Tuesday, July 04, 2006

Common Sense (Real Estate) 101

From Realty Times:

Back to Basics: Common Sense Real Estate 101
by Jim Crawford

Real estate is cyclical by nature. And in our current market, conditions are rapidly changing both in my market and across the nation.

When showing homes in this current market, I often acknowledge to myself that something is really wrong with the picture. Have you ever gotten the feeing that the home you are showing will not sell in your lifetime? Perhaps pricing, appearance, and marketing are missing from the big picture? It's as though the home was listed without a marketing plan. Someone just placed a sign in the ground!
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Pricing a Home to Market: A real estate professional does not list a home at any price the seller chooses. We've gotten used to listing the home at the seller's price. We did not have to qualify the price. Some agents were just buying the listing!

Telling the seller the home is worth way more than the market value just to get the listing. The only problem is that now the homes are not selling! We are in buyer markets in many areas of the nation. If you are so sure the home will sell at the agreed upon listing price … then place in the listing agreement a clause that states, "At no time during the term of the listing agreement will you request a price reduction!"
...
Don't Posture: When another offer comes in, work it! Don't say I have another offer coming in when you don't! If you do the buyer will step back and wait. Several weeks later when the listing is still showing as, "ACTIVE" the buyer may come back at an even lower price. Selling is not based upon manipulation, or "Liar's Poker!" It is employing time tested strategies, and negotiation skills that allow us to earn a very good living.

10 Comments:

Anonymous Anonymous said...

Consumers Face Challenges in Handling Debt


Rising interest rates and higher gasoline prices are putting the squeeze on consumers' budgets, and many are finding it harder to keep up with their bills. Credit counseling agencies say that consumers are coming in in droves seeking help

7/04/2006 05:49:00 AM  
Anonymous Anonymous said...

Another good bit off the wire:

"Prospects of the dollar as oil currency"

http://en.rian.ru/analysis/20060627/50549408.html

If Iran opens up exchange, we have bigger problems than falling house prices.

IMHO,

SAS

7/04/2006 06:32:00 AM  
Anonymous Anonymous said...

Is Macy's open today? I have
a coupon

7/04/2006 06:37:00 AM  
Anonymous Anonymous said...

"At no time during the term of the listing agreement will you request a price reduction!"

Isn't there a NJ law that required all offers must be submitted to the seller?

7/04/2006 07:06:00 AM  
Anonymous Anonymous said...

OK sorry, I read this wrong.
He's talking about the seller making the reduction not an offer from a buyer.

7/04/2006 07:08:00 AM  
Anonymous Anonymous said...

{{{Rising interest rates and higher gasoline prices are putting the squeeze on consumers' budgets, and many are finding it harder to keep up with their bills. Credit counseling agencies say that consumers are coming in in droves seeking help}}

Right because they couldn't say no to the latest 'must have fashions' that are shoved down our throat by the NY Times, NY Magazine, & the Daily News.

The media thinks everyone in the NYC area is a white, white collar six figure single corporate professional who can (and should) spend $5,000 a month on clothing to make it in NYC.

Sure, everyone has their little 'hard luck' story, and their own 'personal unique situation', but there really aren't many (if any) options after the new BK bill was passed and most credit card companies will chargeoff & get judgements to collect everything that is owed within a few months of delinquency.

7/04/2006 11:26:00 AM  
Anonymous Anonymous said...

Anon 12:26pm said "but there really aren't many (if any) options after the new BK bill was passed"

And there you have it folks; were the banks really being that reckless by loaning (gathering assets) all that funny money? They will collect.

7/04/2006 11:44:00 AM  
Blogger lisoosh said...

Anon 12;26

What is it with you and other peoples clothes?
Who cares?

7/04/2006 12:51:00 PM  
Anonymous Anonymous said...

IT IS NOT YET A BUYERS` MARKET until we saw 30% price reduction in HOME PRICES... DON`T BELIEVE IN THE MEDIA HYPE bolstered by REALTORS and Homebuilders !!!!

7/04/2006 01:42:00 PM  
Anonymous UnRealtor said...

Sheesh:

"Don't say I have another offer coming in when you don't! If you do the buyer will step back and wait. Several weeks later when the listing is still showing as, 'ACTIVE' the buyer may come back at an even lower price. Selling is not based upon manipulation, or 'Liar's Poker!' It is employing time tested strategies, and negotiation skills that allow us to earn a very good living."


What a scum-laden industry that such things even have to be said.

Remember: no one is your friend, and people will kill for less than the amount of commission money on the table.

Trust no one, you are nothing but a walking commission check to all involved.

7/04/2006 05:15:00 PM  

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