is anybody concerned w/ the housing inventory currently busting at the seams that they won’t be able to move their property in a reasonable period of time? The avg. marketing time right now in SC is about 4-12 months v/s 1-6 months last year.
what is the best way to deal w/ current market conditions, other then just allow for 12 months carrying cots?
BUY LOWER!!!
if real estate isn’t selling, people will ALWAYS have to sell - find the sellers in situations that call for drastic measures.
make it a “win win” for them and you -
if at 180k it will take 12 months to sell…
try and obtain properties that you can sell for like 135k that comp at 180k and manage to buy it for a price that still makes you a profit.
right?
also - try and buy so that you can offer flexible possibilities on terms.
The vast majortity of people trying to sell their homes SUCK at
marketing.
Put thought and effort into selling your home and make it more
attractive then any other home in your local market. Do this on
a daily basis (not all day, but a certain amt. of time) and you will
sell your home.
Get out there and MARKET IT!
Jeremy Blunt
.
Houses always sell in 2 weeks. If they don’t sell in 2 weeks it is because the price is too high or they are not fixed up to perfect condition. The higher the price or the worse the condition the longer it will take to move. The average house in the average condition sells for the average days on the market. You need to buy the houses cheap enough that you can fix it up perfect and still sell it 10% lower than the average house in the market. That house will move in 2 weeks.
Um, yes…I’m rather concerned. I have a house in Bluffton, SC that comped at 330k in July. I now have it for sale at 285k. It’s in perfect condition, built in 2004, with 8 yr. warranty, TONS of features no other house in the 'hood has, and everyone loves it that comes through. There are about 24 houses for sale in my neighborhood, out of I’d guess 200 or less. Nothing has sold in the neighborhood since Dec. 18. Up until last spring, sellers had competing offers-it was glorious.
I live in Asheville, NC now and my wife is somewhat occupying the house until it sells. My realtors are jokes, but b/c of the covenants, they’re the only ones allowed to put for sale signs in yards, and have an on-site office, and therefore sell about 80% of the homes in the neighborhood, which is also gated. They hate me. I pester them daily just to let them know I need the house sold.
I haven’t lived there since August. I have to sell it b/c of divorce. I’m paying carrying costs, including HO fees, maintenance, etc… It sucks.
Problem is, new neighborhoods are springing up everywhere in Bluffton-developers are super-saturating the market. Plus being in the doldrums of the year during a trough of a cycle doesn’t help, but I’m optimistic as spring nears.
I only agree in part w/ you guys on the 2 weeks thing…
I’ve seen brand new houses that are awsome in great locations in town sit for the last 7 months w/ 2 price reductions…in fact I’ve seen this in several neighborhoods in great locations…some of those new homes are still sitting there. The ones I’m refering to are spec. homes, but are custom built and tapped out w/ upgrades…selling for 100k sq. foot now including site value. I know the builders are about to lose their ass on them…oh well.
Here’s something for you adventurer’s out there.
I buy a lot of really dumpy single family homes. Most of them, because of current market conditions are not worth fixing. I know, I know, let me explain. Has anyone here ever restored an old classic car? It always costs more to finish than expected, and takes forever to sell it when done. BUT…In some cases if you were to just resell the car BEFORE restoration you can actually make more money. Sometimes it’s the same with houses.
I just purchased a single family home built in 1880, It’s 1200 sq. ft. Zoned business but being used as a home right now. The comps are $160,000 to $175,000 I got it for $110,000. It needs work but could be lived in as is. I placed an ad in the local paper on Saturday and Sunday which read…
Mansville, HANDYMAN SPECIAL, 1100 sq. ft. ranch, 2 beds, 1 1/2 baths, currently used as single family home but zoned business, unlimited possibilities, owner moved to Canada says SELL IT THIS WEEKEND!
$120,000/best AS IS, Shown Sat. and Sunday ONLY 11-2 555-5555 (cell phone, because it’s gonna ring all day)
This house sold the first day the paper came out for $20,000 over ask. This was last week! NEVER UNDER ESTIMATE PEOPLES PERCEPTION OF A DEAL!
The ad creates urgency, tells a story, (which was completely true) and creates a time deadline, the key is you have to have the sack to underprice the house.
whew! that’s a srong statement bluemoon :smile
what if i have my home priced just right and it’s fixed up 100%…but nobody knows about it?
marketing is a huge part and shouldn’t be overlooked.
ryan
We purposely underprice our houses. Last one sold in 20 days.
The old adage that the money is made when you buy the property is true. you have to have some rules about what you buy. We don’t buy in glutted neighborhoods. We don’t buy the house that will be a white elephant in the neighborhood.
Market, market, market. Use Craigslist, use a talking house system, stage the house, pay attention to what attendees at your open house say, use Pennysaver type ads (cheaper than the paper and people read them more). Put that house everywhere you possibly can.