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I suggested a drop in price by 30k as a starting point. I know the area very well and while sight unseen in person, I suggested they go to MLS and look at the competition and he will no doubt see what I am talking about. They are so over priced it is ridiculous but to price a house at $459,000 and chop the price to where it deserves to be, would signal that it must be a disaster and it will not generate any interest at all, whereas, a nice drop with motivated seller and then every so often a second or third drop would not be so attention grabbing. I wish them luck and let it serve as a warning that you must use a broker who knows your area.
I suggested a drop in price by 30k as a starting point. I know the area very well and while sight unseen in person, I suggested they go to MLS and look at the competition and he will no doubt see what I am talking about. They are so over priced it is ridiculous but to price a house at $459,000 and chop the price to where it deserves to be, would signal that it must be a disaster and it will not generate any interest at all, whereas, a nice drop with motivated seller and then every so often a second or third drop would not be so attention grabbing. I wish them luck and let it serve as a warning that you must use a broker who knows your area.
Contrary to general opinion, one large price drop is much more effective than several smaller ones. You DO want to attract attention, not have potential buyers say, "oh, another little price adjustment on an overpriced house"; people start to ignore it after a while.
And you should definitely find an agent who can count (and knows how to market properly). Five rooms when it's seven--that hurts as much as the price.
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From looking at the add I noticed a few things:
1) Iron bars on front door usually means a Senior Citizen or crime issues.
2) Room details seem lost with the decore
3) Why is the fridge not in the kitchen?
4) Nice yard, probally larger than it looks outside pictures could be better.
Price, I think ridicules but that is the market up there and as many would say "well worth the privilage"..
Contrary to general opinion, one large price drop is much more effective than several smaller ones. You DO want to attract attention, not have potential buyers say, "oh, another little price adjustment on an overpriced house"; people start to ignore it after a while.
I agree with this strategy:
To me a single substantial price drop spells assertiveness and determination to sell; many tiny reductions spell indecisiveness and eventually desperation.
From looking at the add I noticed a few things:
1) Iron bars on front door usually means a Senior Citizen or crime issues.
2) Room details seem lost with the decore
3) Why is the fridge not in the kitchen?
4) Nice yard, probally larger than it looks outside pictures could be better.
Price, I think ridicules but that is the market up there and as many would say "well worth the privilage"..
1) what's wrong with it being a Senior Citizen? (although it often means it needs updating) As was previously talked about, the storm door is "decorative", not "iron bars" - that's not the front door but the storm door. If you're worried about crime, you'd have bars over the windows and the door!
2) not that easy to take photos of a room and make it "meaningful", especially if the rooms are smaller
3) Looks to me as though that fridge is in the basement, probably an extra one--not uncommon
For that house, and all the work and updates that it seems needs to be put into it, plus the shared driveway, not to mention the lack of property, I wouldn't pay more than 250K for that house....
Real estate is so overpriced on LI it's sickening.....and you wonder why all the young 20 and 30 somethings are leaving....
Btw, what are the taxes on that house? Probably around 10K I'm assuming....
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(and knows how to market properly). Five rooms when it's seven--that hurts as much as the price.
