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Best Buys |
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 | Real Estate Facts Blog |
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Tuesday, 19 May 2009
A friend of ours, Bob Rivkin, sent us this email. It really made us laugh (although it's not that far from reality). Hope you enjoy it! -- Jesse and Jeri
House As Seen By:
Yourself...
Your Buyer...
Your Lender...
Your Appraiser...
Your County Tax Assessor...
Friday, 08 May 2009
There is an interesting phenomenon happening right now that has many sellers scratching their heads. The seller thinks that he cleverly priced his house in a way that will get him the most amount of money because he added “wiggle room” into that price. The only problem is that although there have been a lot of showings, there have been no offers.
Let me explain why this happens. When deciding on a price at which to list a house, a seller typically looks at comparable properties that have recently sold or are his direct competition to determine fair market value. Then instead of pricing the house at or very near fair market value, he decides that a buyer is probably going to make him a lowball offer, so to compensate for that possibility he will build some wiggle room into the price.
This means that he is going to list his house at a price above fair market value expecting to sell it for something close to fair market value in the end. So what’s wrong with this pricing strategy? It typically results in no one making any type of offer at all.
All buyers out there right now are looking for a deal. Most of them have done lots of research by looking at homes on-line and discussing comparables and fair market value with their agents. So, when a buyer sees a home that he believes is priced too high, he thinks that if he makes an offer on that property, he won’t get as good of a deal as he would get if he made an offer on a property that was priced more appropriately – so he moves on and looks for the appropriately priced home.
Oddly enough, statistics show that even in this market when a home is priced right, it sells at very close to the list price. The moral of this story: Pricing it right from the start is the best strategy to get the best sold price.
Thinking about selling? Get a free copy of our brochure, Pricing and Preparing to Sell Your Home for Top Dollar.
Looking for a good buy on a home? Check out our Best Buys.
Wishing you sunshine everyday and the home of your dreams,
Jeri
P.S. – If you know someone who is having trouble making his mortgage payments, visit our We Care page and find out how Jesse, a Certified Distressed Property Expert, might be able to help.
Friday, 01 May 2009
Market Trend Results for the Baltimore Metropolitan Area
First Quarter Statistics 2009
The first quarter of 2009 certainly started out slow. Sale prices and the number of homes sold was down 23.4% compared to the first quarter of 2008, sale prices were down 7.6% and homes spent more time on the market before selling according to Delta Associates who monitor market trends in our area. Delta states, “Baltimore City saw the steepest declines, with prices down 13.3% from one year ago. In the Northern suburbs, prices fell 8.4% from 1st quarter 2008; the Southern suburbs saw a 12-month price decline of 7.8%. As a whole, Baltimore metro prices were down 6.1% from year-end 2008 and down 7.6% from first quarter 2008.”
Generally speaking, most houses right now are taking about 3 months to sell and sellers are receiving about 10% less than their list prices.
So, what’s the good news? In many areas, the cost of owning is comparable to the cost of renting, so buyers are returning to the market, especially in the lower end. Lower prices, low interest rates, and federal incentives have made this a great buying opportunity especially for the first-time buyer. Sellers should know that the amount of inventory on the market is about 7.7 months which is down from the 10.9 months of inventory that we saw the same time last year.
If you are thinking about taking advantage of these market conditions and jumping into homeownership, consider attending our Home Buyer Seminar on May 13th, 7:00-8:00p.m. at the SunTrust Mays Chapel Branch on Padonia Road in the Graul's Shopping Center. CLICK HERE to register.
Looking for a great buy in this market? Check out our BEST BUYS! Each week, we select three properties to highlight that are really great deals.
Would you like a list of foreclosures, short sales, or auction properties? CLICK HERE and we'll send you our lists.
Wishing you sunshine everyday and the home of your dreams,
Jeri
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HANNON GROUP
Jesse Hannon: (410) 215-7131
Jeri Hannon: (410) 215-4201
Chevelle Welsh: (410) 967-9498
Office: (410) 274-1938
Email: Info@HomesByHannon.com
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