Thursday, April 05, 2007

'You Don't Want to Test the Market Anymore'

From the Sacramento Bee:

The spring home sales season is under way, and pros say this year you'll need every trick in the book to sell your house.

So take the mounted deer head off the wall, roll on a coat of cheery yellow paint and bring out the vanilla spray, say real estate agents. With nearly 11,500 homes for sale in the capital region -- and hundreds, perhaps thousands, of additional homeowners considering the same -- 2007 is going to be more competitive than ever for sellers.

"Price it right and present it right, and hope you get lucky," says Yuba City broker associate Doug Bryan.
...
"That's all good," Bryan says, referring to aromas, colors and welcomes. "But the price is what does it. If the buyer feels it's reasonable for them, they'll make the leap."

Adds [Sacramento real estate agent Patrick] Lieuw: "If you price a property right, it's still moving. Pricing is critical nowadays. You don't want to test the market anymore. You want to be proactive instead of reactive. Pricing is really the key for the 'wow' factor."

7 comments:

rocklin renter said...

So...

"Designed to Sell" won't be able to help me?

:(

Gena said...

Thank you for visiting SacramentoRealEstateVoice.com

Thought I'd come on over and read your blog...great advice...pricing correctly the first time is essential if the Seller really wants to sell while making sure that you keep up with the latest sales in your area and having the property in show quality.

Patient Renter said...

"That's all good," Bryan says, referring to aromas, colors and welcomes. "But the price is what does it. If the buyer feels it's reasonable for them, they'll make the leap."

Who is this guy and who gave him a realtor's license? I thought it was everything BUT the price that sold a house... right? Who doesn't think a little vanilla air freshener to bring in half a million dollars?

Patient Renter said...

Very good post on Mish's blog about the future of realting... everyone should read.

The Changing Business of Real Estate (Part 1)

http://globaleconomicanalysis.blogspot.com/2007/04/changing-business-of-real-estate-part-1.html

Sippn said...

Help u sell?
Assist to sell?

The home of 2nd rate agents.

Craigs list is a disorganized piece of C___.

Zillow and Trulia show a small fraction of whats out there.

MLS is 99% complete, but these properties are mostly listed with commissions already (it takes $ to maintain the database).

Web access to listings has been around for years. People want to see and feel a home before they buy (excepting the bubble).

That takes time and expertise. The way I see it, most agents cost the same %, you might as well pick the most talented one.

Any one doing commercial RE out there? databases available for years. Discounts? These agents still make lots of $$ for their talent.

Diggin Deeper said...

sippn

Your points well taken. However, due to the changing landscape in real estate, alternative selling methods may be the only way to salvage what little equity remains is some properties. I just got word that my previous next door neighbor (San Diego County) just sold his home via Help U Sell for $50K lower than any other home in the neighborhood. By using the RE commission as part of the price reduction, his home stood out, and had several interested parties looking at the home. The rest of the neighbors are pissed but he did sell his home in a market of falling prices.

There's really nothing special required to market a home yourself if you've got the time. No matter how many liability disclosures you sign at closing using realtor paper, as a selling homeowner, you're liable anyway.

Cmyst said...

And for buyers, I think the advantage is even more pronounced.
I've been reading the MLS listings in the Bee for years now, and I drive every day of my work week through neighborhoods all over the region. I write down the addresses of houses I like, and I look them up.
I research comps. I research neighborhood statistics. Plus, I have the advantage of being able to talk to people in those neighborhoods from a position of trust, due to my career. I'm not there, ultimately, to buy or sell anything and conversations about real estate are no more prominent than ones about politics, the weather, etc.
It hit me, that I don't need a "buyer's agent". On the selling side, that's a little dicier, but if they help with the documents and legal stuff like they say, I really don't think it would be that bad.