[5-DayForum] High bids in a down market

[Mark Conway]

Folks,

From our perspective in mid-Michigan, at least, Bill keeps stressing a very important point. Two years ago, comparable sales of homes in my area would have supported a price in the range of $150,000-160,000 for our home. Twenty-four months later, we were completely satisfied with $136,500 as our highest bid in the round-robin. Given current market conditions, it's a realistic expectation that prices really have fallen from their peaks. If the goal is to sell promptly at current market values and not an idealized notion of what your home ought to sell for, then the 5-Day Method represents an opportunity to get the job done. And as we've all seen on this forum, effective advertising is the whole game. In some locations it seems that the best combination of advertising to reach the three real buyers sought is still somewhat elusive. We tried something a little different and got satisfying results -- perhaps a unique solution for a unique situation.

In resistant and tough markets, where do home contractors advertise to get the attention of homeowners who are doing serious work on their homes as upgrades in preparation for selling them? Those might be the same folks who'd like to leave some of the issues associated with their aging homes behind and move into someplace appealing to them in other ways? A question to ask might be: What characteristics do serious home buyers have in common with other groups who are target markets for advertising of small businesses, and what kinds of effective and, perhaps, non-traditional advertising do they do that 5-Day sellers could use successfully, too? It's just something to think about.

Regards,

Mark Conway


       
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