Tag Archive | "pricing"

My Top 6 Words For Sellers

There are some emerging dynamics that have contributed to this very complicated market for both buyers and sellers. If I was sitting in front of a seller here would be my top 6 words of advice to effectively deal with this market:

1. Photos-Stunning photos become so critical as 90% of all buyers begin their search on the internet. Bad photos can help your home be eliminated quickly from a crowded pool of listings. Also, if a website allows for 20 photos, get 20 photos online.

2. Condition-Take care of any issues or objections that would create hesitancy in buyers in making a decision to seriously consider your home. As inventory builds in a price range, poor condition stands out, to the distinct disadvantage of the seller.

3. Pricing-In the past years, sellers could list at the high-end of the range of comparables and not be seriously affected. As a seller, you will be swiftly penalized in the market by buyers or just ignored. Either way, your home won’t sell and your listing will languish on the market.

4. Appraisals-Always an important part in which lenders make sure that their new asset is within the range of other comparable properties. Quick appraisals are also being done late in the process to safe-guard against any significant market shifts. So, if a seller was fortunate enough to get a buyer that was willing to pay more than market value, an appraisal that doesn’t match the selling price will create a red flag with the lender.

5. Time-Everything is taking longer. The mortgage process, the inspection process, the negotiations, the renegotiation and closings. Be patient and diligent and hire the right people to work with you throughout the process.

6. Cycles-Throw out any concepts of “cycles” in real estate because there seems to be little rhyme or reason to some of the activity. Don’t think that waiting for “The Spring Market” will cure your ills as a seller. Nothing magical is happening in Spring since the market has so many shifting variables. Aggressive pricing is the key to getting the attention of buyers.

Posted in CT Real Estate, Fairfield County Real Estate, Weston Connecticut Real Estate, Westport Connecticut, Westport Connecticut Real EstateComments Off on My Top 6 Words For Sellers

Timely Price Reductions And Standing Out From the Crowd-Part 2

Our Spring market is definitely in full swing.

Buyers seem enthusiastic about open houses and are actively watching for reductions on properties. Sellers, for the most part, understand that the leverage is still with buyers and that pricing should be aggressive. In a few weeks, our Spring market will come to an end and we will slip into the slower pace of summer.

We have movement in the market right now. Inventory is high in some price points and low in others. The common thread is that the homes that are in good condition and look like value to the buyers are getting picked off. And, they are getting picked off quickly, with multiple offers. Other listings are sitting and sitting and sitting. Price and perceived value by buyers is the driving force to the market. Buyers immediately determine if a listing is overpriced or not. Overpriced listings are being severely punished in the market and being ignored. That’s the only buyer feedback that is meaningful to a seller.

We have a short selling season and now is the time to reduce to a number that is either in line or lower than the competing properties. Take advantage of what time is left and stand out from the crowd.

 

Posted in CT Real Estate, Fairfield County Real Estate, Weston Connecticut Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Timely Price Reductions And Standing Out From the Crowd-Part 2

Like Ants At A Picnic

Like Ants At A Picnic

I was just catching up with one of my top agents on some of the dynamics of the Westport market. Every November and December the market becomes cyclical from an inventory standpoint. Much of the inventory that is available on the market has been “picked through” by buyers.  Three components are needed for a house to be perceived positively in the market: Proper/aggressive pricing, good or excellent location and good condition. When these three components do not align, listings experience resistance resulting extended marketing time and multiple reductions. Even more extreme, some overpriced properties that are so far out of range, simply become invisible to the market.

However, when a well-priced, well-condition home in a great location comes on the market, we see an immediate reaction. Just like ants at a good picnic, the buyers converge in an almost frenzied state and we see multiple offers. Quality inventory is definitely still desirable and sells quickly. I thought the “ants at a picnic” analogy from Jon Deak was clever and an accurate reflection of the well-positioned listings that hit the market.

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real EstateComments Off on Like Ants At A Picnic

Bridging The Real Estate Value Gap In Westport

Bridging The Real Estate Value Gap In Westport

Throughout my 29 years in the business, I have always found the real estate process fascinating, specifically how buyers and sellers react to changes in the market. Leverage between buyers and sellers is continually shifting. Since mid 2006, leverage has been moving toward buyers, resulting in noticeable pressure on pricing for sellers. For many years prior to 2006, sellers enjoyed the leverage and could list at the “high end of the range” and locational and condition issues appeared to be virtually ignored. Lack of quality inventory and high buyer demand increased the odds of multiple offers for sellers. I remember evaluating the statistics during 2006 and noticing some changes leaning toward buyers. The first two signs of the shift: “Days on market” began to extend and the buyers appeared to be pushing back on inspection issues. Resistance in the market was starting to take shape. Subtle changes of signs of things to come and a whole new real estate reality.

In any market, buyers buy from the bottom up and sellers sell from the top down. Buyers want the best value and sellers want to maximize their investment (home). Both have diametrically opposing viewpoints of what value looks like. Since the market slowdown, the value gap in the middle has resulted extended marketing time, and multiple reductions for sellers.

When working with sellers we cover the specifics of the comparable listings, including recent sales, comparable active listings and expired listings (failures in the market). So, in order to price correctly, we evaluate what has happened in the market (solds), what may happen in the market (availables) and what has not happened in the market (expireds.) “Right” pricing early on in the process creates excitement from the buyers who are searching for value. I equate the initial listing period as the “grand opening” of the house. It’s when almost every listing has, at least, a short period of momentum in the market. Regardless of season, or price point, there is some pent up demand from buyers who will pay attention to any new listings. Buyers watch for value and will also keep an eye on a specific home until significant or relevant reductions are made. Because of buyer representation, agents educate their buyers through showings and providing comparable information. Readily accessed information also fine tunes their ability to spot a well-valued home.

Our market is being severely impacted by many variables in the economy including lack of consumer confidence and fear of job loss. In order to get attention from buyers, sellers need to be aggressive with pricing in the hopes of capitalizing on initial buyer enthusiasm because buyers simply will not overpay. Sellers who close the real estate value gap are being rewarded with showings and sales.

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Bridging The Real Estate Value Gap In Westport


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