Selling in a Buyer's Market
It's FALL now and buyers are thinking about turkey, and holiday festivities.
What's a seller to do when they want an offer and nothing is happening?
With the normal seasonal reduction in the number of buyers, it's important that your home be correctly priced. Attracting and getting offers from the ACTIVE BUYERS is critical. The ones that do shop - are serious!!! One of our buyers just offered LIST PRICE!!!!, but the home was priced right.
We know from our experience and the experience of other professional real estate teams that we network with across the country, that a properly marketed and properly priced home will normally have 8 to 10 showings in the first 30 days and an offer that ends up normally somewhere between 2 to 3 % less than the list price. After the first 30 days, the excitement and "buzz" around a new listing tapers off and the number of showings tapers off. The "pent up demand" has looked at your home, and "passed on it" - waiting for the next new home to come on the market.
Give us a call if you're getting ready to list your home, or you've been on the market over 30 days and we'll take a look at the number of showings and analyze things to come up with a pricing strategy for you.
It's a GOOD IDEA to plan ahead, in the beginning and get a 30-60 day appraisal from a REPUTABLE appraisal firm that specializes in your area. Decatur does not appraise like Atlanta, Norcross, or Alpharetta. The north Fulton Real Estate community can't believe that a 3 bedroom 1 and 1/2 half ranch in Decatur can go for $200,000 to $250,000. Getting and using local experts is important.
Appraisals - A few comments:
Most owners with excellent credit are used to getting "whatever value you need" from lenders who are more than anxious to lend you money - especially refinance loans. Unfortunately, you "can't spend your equity twice" as the old saying goes. This is normal for a refinance appraisal and it typically, but not always is an over-inflated value.
Market appraisals can be based on a 6 month marketing period. This valuation is normally a little lower than a refinance appraisal, but assumes a 3 to 6 month marketing period. That's fine, if you're not making double mortgage payments, or selling a vacant house. We estimate it costs about 1% of the sale price for each month you have an unsold vacant house, or two mortgage payments.
30-60 day appraisals are more realistic and tend to be very close to actual market conditions.
We have an excellent appraisal company who has worked for us and several Realtor friends and done a great job of helping our clients determine market value. Give us a call and we'll be happy to introduce you to them.
678-252-1991
Scott Sanders, ABR, CRS
PS, It would be great is some appraisers would add some additonal helpful information to this post.
What's a seller to do when they want an offer and nothing is happening?
With the normal seasonal reduction in the number of buyers, it's important that your home be correctly priced. Attracting and getting offers from the ACTIVE BUYERS is critical. The ones that do shop - are serious!!! One of our buyers just offered LIST PRICE!!!!, but the home was priced right.
We know from our experience and the experience of other professional real estate teams that we network with across the country, that a properly marketed and properly priced home will normally have 8 to 10 showings in the first 30 days and an offer that ends up normally somewhere between 2 to 3 % less than the list price. After the first 30 days, the excitement and "buzz" around a new listing tapers off and the number of showings tapers off. The "pent up demand" has looked at your home, and "passed on it" - waiting for the next new home to come on the market.
Give us a call if you're getting ready to list your home, or you've been on the market over 30 days and we'll take a look at the number of showings and analyze things to come up with a pricing strategy for you.
It's a GOOD IDEA to plan ahead, in the beginning and get a 30-60 day appraisal from a REPUTABLE appraisal firm that specializes in your area. Decatur does not appraise like Atlanta, Norcross, or Alpharetta. The north Fulton Real Estate community can't believe that a 3 bedroom 1 and 1/2 half ranch in Decatur can go for $200,000 to $250,000. Getting and using local experts is important.
Appraisals - A few comments:
Most owners with excellent credit are used to getting "whatever value you need" from lenders who are more than anxious to lend you money - especially refinance loans. Unfortunately, you "can't spend your equity twice" as the old saying goes. This is normal for a refinance appraisal and it typically, but not always is an over-inflated value.
Market appraisals can be based on a 6 month marketing period. This valuation is normally a little lower than a refinance appraisal, but assumes a 3 to 6 month marketing period. That's fine, if you're not making double mortgage payments, or selling a vacant house. We estimate it costs about 1% of the sale price for each month you have an unsold vacant house, or two mortgage payments.
30-60 day appraisals are more realistic and tend to be very close to actual market conditions.
We have an excellent appraisal company who has worked for us and several Realtor friends and done a great job of helping our clients determine market value. Give us a call and we'll be happy to introduce you to them.
678-252-1991
Scott Sanders, ABR, CRS
PS, It would be great is some appraisers would add some additonal helpful information to this post.
posted by Atlanta Ga Homes Real Estate at 8:49 PM
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