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 Stonehenge
Alt Center
 
Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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 Re: Bribing local Realators  [Re: DieCommie]
#13562205 - 11/30/10 10:40 AM (13 years, 4 months ago) |
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"You dont need to know anything about real estate to know that if its not selling, then it is overpriced."
People's first reaction is to drop the price when a house doesn't sell right away. The op hasn't told us details like how long it's been on the market but he says it's in good shape. Price is of course the main consideration now days after location. Some realtors will tell you its price, price, price. But would you pay the same for a house in a nice neighborhood as one in a crime infested area with drug sales on every corner and hoodlums hanging out? Wouldn't you pay more for waterfront or a nice view? Doesn't the condition of the immediate neighborhood and surrounding area enter into it? Then location is still #1 but price comes in next along with size, amentities and so on.
Instead of panicky dropping of the price, look at how to spruce it up. A coat of paint, minor repairs, or garden work can make a big difference. Consider curb appeal and what they see first. If all that has been looked into and it seems to be priced right, then it may just be a matter of waiting. Offering owner financing can be a major incentive. I suggested a balloon mortgage. That gives them time to refi and keeps him from having to wait 20 years to get paid. There are other options too. Putting signs out front helps, advertising in local papers and on the net helps.
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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)
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DieCommie
Registered: 12/11/03
Posts: 29,258
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Re: Bribing local Realators [Re: Stonehenge]
#13562671 - 11/30/10 12:25 PM (13 years, 4 months ago) |
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Thats true. Marketing does bring up the value. Just have to make sure that the cost of your marketing doesnt overshadow the value it adds, which is certainly doable as evidenced by the plethora of marketing in our society.
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Stonehenge
Alt Center
Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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Re: Bribing local Realators [Re: DieCommie]
#13562898 - 11/30/10 01:15 PM (13 years, 4 months ago) |
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Photos help a lot too. If it's on the mls the realtor probably took a few pics. The op should consider taking some more and updating the pics. That brings it up to the top of the mls listings as an update. Consider rent to own with a portion of the rent counting toward the down payment. I'd just keep it and rent it. In a few years the value will go up.
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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)
Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755
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 zappaisgod
horrid asshole
Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 10 months
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Re: Bribing local Realators [Re: Stonehenge]
#13567826 - 12/01/10 12:48 PM (13 years, 4 months ago) |
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Quote:
ZippoZ said:
completely new
-roof with 25 yr shingles, all new decking
-furnace
-wood burning stove
-skylight
-all new carpet and laminate, and tile on EVERY floor in the place
-new paint, and drywall on every single ceiling and wall
-new wiring
-new plumbing
-2 full bathrooms.
There doesn't seem to be much more that he can do.
The best way to push it to the top of the MLS is to take it off for a while, long enough to earn a Newly Listed designation. All things considered I don't know how much any realtor is going to invest in marketing a house that will produce a total commission of around $3,000 even with incentives.
From the looks of it he has far more money in it than he can ever get out.
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74vwsunbug
Stranger
Registered: 10/23/10
Posts: 4
Last seen: 12 years, 9 months
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Re: Bribing local Realators [Re: zappaisgod]
#13586342 - 12/05/10 04:01 PM (13 years, 4 months ago) |
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I am a Realtor & an appraiser as well. In today's market, even the slightest over-pricing of a property's asking (listing) price is the kiss of death. If your property's not selling, it's listed too high. If it's not getting shown, then it's WAY too high. An over-priced property is helping the accurately-priced ones sell, while the too-high one continues to sit unsold.
Pay an appraiser to come & give you an accurate estimate of market value. Ask the appraiser to define your local market's sale price / list price ratio, and then to use that help you set an accurate asking price for the property. DON'T OVER-PRICE YOUR PROPERTY. Re-adjust your listing price downward if you need to.
Many Realtors will tell you at listing time a pricing number that they think you want to hear on pricing - they're just trying to get a listing, & then they hope an idiot will stumble in with cash in hand to buy to buy your over-priced property. Usually, they don't.
An appraiser has no vested interest in it, other than doing a good job to earn his fee.
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Stonehenge
Alt Center
Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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Re: Bribing local Realators [Re: 74vwsunbug]
#13601870 - 12/08/10 02:00 PM (13 years, 4 months ago) |
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74, no doubt you know your stuff. I agree dropping the price is the easiest way to move a property that isn't moving. Aren't there other factors that enter into it? He can't change the location so if it's next to a dump, industrial plant or other problem, that will hurt the value. 2000' for 45 in good condition makes me think either there is another problem he hasn't told us about or it could be a temporary thing. Offering owner financing is a major incentive. A small thing like sprucing up the yard with some shrubbery or mulch can help a lot. A little paint in the right places can be a good investment. None of those things costs as much as dropping the price. If he needs money coming in right now, rent to own is a very good option. He gets income and they aren't going to quibble about the price since they don't have the money right then and want to buy somehow some way. If they can't close, he keeps the rent and they can keep renting or put it back on the market. In a year the market may have picked up in his area.
