Mike’s Real Estate Show

A Trulia Voices.com question from a woman in Miami asked how she could get more showings on her propety!  My Response!!

Move it to Pebble Beach!  No seriously, a property which is priced RIGHT–not a couple grand below the last comp, but a striking price which makes all of your neighbors say, “Is this guy nuts!”, will generate visits but more importantly OFFERS!!

Sellers tell us all the time, “I priced it $10,000 below my last appraisal!” But WHEN was that appraisal? Was the appraisal for refinancing purposes (with low loan to value it could have been a drive by!), the appraisal when you bought it 2 years ago? Remember, a Realtor performing a “Market Analysis” is superior to an appraiser figuring out “value”!! Now I know I’m going to rile the appraisal community, but I know the “market”, I know the “Trends”, I’ve been here before and know you’ve got to “set” the new price for the neighborhood if you’re going to sell in today’s extremely competitive marketplace. I know I’m being “all encompassing” when I say this, but the anomaly markets aside, and especially in Florida! Get it priced right.  An appraiser needs to find 3 valid “comps” which won’t really indicate the current market trends. When the market was roaring we begged the appraisers to NOT look at the “comps” as the ones in escrow where higher. Now we are telling them to “look at the comps” as the ones in escrow are going to be much LOWER!
  But here are some other tips you may wish to incorporate to get your home sold quicker and give you some market differentiation:
• Offer an Interest Rate Buy-down—Instead of lowering the price $25,000, lower it $12,500 and spend the other amount on buying the interest rate down buy 2 points for the first year, 1 point for the second year
• Offer to pay the first six months of their Homeowner’s Dues
• Offer to pay for their first six months of house payments!!
• Send them on a trip to Pebble Beach to play golf!! (Have them invite me!)
• Offer to pay their moving costs
• Send them on a shopping spree to a local home improvement store for $5,000!
• Be CREATIVE!!
• THEN PRICE IT RIGHT!