How do I compete with short sales and foreclosures in Jacksonville Fl, when trying to sell my home????

By
Real Estate Agent with All Real Estate Options

The 4 steps you can take to make sure your Jacksonville Florida Home

  will stand out from the competition

The Jacksonville Florida real estate market is showing signs of improvements, but with short sales and foreclosures flooding the market, what chance does a “normal” seller have? Below is a list of tips for sellers contemplating putting their house on the market.

1)Take a complete and HONEST assessment of your situation.

Do you want to move or do you have to move? Do you need the equity from your current home, to purchase the next home? What if you don’t have enough equity in your current home to use as a down payment, do you have the funds in savings? What if you don’t have enough equity to even break even? These are questions you need to ask yourself.

2)Study the market place.

Short sale and foreclosures

If the funds for your new house are dependent on the equity from your current house, this could be the single step that puts your plans to a complete halt! To get a snapshot of the market, you’ll want to do a little research. Find out what has sold in your neighborhood in the past 3-6 months. What is currently under contract? What is your competition?

3)Price your home a hair below the competition.

A hair? What in the world do you mean by a hair you ask? 5% below the competition? 10%? 15.6%? Every market is different and every neighborhood is different, so it’s impossible to throw the pricing strategy in a nice, neat little box. Let’s take 2 different neighborhoods. Let’s say neighborhood # 1 is a highly sought out neighborhood and neighborhood #2 is farther out and gets overlooked because it’s perceived to be too far away. If your competition in neighborhood #1 is listed for 200k, then you could start a little lower let’s say 190k-195k. People are looking there already and a slightly lower price should get you activity. Now let’s go back to neighborhood #2 that is a little farther out. Let’s say the competition is listed for 175k, a 5% difference is probably not going to get you the activity you need, but pricing your house under 150k may bring in people who for the right price would be willing to travel a little farther. As you can see, each neighborhood has unique pricing strategies.

4)Make sure your house is in good repair.

This point would apply to any market, but with the large amount of short sales and foreclosures out there, most of those properties can’t pass your typical FHA or Va inspections, so making sure your house will pass those inspections is a huge benefit.

I’ll tell you, with the difficulties of getting short sales to close due to lien holders taking months to give an approval, buyers are getting tired of waiting! A just listed house in good condition, priced well and can close without requiring lender approval is a welcome change. Don’t make the mistake of continuing to think in terms of the 2005 real estate market, that market is long gone! Take advantage of buyers wanting/needing to close as soon as possible!

You may be wondering, where do I start? Let me help you with that! I offer a complete Home Selling Analysis completely free of charge. Here’s what it entails:

1. Market analysis showing what has sold, under contract and currently available.

2. Seller expense sheet showing you what you will net once it’s all said and done.

3. A Maximum Home Value Audit, showing you room by room, tips on how to have your house in top showing condition.

Now I know what you’re thinking, what’s the catch and if I let that real estate agent in, will she ever leave! Yes I’ll leave and without sucking the life out of you! If you’re thinking of selling, I offer this free service that will help you to determine if selling is the right thing for you. If it’s not, then it’s not! I hate pushy salespeople, so I refuse to be one myself. If you find that it is the right time to sell, all I ask is that I get an opportunity to interview for the job.

Want to move forward? Just pick up the phone and call me at 904-910-3516 or you can email me at pam@pamgraham.com.

Originally published on: Jacksonville Florida Real Estate

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Pam lists and sells homes in Jacksonville, Orange Park, Green Cove Springs, Fleming Island, Middleburg,Ponte Vedra, Atlantic Beach, Neptune Beach, Jacksonville Beach, Orangedale, Fruit Cove, Switzerland and St Johns County Florida.

Are you facing foreclosure? Call Pam at 904-910-3516 to discuss your options.

Pam Graham with All Real Estate Options handles Jacksonville Florida short sales, Orange Park Florida short sales, Fleming Island Florida Short sales, Middleburg Florida short sales, Green Cove Springs Florida short sales, St Johns County Florida short sales, Ponte Vedra Florida short sales, St Augustine short sales, Palm Valley short sales, Duval County Florida short sales and Clay County Florida short sales.

 

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Mortgage Assistance Relief Services Disclosure

ALL Real Estate Options is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.

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Topic:
Home Selling
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Florida Duval County Jacksonville
Tags:
jacksonville florida real estate
jacksonville florida home for sale
jacksonville florida short sales

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Rainmaker
595,381
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

I was just discussing the difference in pricing a regular listing, as opposed to pricing the same as a BPO. Apparently, the banks in our area are pricing their listings far below the BPO pricing! So just when our number of sales is starting to increase, now we're going to see the market take another hit. The only way to compete is for everyone to be priced competitively against the banks. It doesn't take a rocket scientist to see how this type of pricing can keep going lower and lower. The bottom is nowhere in sight.

Sep 03, 2009 04:46 PM #1
Rainmaker
307,734
Pam Graham
All Real Estate Options - Jacksonville, FL
Jacksonville, Clay & St Johns Counties

Lisa-I'm slow on the response, sorry!!!! Banks are doing the same, which is causing a slight bidding war. With the tax credit wrapping up, I'm seeing more people really shy away from short sales due to the uncertainty. I agree we have NOT reached the bottom!

Sep 16, 2009 06:54 AM #2
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Rainmaker
307,734

Pam Graham

Jacksonville, Clay & St Johns Counties
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