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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)
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74vwsunbug
Stranger
Registered: 10/23/10
Posts: 4
Last seen: 12 years, 9 months
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Re: Bribing local Realators [Re: Stonehenge]
#13602645 - 12/08/10 04:39 PM (13 years, 4 months ago) |
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Dropping the price isn't really my point. Accurate pricing is.
Simple rule for any property, any location, any condition, anything:
"If it's not selling, then it's too high priced."
Or: There's nothing wrong with any property that the right price won't cure.
You may not get as much money as you want or you feel like you need, but if it's not selling, you either need to take it off the market, or put more money into it to improve it & make it more appealing, or lower the price (& keep lowering it) until a buyer steps up.
Sellers have come to believe that you always make money on a property. It worked that way for years & years, but not today.
The market is teaching them a lesson right now.
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Stonehenge
Alt Center
Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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Re: Bribing local Realators [Re: 74vwsunbug]
#13605812 - 12/09/10 08:55 AM (13 years, 4 months ago) |
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I simply disagree with the premise that the only way to move a property that isn't selling is to drop the price. A house that is priced right might still not sell due to various factors.
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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)
Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755
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zappaisgod
horrid asshole
Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 10 months
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Re: Bribing local Realators [Re: Stonehenge]
#13607034 - 12/09/10 01:26 PM (13 years, 4 months ago) |
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Quote:
Stonehenge said:
I simply disagree with the premise that the only way to move a property that isn't selling is to drop the price. A house that is priced right might still not sell due to various factors.
Yes, that might be true for the short term. Like it being the slowest months of the year. Also listings get "stale". But if it has been listed for a period of months it is assuredly the price.
But one thing that makes absolutely no difference is agent incentive. If your agent isn't sufficiently incentivized, in your opinion, get a new agent.
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BuddhaC
Stranger
Registered: 11/29/10
Posts: 32
Last seen: 13 years, 3 months
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Re: Bribing local Realators [Re: zappaisgod]
#13610033 - 12/09/10 10:21 PM (13 years, 4 months ago) |
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Bribe them on a time frame if you want real results.
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1st Grow Log [Ecuador]
Last Update : 12/18, Next Update : 12/21
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Seuss
Error: divide byzero
Registered: 04/27/01
Posts: 23,480
Loc: Caribbean
Last seen: 2 months, 7 days
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Re: Bribing local Realators [Re: BuddhaC]
#13611262 - 12/10/10 06:18 AM (13 years, 4 months ago) |
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> Bribe them on a time frame if you want real results.
As others have pointed out, time and time again, there is only so much a agent can do. If the house is priced too high for the market, it will not sell. 74vwsunbug made some great recommendations that can help increase the value of the house, but that doesn't change the base premise. If the house is not selling, you have very few options: take the house off the market until the market improves, lower the asking price, or add value to the house.
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Just another spore in the wind.
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NCDOC0623414
nerdysouth
Registered: 08/07/10
Posts: 320
Loc: nerdysouth 
Last seen: 11 years, 14 days
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Re: Bribing local Realators [Re: Seuss]
#13615852 - 12/11/10 01:23 AM (13 years, 4 months ago) |
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i wish i could find a house for 45 anywhere in these god forsaken mountains cant touch much more than a shack here for less than 100, if you wanna sell it drag it over here and plant it
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Froggy Style!
My pad or yours?
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Stonehenge
Alt Center
Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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Quote:
i wish i could find a house for 45 anywhere in these god forsaken mountains cant touch much more than a shack here for less than 100, if you wanna sell it drag it over here and plant it
I'm in an area with tons of foreclosures myself and the market is really weak. Even here 45 for 2000' with recent repairs and fix ups sounds like a heck of a bargain. Either the op isn't telling us something about it or proper marketing will do the job.
I've seen sellers raise the price after a house sat and didn't sell and they sold it as the higher price. I saw a house at 35 a while back that needed loads of repair. It was so bad i offered 25 which i though was reasonable. The bank turned it down and raised the price to 39. And they sold it at 39 as is! I couldn't believe it but then i saw it happen again on a property i had bid on. Maybe the op should raise the asking price and then be willing to consider offers? That plus owner financing could make it move. At the minimum, he could lower it back down a little later and advertise it as "price reduced". Raise it to 55, if no nibbles, drop it to 50. Then could drop 1000 at a time each time listing it as price reduced. There are lots of tricks besides just lowering the price. That's what the realtor wants you to do because it's no skin off his nose and he can sell it easier.
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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)
Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755
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