Buyers Waiting For Prices to Slide Even More
Today's local paper contains this story by Michael Pollick....
Tara Fizer knows first-hand how fickle the real estate market has become.
She and her husband now own two new houses in Sarasota. It is one more than they want.
When they were moving to the area from Orlando in mid-2004, they signed up for two homes being built near University Parkway -- one in Sarasota County, the other in Manatee. The idea was to decide later which one to keep, and sell the other for a sweet profit in a fast-climbing market.
"This could have been a killing," Tara Fizer said of the 4-bedroom, 21/2 plus loft house in Manatee that they are now attempting to sell for $389,000. "We could have pocketed a lot of money."
Instead, they have the home priced at $7,000 less than the builder's base price in the same subdivision.
"We know the market is pretty slow right now, so somebody can get a pretty good deal from us right now. We did a lot of upgrades."
Like many other sellers, the Fizers have come to realize what every real estate agent in Southwest Florida now knows: After three glory years, capped by a period in which homes were being bid on like an eBay auction, the resid:ential market has entered a no-mans' land in which sellers listings are stacking up at prices higher than buyers want to pay.
(Continue reading at
http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20060527/BUSINESS/605270378
Here is Premier Team's advice:
1. If you are getting ready to put your home on the market, price it well below your nearest competition. You want the next buyer to be yours.
2. If you are already on the market and haven't lowered your price in the last two weeks, it's time to do so. Lower it every two weeks or you will quickly be the highest price in the neighborhood. (Every 4 days 10% of the homes in our MLS lower their price)
3. When you receive an offer rejoice! Very few sellers are receiving offers. Don't think about countering for a few thousand dollars. Anything within 5% of your asking price should be accepted as quickly as possible.
This advice is given to help you accomplish your goal. If you are not motivated to sell at today's market value, consider taking your home off the market. Of course, we don't know where prices will be 6 months from now. We have seen sales fall and prices slide for the last 9 months, don't think that simply "waiting" will make the market any better.
Tara Fizer knows first-hand how fickle the real estate market has become.
She and her husband now own two new houses in Sarasota. It is one more than they want.
When they were moving to the area from Orlando in mid-2004, they signed up for two homes being built near University Parkway -- one in Sarasota County, the other in Manatee. The idea was to decide later which one to keep, and sell the other for a sweet profit in a fast-climbing market.
"This could have been a killing," Tara Fizer said of the 4-bedroom, 21/2 plus loft house in Manatee that they are now attempting to sell for $389,000. "We could have pocketed a lot of money."
Instead, they have the home priced at $7,000 less than the builder's base price in the same subdivision.
"We know the market is pretty slow right now, so somebody can get a pretty good deal from us right now. We did a lot of upgrades."
Like many other sellers, the Fizers have come to realize what every real estate agent in Southwest Florida now knows: After three glory years, capped by a period in which homes were being bid on like an eBay auction, the resid:ential market has entered a no-mans' land in which sellers listings are stacking up at prices higher than buyers want to pay.
(Continue reading at
http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20060527/BUSINESS/605270378
Here is Premier Team's advice:
1. If you are getting ready to put your home on the market, price it well below your nearest competition. You want the next buyer to be yours.
2. If you are already on the market and haven't lowered your price in the last two weeks, it's time to do so. Lower it every two weeks or you will quickly be the highest price in the neighborhood. (Every 4 days 10% of the homes in our MLS lower their price)
3. When you receive an offer rejoice! Very few sellers are receiving offers. Don't think about countering for a few thousand dollars. Anything within 5% of your asking price should be accepted as quickly as possible.
This advice is given to help you accomplish your goal. If you are not motivated to sell at today's market value, consider taking your home off the market. Of course, we don't know where prices will be 6 months from now. We have seen sales fall and prices slide for the last 9 months, don't think that simply "waiting" will make the market any better.
posted by Dan Forbes at
10:05 AM
0 Comments:
Post a Comment
<< Home