What to consider when selling homes in this kind of market?

Renee,

"What do you have to consider when selling homes with this kind of market?" Is a great question!

Your list is a bit irrelevant. There are no rules. Why would anyone want 20% below market? Perhaps you meant 20% below what people once though the market was? 10k, 20k per month is nothing on a $1,000,000.00 house but divesting on a $150,000.00 starter home.

You want some thing to consider in this market? Remember that people still need to live somewhere! As long as couples get a little privacy there will always be a need for additional housing, maybe not as much as there would have been but there will always be a need!

When the real estate market is shaken up, like milk the cream comes to the top.

Bill

William J Archambault Jr

The Real Estate Investment Institute

First National Mortgage

Hi Marie!

Regarding pricing, I think depending on the market pricing research should be very current (six months is too long, even three might be too distant) and should only consider closed sales. What stuff is selling doesn't matter, unless the agent is considering other properties on the market as a check to making sure they are not overpricing their home.  

The Seattle/Bellevue market is very strong, estimated to be the strong market nationally with 8% gains expected this year. What I'd do in my area is very different from what I'd do in yours. My father and mother in law live in Murrieta (love the heat!) and I know your market is a bit more of a specialty market. I think in a specialty market like yours, I would put exceptional emphasis on networking, getting involved in extra-curricular activities where you can connect with potential clients, or even giving free housing talks at the local community center or places of worship as a way to offer service, value, and to put your expertise out there where you can earn the clients' trust. Mainly, I think your market area is one where buyers and sellers are more hesitant to fork out funds, so connecting with them in stress-free, commitment free ways can show your good heart and intentions for their well-being. I think your market specifically is all about relationship (much more so than other markets!) I would focus on listings.

Also, many buyers and sellers in your market are very tech and web savvy, more so than a market without your market's specialty. Murrietta features exceptional retirement communities, and the online presence in these communities is high. What do those in your market search for online? Likely community events, hobby meetings, info on boutiques in the area, etc. I'd focus my blog specifically as if it were a specialty newpaper/magazine regularly featuring unique boutiques, neat seasonal and social events, local gathering places, etc. Nothing is too plain here. A bowling alley feature may be a big hit. Try not just to say, "This is the bowling alley, located at ____" but instead find out when a league is playing, find out the details of playing in that league, how to join, etc, take some cool pics, add a link or too, and that's the perfect way to connect. This way you'll establish online rapport, have your posts picked up my Localism as well (if you specify city, county, and state), and have real life relevant information that matters to your clientele. Have fun in your blogs, pretend you're sharing the info with a friend, and people will connect with you! (Don't worry about people commenting on these "specialty" blogs, because usually market readers comment almost nil, although they read the blog, compared to other ActiveRainers.)

Also, feature local retirement communities. Take pics of amenities, streets & sidewalks in gated communities, and any pathways, golf courses, etc in the area. Pretend you are putting together "packages" for each subdivision. They don't have to be really long, but you'll basically get to talk and share your up close familiarity with the area.

What I would do in my area? Something similar, but I'd focus less on networking and more on niche relevant information. A more general population connects easier with people they haven't met. Thus I would focus more on my blogging and not put too much emphasis on connecting through social events.  =)