Or, You Can’t Sell Your House If The Buyers Aren’t Interested
There are currently more than 3,800 active listings (over 2,200 are residential properties) for sale in the
So Ya Wanna Be Prom Queen?
In November 2008, there were over 4000 active listings; and 105 listings sold (83 were residential homes)…leaving us with 38 months of inventory. (Meaning it would take us 38 months to sell all the listings at the current absorption rate.)
Sounds kind of grim. Guess what homes are being invited to the prom?
Not necessarily the prettiest ones, because unlike prom dates, looks aren’t everything. The ones that are priced right are the ones that are most attractive.
There are generally five things that work toward getting a house sold:
- Price (This is key.)
- Location (You can’t change your location; if the location is not so great, see #1.)
- Condition (The condition determines the price; don’t price a home on its potential condition, but on its actual condition. Believe it or not, even the ugliest homes will sell if priced right.)
- Supply & Demand (If there are a lot of homes for sale and not as many buyers, you need to be as competitive as possible and be the shiniest penny for #1 and #3.)
- Marketing (A good real estate agent does much more than the 3 P’s of Placing it on the MLS, Putting up a sign, and PRAYING for a sale!)
However, all the creative marketing in the world isn’t going to sell a home that is – overpriced. That home is not gonna make it to the prom, and won’t have the chance to be the queen on settlement day.
Will You Make It to the Prom?
Not everyone makes Prom Queen, but I’d really like to help get you to the dance! Are you ready to sell your home in Pike or Wayne County?
Contact me for a free analysis and I’d be happy to show you what the market is doing for homes like yours and in your neighborhood. If you’d like to just keep track of your market and know what’s going on in your neighborhood, I can keep you apprised of that as well via email alerts.
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Credit where Due:
Judy Rodonski
I’d like to thank my wonderful mentor and friend, Judy Rodonski, for the catchy phrase that inspired this post. It was a fine sunshiny day when Judy and I met – and the day she welcomed me to the team at Weichert Realtors Paupack Group is one I’ll always be thankful for.
This savvy lady has taught me so much about real estate – I don’t know what I’d do without her. Thanks Judy, for all of your unselfish support, advice, gentle reprimands, and most importantly, your friendship. You are truly the BEST!
Prom queen photo by Melle Oh; prom table photo by Tracy Hunter; via Creative Commons.
Filed under: Home Sellers, Tuesday Tips | Tagged: for sale, Pike County, price, Real Estate Market, selling home, Tuesday Tips, Wayne County
I really liked your article, it was funny. It also gives people a good idea on how to think about selling their homes. People will do well by enlisting your services.
http://www.inexpensiveinvestinginflorida.com
Thanks
Karen this is spot on advice! Even the ugliest house will sell if priced right. I have seen the “prom queen” sit home due to being over-priced. 38 months of inventory requires a well thought out pricing plan.
Shawn, thank you for stopping by and leaving your feedback.
Ashley – thanks for that! There are tons of “Prom Queen” houses around here too – unfortunately, even though an appraisal says “Good price” the market is saying otherwise.
38 months of inventory is rather stupefying…it’s the highest we’ve had since Dec. 2006…
I think if all the properties were re-adjusted to fit the market, or were taken off the market until the market supports their desired price, we’d have a much lower absorption rate…ya think? LOL.
Judy is an excellent friend and a true mentor indeed. With her infectious personality. She makes every day a GREAT day to go to work. Thanks for being wonderful!
Right you are, Rosie – thanks for the comment!