Suggestions for selling "Fixer Upper"?

[Nice Nice Baby!]

If you're not in a hurry, you can list it by owner and price it right. Save time and money by not remodeling. There will be someone who will need a good starter home. A realtor will sell it faster, but the transaction isn't difficult IF you know what you're doing. Just go to a title company. I know of a friend who's family member passed away and the house is paid off. They are waiting until the market turns around because it is in a great central location. Question is when will it turn around?

[SMG]

Originally Posted by nitram

Normally I would agree with you, but with the market as it is today, I know a lot of Realtors who are begging for any kind of deal right now.

Well, with 50,000+ listings on the market are they begging for listings? I would think they would be focusing on finding buyers. Also, if they are giving up a large chunk of there money on listings, will they still invest as much in marketing the home? my point is, if a home sells for under $200,000 you simply do not have as much to give away as a home that sells for $400,000. Yet, you still have to pay your office fees, advertise the home, etc. it costs just as much to sell a $200k home as it does a 400k home, but there is less margin in terms cutting commissions.

[AlleyTD]

In this market PRICE IT LOW and SELL IT!
Price point will get you a buyer. I would not sink any money into fixing it.

I just sold my home for 24K below my asking price and for 50K BELOW what I could of sold it for in 2005 (during the markets peak)
it was a fix-up and we did NOT do any repairs before we sold or upon inspection. We sold it AS-IS.

I am a realtor and the truth is that in this market - PIGS get fat and HOGS get slaughtered.

In other words, don't jump over dollars to get to pennies. Look at the comps in the neighborhood and price you home below your competition.
Declutter your home and price it to sell ... in this market you must be the best priced house in the neighborhood to get showings.

I sold my home in 43 days. We preferred to take a bit of a $$ hit now, before the bottom really dropped out.
It feels good to have actually sold a home and still walked away with some equity money.

[nitram]

Originally Posted by SMG

Well, with 50,000+ listings on the market are they begging for listings? I would think they would be focusing on finding buyers. Also, if they are giving up a large chunk of there money on listings, will they still invest as much in marketing the home? my point is, if a home sells for under $200,000 you simply do not have as much to give away as a home that sells for $400,000. Yet, you still have to pay your office fees, advertise the home, etc. it costs just as much to sell a $200k home as it does a 400k home, but there is less margin in terms cutting commissions.

Yes, you make some good points, but listers control the listing and get paid no matter who sells the house. I know several listers with well known companies and all they do is list and hope someone else will sell it.

[SMG]

Originally Posted by nitram

Yes, you make some good points, but listers control the listing and get paid no matter who sells the house. I know several listers with well known companies and all they do is list and hope someone else will sell it.

Yep..and you are correct as well. there are folks that specialize in buyers and folks that specialize in listings. there really are ups and downs and postivies and negatives with each...(I am a Realtor).

[Captain Bill]

Originally Posted by nitram

Normally I would agree with you, but with the market as it is today, I know a lot of Realtors who are begging for any kind of deal right now.

Most of the ones who are begging for deals are those who have not learned to market to attract buyers and sellers. They are the ones who want their brokers to funnel them leads. Many of them came into the industry during 2005 hoping to make a killing, and now they don't know how to really work in the business.

Many are having to quit every day because they cannot make it in this business. When they reduce their commissions, it only drives them closer to quitting because they reduce their already low income by a third or by one half.

If an agent cuts their commission, and then cuts the marketing service that the client needs, then that "commission savings" will end up costing the client more money than if they had hired an agent at the full commission who will invest the proper time and money marketing the home.

Bill