Tag

overprice home

Winter Prep List — Home Seller Edition

Falling Trees . . . & Home Prices “If a tree falls in the forest, and there’s no one around to hear it . . . does it make a sound?” –anonymous Twin Cities homeowners know the drill:  each Fall, they need to turn off their outside water spigots; remove window screens; winterize (blow out)...
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Relief Pitchers in Baseball — and Real Estate

Alternatives to Dropping the Price When a Home Doesn’t Sell Unfortunately for owners of “For Sale” homes that . . . aren’t (selling), the explanation is seldom just mediocre marketing. If that were the case, the solution would be simple:  great marketing (supplied by a new and presumably better Realtor). Instead, at least in my experience,...
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Taking Would-Be Sellers on a Tour of Competing Homes? Bad Idea

When Subjectivity Isn’t Just Superficial “If the Comp’s aren’t convincing enough, Realtor “Jane Doe” will take Sellers on tours of comparable properties.  “They can see this other house is in much better condition, and it’s priced $20,000 less than theirs.  It’s eye-opening.” –Spokane agent, sharing her strategy for working with unrealistic Sellers in “Setting Them Straight”; Realtor Magazine...
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Prospective Home Buyers: “What’s Up With THAT Block?!?”

Explaining Inventory Pileups In a Seller’s Market Contrary to popular perception, the most common explanation for skydiving fatalities isn’t due to a parachute failing to open. Rather, the first parachute opens partially. Then, instead of cutting the first chute loose and pulling the reserve, the (understandably) panicked skydiver immediately opens the backup — which runs into the fouled,...
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Pricing Fall Listings in Minnesota: Less Margin For Error

“Priced to Sell?”  Not Always Notwithstanding many a listing agent’s assurance to the contrary, not every home is “priced to sell.” When that’s the case, a price reduction is eventually in order. The catch with Minnesota homes that list now and turn out to be overpriced? Four to six weeks into the listing — the...
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Reading Into a 10% Price Reduction

Educated Guesses Normally, when a house doesn’t sell within 60-90 days, a 3% to 5% price reduction is in order.  See,  “Perils of Overpricing Even (Especially) in a Rising Market”; “Perils of Overpricing“; and “Nurse!  I Need a Price Reduction, Stat!” So, what does it mean when a home listed for $500k (in St. Louis...
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