Pricing is Everything...

By
Real Estate Agent with The Collective DRE#01705405

 

 

 

 

I just listed a short sale in a prime location. It is a condo but it has been trashed as the owner could not afford to keep up the the mortgage payments nor do any maintence work. I did my comps and discovered that this property could be the lowest priced home in a fabulous neighborhood. With that in mind I priced it considering the renovation work that would have to be done and the HOA dues still owed the Association. I immediately got calls and buyers to view the property. But the consensus was even though it was still a good deal the public wanted a better deal. After a contractor looked at the property and told me the approximate cost for rehabbing it. Within a week I lowered the price $50,000. Then the calls really started rolling in. I have an offer at the asking price with a solid buyer. Sometimes you have to listen to your gut. My client was agreeable to a price change. I warned her when I took the listing as we had no time due to auction date I would have to evaluate the price every few days so that we could get an offer to the bank. So far , so good.

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Tags:
foreclosure
hollywood real estate
short sale
silver lake real estate
los feliz real estate
real estate mtwahington

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Rainmaker
207,455
Paige Walker
Paige Walker - Pineville, LA
Real Estate Guru - Alexandria Pineville LA

Great Job Karen - Your right we need to listen to our gut! Good for you. Keep us posted!

Jun 29, 2010 05:37 AM #1
Rainmaker
156,354
Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

Karen, you are correct.  Pricing cures just about everything else, and I am sure that would also be the case with this home you are marketing.  Best of luck with it.

Jun 29, 2010 05:39 AM #2
Rainmaker
918,827
The Jeff Rickert Team
RE/MAX Property Specialists - Pocono Lake, PA
Poconos - RSPS - The Jeff Rickert Team

Thanks for the post.

I could not agree more.

Jun 29, 2010 05:43 AM #3
Rainer
174,736
Lisa Orme
The Master's Key Realty LLC -Windsor, CT - HARTFORD COUNTY - Windsor, CT
Broker/Realtor, ABR, CRS,GRI, PSCS, SFR, Notary Pu

Good job!  When you can't change the location or the condition, then you've got to move the price! (And the right price cures ALL marketing problems!)

Jun 29, 2010 05:45 AM #4
Rainmaker
504,788
Teral McDowell
Referral Patners LLC - Murphy, TX

Good success story! it's great to work with a "motivated" seller.

Jun 29, 2010 06:03 AM #5
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Rainer
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