The Role of the BPO (“Broker Price Opinion”) When someone owes $250k on a home currently worth $200k, arguably they no longer own the home . . . their bank does (or, at the very least, the bank calls the shots). So, it would seem smart to find out what the bank is willing to sell...Read More
Liking the House . . . But Not the Price What do Buyers today do when they like a home — but not the price? (ditto for their agents). They save the search on MLS. That way, they immediately know if/when there’s a price reduction. See, “Who’s Watching the Listing?” “The Ayes Eyes Have It”...Read More
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...Read More
When you see an overpriced home languishing on the market at the same price, seemingly forever, it’s tempting to think the home owner is greedy, stubborn — or both. The more sympathetic (and likely) explanation? The homeowner/would-be Seller is drowning in debt. Not Underwater . . . But Lapping at their Feet Specifically, the amount...Read More
Now, THAT’s a Deal! “An overpriced “For Sale” home depreciates in value faster than an appreciating housing market rises.” —Ross Kaplan, first law of real estate; “Market Appreciation vs. Home Depreciation” (10/23/2013) Here’s a news flash for at least some prospective home Sellers: even in a Seller’s market like today’s, not everything sells right away,...Read More
“Ten Showings, $10,000” — Updated Realtors have a saying: “ten showings, $10,000.” What that means is, if a home has been shown by 10 agents — each representing a serious, well-qualified Buyer — and it still hasn’t sold . . . it’s overpriced by at least $10,000. Of course, $10k presumes an average, $250k home....Read More
