If you price it they will come!!!!

By
Real Estate Agent with Esslinger Wooten Maxwell

As an agent that used to be infamous for getting top dollar, it is interesting to have turned in the totally opposite direction. While the market is not red hot, the listings that are correctly priced are showing and selling. There are buyers. I just had a conversation with another agent who sold one of my listings who said that in Belle Meade, a market that went up really fast in the boom and has declined, that about four of the properties stood out as well priced. Two of them sold last week!!!!!! The message is that if its priced right there's a buyer, if its not priced right there is not a buyer. And it must be priced on today's comps, not comps of yesteryear. And at the end of the day, the selling prices are not bad, they just aren't sailing in the stratosphere. If you put it in perspective, these houses are still selling for a lot of money.

 As you actively reduce houses, you see the traffic double and the offers come. I think the motto is if you price it they will come.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Florida Miami-Dade County Miami Shores

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
88,223
Kathleen West
Trademark Realty Group of Palm Coast - Palm Coast, FL
Flagler County & Palm Coast Realtor

Kimberly,

I agree wholeheartedly and it is abviously difficult to "sell" that reality to sellers.  The fact is that with high inventories pricing can not soley be based upon historic sales and now has to be priced competitively. 

Kathy

Aug 10, 2007 03:26 AM #1
Rainmaker
65,014
Crystal Pina
774.289.5521 - Worcester, MA
Remax Professional Associates
Houses are selling on my street. The for sale signs are going up as fast as the sold signs are, but at least they aren't sitting forever. Sure, prices have dropped around the country but they haven't here. I think because prices here never really went through the roof in the first place.
Aug 10, 2007 03:27 AM #2
Rainer
18,434
Rita Bradley
Laguna Hills, CA
Valuation Consultant in Orange County California 949-916-3263
So true.  When pricing a house in a declining market, it is important to look at the price of comparable sales and comparable listings.  Also notice how many days on market for each listing.  If the property has been on the market for an extended period of time at a specific price without selling this gives us a good indication of what's NOT working price-wise in this neighborhood. 
Aug 10, 2007 03:27 AM #3
Rainer
10,130
Stephen C. Olczak
Mortgage Help - Fort Myers, FL
Kimberly, good thought.  Many sellers find it hard to face the cold hard logic you describe.  The market sets the price after all, you can fight it or you can sell and move on.
Aug 10, 2007 03:36 AM #4
Rainer
104,204
Rosario Lewis
DDR Realty - Newburgh, NY
GRI, SRES - DDR Realty - Orange County, NY
Very true. The art is in convincing sellers of the realities of our current market.
Aug 10, 2007 03:47 AM #5
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
826

Kimberly O'Mahony

Ask me a question
*
*
*
*
Spam prevention