Sales of homes seems to have slowed down - any good reasons ?

[Robert P Stewart]

A ha! Always leave it to Golfgal to point out the obvious (which I sometimes miss!)

Issues such as needing new paint, needing some updating - these are all a matter of condition (see my previous post). And condition works like this:

Let's say you have 2 $100 bills. One is crisp and new, the other is dirty, torn, and smells of poo. You are offered one, and you can only have one. Which one do you choose? They are both worth the same, just the condition is different. Make sense?

I really hammer condition in situations when many identical houses are for sale in the same area for the same price. In those cases, it is typically worth it to spend $1000-$1500 on a professional stager to make the home look like a model. I figure that a price reduction will cost at least $5000 - staging the home makes sense.

Robert

[yellowsnow]

Originally Posted by Robert P Stewart

Where is all of this coming from? No - the market isn't that bad. Sure, it's slow - but not really even that slow.

Winter is usually a slow time for us Realtors - and this past January I was working my tail off - busy busy busy!

Of course, sellers need to be reasonable with the price they ask for their home - but they should never give it away. A home has been, and always will be, a good investment. The growing population needs a place to live, and those are just the facts.

And if your home isn't selling (I tell this to clients all the time), its for one of three reasons:
A) Marketing
B) Condition
C) Price

I always try to fix problems associated with a long-listed property with new marketing strategies and updates to the condition of the home before I ever recommending touching the price. A price reduction is, in some cases, money out of the pocket of my client - and I wouldn't be doing a very good job if I was costing them money. That's how I see a price reduction, anyhow...

Price it once, market it once, sell it once - and get on with life.

Robert

You are an eternal optimist. I think you probably do well in real estate. And that's meant to be a compliment! No snark implied or stated!

But we aren't all so lucky! So far 2(TWO) people have come to see my house. And it's usable water front, 3200 sf, brick and stone, and totally updated, granite kitchen, all new mechanicals. New carpet and paint too. Has real architectural detailing like pocket doors and coved ceilings. New HW floors, inlaid Brazilian Cherry. Not laminate! French doors, heated shop. 1 acre property. In a neighborhood of more expensive homes. I have neighbors with elevators! Anyway, I'm sorry now that I spent over 100K improving the property! I've already lowered the price 40K.

If you have to show your house 30 times to sell it, I will be here waiting for another decade. How long can I wait? Days like today, it's tempting to mortgage it to the hilt and walk away! I don't think I would ever do it, but I think about it! Sorry, I guess I'm just whining.

I'll just put it back on the market and keep on waiting. Cleaning and waiting! I guess people like the clonehome neighborhoods better.

[midwest456]

I'd guess that some parts within the same metro area do better than others...didn't Lakeville place near the top of some "best places to live" list in forbes magazine or something similar? It's had some good publicity.

[golfgal]

Originally Posted by yellowsnow

You are an eternal optimist. I think you probably do well in real estate. And that's meant to be a compliment! No snark implied or stated!

But we aren't all so lucky! So far 2(TWO) people have come to see my house. And it's usable water front, 3200 sf, brick and stone, and totally updated, granite kitchen, all new mechanicals. New carpet and paint too. Has real architectural detailing like pocket doors and coved ceilings. New HW floors, inlaid Brazilian Cherry. Not laminate! French doors, heated shop. 1 acre property. In a neighborhood of more expensive homes. I have neighbors with elevators! Anyway, I'm sorry now that I spent over 100K improving the property! I've already lowered the price 40K.

If you have to show your house 30 times to sell it, I will be here waiting for another decade. How long can I wait? Days like today, it's tempting to mortgage it to the hilt and walk away! I don't think I would ever do it, but I think about it! Sorry, I guess I'm just whining.

I'll just put it back on the market and keep on waiting. Cleaning and waiting! I guess people like the clonehome neighborhoods better.

Your house sounds beautiful and given the choice I would pick an older home with character over the house we have, however, it is more important to us to live in a good, safe neighborhood in a town with great schools and opportunities for our kids. Your location probably has much more to do with the sale of your home then the condition of your home. Move your home to my town and I would buy it in a heartbeat.

[Robert P Stewart]

Your home sounds very beautiful. Where abouts is it located?

Originally Posted by yellowsnow

You are an eternal optimist. I think you probably do well in real estate. And that's meant to be a compliment! No snark implied or stated!

But we aren't all so lucky! So far 2(TWO) people have come to see my house. And it's usable water front, 3200 sf, brick and stone, and totally updated, granite kitchen, all new mechanicals. New carpet and paint too. Has real architectural detailing like pocket doors and coved ceilings. New HW floors, inlaid Brazilian Cherry. Not laminate! French doors, heated shop. 1 acre property. In a neighborhood of more expensive homes. I have neighbors with elevators! Anyway, I'm sorry now that I spent over 100K improving the property! I've already lowered the price 40K.

If you have to show your house 30 times to sell it, I will be here waiting for another decade. How long can I wait? Days like today, it's tempting to mortgage it to the hilt and walk away! I don't think I would ever do it, but I think about it! Sorry, I guess I'm just whining.

I'll just put it back on the market and keep on waiting. Cleaning and waiting! I guess people like the clonehome neighborhoods better.

[mudmuffin]

"it is typically worth it to spend $1000-$1500 on a professional stager to make the home look like a model."

Ah, but sometimes it's obvious it's "eye wash".

[dannl]

I lowered the price 6 percent on the forty fifth day as there was 20 other houses that were close to the same as my home all within few miles and it sold the next day. Like I have always said about selling a house, the priec must be right and the right person looking for the type of house you are selling must come along and like what they are looking at before they will buy a house.

[yellowsnow]

Originally Posted by Robert P Stewart

Your home sounds very beautiful. Where abouts is it located?

Big Lake Township. It's on the Mississippi River. It's right across the river from the Monticello Hospital.

[midwest456]

CNN article today. They chose to place it at the top of the front page.


http://money.cnn.com/2007/02/15/real...ex.htm?cnn=yes