent out a house as well as some other pitfalls that come with it.
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Lose your Homestead Exemption ( taxes jump)
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Your insurance would go up ( ave jump 25%
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Capitol Gains double in 2010, lose tax savings
Does it make sense to become a landlord?
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Late night toilet runs, broken hot water heaters
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An average of $5,000 is spent every year fixing up the home whenever a renter moves out.
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You would have to repair anything the tenant broke.
The Best Option for a Home Seller
Reduce the 6% real estate commission
Sell your home in ONE WEEK ( or less) & Beat out other sellers!
Use our Sold In A Week Method to create a Buyer Frenzy and Tons of offers!
In my next blog will outline this system and show you how to sell your home in less than a week and save tons of money by doing some very simple things. In the meantime feel free to check out www.MyHomeSoldInAWeekSystem.com for more information!
You can always call to find out the details and set up a no obligation appointment to check out my system and see if you can benefit from using this to sell your house and move on!
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