Question about how a realtor can promote a home (sale, insurance) - San Antonio - Texas (TX) - Page 2 - City-Data Forum

kevcrawford · 08-06-2010, 06:29 AM

Quote:

Originally Posted by hamjeepr

I've only had a half dozen showings in 62 days with nothing serious. My realtor started us out at $143k for a 1700 sq ft house and we have dropped it down to $132k a couple weeks ago. Our home was built in 02 and is in immaculate shape. I don't understand this at all. Has our price drop hurt us or should we be lower?

Around the corner the homes built in the 70's are listing in the mid $120s so we are even in line with them.

There are too many variables to answer that question here. If you're not getting showings, 99% of the time, it's price. That's pretty much the only thing it can be. You also may have bad MLS pictures or descriptions that may not be making it look appealing to buyers looking online.

But then again, your neighborhood may just be slow. There are certain neighborhoods that are hot, and some that for some reason or another, folks just aren't looking in.

sshurgot · 08-06-2010, 06:45 AM

Kev is absolutely right. Also keep in mind that homes have been staying on the market an average of about 110 days in San Antonio. Almost all of the closings for July 2010 should have been entered by now; assuming it's the case we just hit a record high for selling prices (this is for all of SA, but understand that the market varies greatly from one neighborhood to another). On the other hand, 929 homes were sold, as opposed to the usual 1,300 to 1,400 for July. That number may increase as July closings continue to trickle in.

wellguy · 09-06-2010, 01:38 PM

Is there a general rule of thumb when it comes to pricing a home to sell verses the appraised value?

sshurgot · 09-06-2010, 02:17 PM

Quote:

Originally Posted by wellguy

Is there a general rule of thumb when it comes to pricing a home to sell verses the appraised value?

If you mean appraised value from a professional appraiser, it'll be very much in line with market value - which is what you're shooting for.

If you're talking about Bexar County Appraisal - they're either waaaaaaay off or somewhat close. I always check to see what their appraisal value is but normally don't even take it into account. I've seen $500,000 houses appraised at $150,000 by BCAD.

So if you're trying to sell a property, what you're looking for is the market value. If you overprice you're not likely to get offers and, even if someone makes an offer, when the time comes for them to get a mortgage the professional appraiser simply won't come up with the value and the loan won't go through.

dsteffey · 09-10-2010, 11:51 PM

Quote:

Originally Posted by hamjeepr

I've only had a half dozen showings in 62 days with nothing serious. My realtor started us out at $143k for a 1700 sq ft house and we have dropped it down to $132k a couple weeks ago. Our home was built in 02 and is in immaculate shape. I don't understand this at all. Has our price drop hurt us or should we be lower?

Around the corner the homes built in the 70's are listing in the mid $120s so we are even in line with them.

Hamjeepr, this depends on the type of marketing your realtor has done for you. When you listed your house, was a comparable analysis performed by your listing agent that warranted the $143K for your home? What were the sales for the past six months? How long was your house on the market at the $143K before it was dropped? When the price was dropped, what kind of marketing did your listing agent proposed to you that would increase the traffic to your home? Go back to the basics and identify why you are selling? are you motivated to sell? is your house truly set at what the market will bear in your area? Or, are you set at the $143K price? I would ask yourself these questions, then meet with your listing agent to discuss your concerns. It really does not matter the age of the property if the house is properly marketed.

LindaGrace · 09-11-2010, 08:47 AM

I will tell you one of the biggest things that sold us on our home - the photos online. Seriously. The house showed BEAUTIFULLY in pictures, and when we saw it in person, it was just as gorgeous as the photos. The two living areas had been staged by the sellers' Realtor, and she had done a great job of helping them de-personalize and de-clutter the rest the house. There was also fresh paint throughout, and the original hardwood floors had been refinished to gleaming perfection. We knew that when we moved in, we wouldn't have to do anything, and that was really appealing to us. (The one-month-old roof was a selling point too!)

We put an offer in two hours after we first saw the house - full-price - and we moved in four weeks later.

kevcrawford · 09-11-2010, 09:33 AM

Quote:

Originally Posted by LindaGrace

I will tell you one of the biggest things that sold us on our home - the photos online. Seriously. The house showed BEAUTIFULLY in pictures, and when we saw it in person, it was just as gorgeous as the photos. The two living areas had been staged by the sellers' Realtor, and she had done a great job of helping them de-personalize and de-clutter the rest the house. There was also fresh paint throughout, and the original hardwood floors had been refinished to gleaming perfection. We knew that when we moved in, we wouldn't have to do anything, and that was really appealing to us. (The one-month-old roof was a selling point too!)

We put an offer in two hours after we first saw the house - full-price - and we moved in four weeks later.

100% correct. Professional pics (for any level home) are a MUST. It's your first impression with a buyer.

wellguy · 11-14-2010, 02:37 PM

Our home has been on the market for approx. 48 days with approx 12 showings. Yesterday an offer came in at full asking price but $5000.00 was asked as a concession from the buyer's for their closing costs.

We are blessed to say the least as far as the selling price but feel a little uneasy about a $5000.00 concession. Is that too much for them to ask? Is is common for this to happen? Just last week we were asked to drop the price $5000.00 but our answer was no.

Please advise me. I certainly don't want to miss this sell or any others but we want to walk out with as much money as possible. *I want and need other suggestions /opinions from what the Realtor is telling us. Are we being too tight or possibly greedy / money hungry? I know we could meet them in the middle or say no to any $$$ figure.

sshurgot · 11-14-2010, 02:43 PM

Quote:

Originally Posted by wellguy

Our home has been on the market for approx. 48 days with approx 12 showings. Yesterday an offer came in at full asking price but $5000.00 was asked as a concession from the buyer's for their closing costs.

We are blessed to say the least as fgar as the selling price but feel a little uneasy about a $5000.00 cocession. Is that too much for them to ask for? Is is common for this to happen? Just last week we were asked to drop the price $5000.00 but our answer was no.

Please advise me. I certainly don't want to miss this sell or any others but we want to walk out with as much money as possible. *I want and need other suggestions /opinions from what the Realtor is telling us. Are we being too tight or possibly greedy / money hungry?

It's not that uncommon and if it's for a VA loan, you'll actually be required to pay for some of the closing costs, what they call "non-allowables." Are the buyers applying for a VA loan? Who's paying for the title insurance? You or the buyer? What about the survey...who's paying for that? Is there a home warranty involved? Those will also make a difference, and if you've been asked to pay for them it could mean another $2,000.

wellguy · 11-14-2010, 02:59 PM

Quote:

Originally Posted by sshurgot

It's not that uncommon and if it's for a VA loan, you'll actually be required to pay for some of the closing costs, what they call "non-allowables." Are the buyers applying for a VA loan? Who's paying for the title insurance? You or the buyer? What about the survey...who's paying for that? Is there a home warranty involved? Those will also make a difference, and if you've been asked to pay for them it could mean another $2,000.

Let me get back with you since I have to look over the net-sheet (my Wife has it somewhere) and I have to leave soon due to a 4:30 showing.

For now I can tell you it is a VA Loan (99.9%) certain. We are paying for the home warranty and there will be no survey needed as we have been told that the original survey from 1999 will do. We are paying the Title Insurance.

Not to sound dumb but why does the VA refer to the Closing Costs as non allowables?

Even if we accept the offer the home will have to be appraised and if it is below the asking price (which I'm certain it will be but not by too much). If the asking price is $10,000.00 (let's say) more than the appraised price then they'll have to come up with the difference right?