Brainstorming ideas to help promote properties (RE market, sellers, sell homes, capital)
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Hi LynnKK - so to make sure I am understanding correctly [smile] - for x number of weeks, advertise for X period of time, seller will pay....X for .....
yes?
I know, I know, I know. While the property may be priced "appropriately" it's not priced to sell. If a property is on the local MLS, Realtor.com, Yahoo.com, Zillow.com, Trulia.com, etc, then its overpriced if it hasn't sold within 60 days.
Hi, that is no longer true, especially in this area - it is priced to sell - there are, even with all of the REO properties and resort area properties on the market for over 2 - 4 years -- we are inundated with properties - there is nary a property that is sold, at this time and in this area, in less than 60 days.
I know, I know, I know. While the property may be priced "appropriately" it's not priced to sell. If a property is on the local MLS, Realtor.com, Yahoo.com, Zillow.com, Trulia.com, etc, then its overpriced if it hasn't sold within 60 days.
This isn't true for my area. Many REO's sit for longer than 60 days.
Hi Silverfall, and thanks for your "confirmation" about properties being on the market for so long...not sure where you are located; however, in this neck of the woods, even REO properties are on the market for ages. This is a really tough market regardless of how properties are listed, including properties that are priced thousands and thousands of dollars below assessed values AND thousands and thousands of dollars below other properties of equal size/acreage/ and the like.
Although by all intents and purposes, this is much more of a buyer's market, lenders are being overly rigid with their lending practices; people are apprehensive about buying properties because they are worrying about the jobs, etc.
I have, for example, an REO property that is located on a lake; would normally have been scooped up w/in 48 hours of being listed because of its location -- last sale price was over $110K than this is being listed for .....
Hi, that is no longer true, especially in this area - it is priced to sell - there are, even with all of the REO properties and resort area properties on the market for over 2 - 4 years -- we are inundated with properties - there is nary a property that is sold, at this time and in this area, in less than 60 days.
I agree with Tom. You aren't getting it. There is an oversupply by your own admission. There are no sold properties, which means there are no buyers that feel the homes are currently worth the asking price. No amount of marketing will sell a property that is overpriced. No showings =overpriced or poor marketing. Showings/no offers=overprice or poor condition.
Now, I think if you can put emotion aside and consider what you've told us you can also draw a conclusion your market may be in line for another hit in prices. If you want to help your seller get them priced below the recent sales and below the active listings. That being said, I won't ignore your question so you could:
-pre-listing inspection
-pay a higher buyer agent commission
-agent open house
-public open house
-pay closing cost
-offer to pay for inspections
-offer gift card drawing for showings over next 30 days
-renovation allowance
-virtual tour
-multiple photos
This isn't true for my area. Many REO's sit for longer than 60 days.
And how does that change the truth? I guarantee you that even REO's are overpriced. I have had history from REO's from long before the economic downturn.
Take a course in economics 101. Supply vs demand markets... Our world economy boils down to supply vs demand. It's an economic law that is as valid as the physical laws of gravity.
Hi Silverfall, and thanks for your "confirmation" about properties being on the market for so long...not sure where you are located; however, in this neck of the woods, even REO properties are on the market for ages. This is a really tough market regardless of how properties are listed, including properties that are priced thousands and thousands of dollars below assessed values AND thousands and thousands of dollars below other properties of equal size/acreage/ and the like.
Although by all intents and purposes, this is much more of a buyer's market, lenders are being overly rigid with their lending practices; people are apprehensive about buying properties because they are worrying about the jobs, etc.
I have, for example, an REO property that is located on a lake; would normally have been scooped up w/in 48 hours of being listed because of its location -- last sale price was over $110K than this is being listed for .....
And how does this example invalidate supply vs demand pricing?
And how does that change the truth? I guarantee you that even REO's are overpriced. I have had history from REO's from long before the economic downturn.
Take a course in economics 101. Supply vs demand markets... Our world economy boils down to supply vs demand. It's an economic law that is as valid as the physical laws of gravity.
There is little demand in my area. $50,000 homes are sitting too because we don't have enough investors to scoop those up. The local investors are a bit freaked out by the lack of activity and are being extra cautious with their purchases. You can sell homes here, just not in 60 days. 4-6 months is more realistic for a competitively priced home in my area.
I don't need to take a course in econ. Thanks for the condescending attitude though.
Hi Silverfall, thanks for your response, appreciate it. I too don't need a course in economics and I too appreciate the "supportive attitude" and the creative marketing strategies .. always good to know that I can count on my colleagues... those real estate professionals.
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