[5-DayForum] my sale in MA

Fri Aug 3 11:24:49 EDT 2007

Hi Bill,

I'll do a search on zillow.  Glad to have your opinion.

For what its worth, in the last couple months there have
been home sales in my town for 3bed 1.5 bath that
went for $300k and $305k.  Zillow just updated my
home today and lists it at $247k (not including
the improvements made).

Perhaps I'm looking at it too much.  We're prepared
to take much less than 250k as an offer, we're just
trying to understand how to initially value it.

State wide homesales for this year are -3%.  Spencer
is listed as +6% however.

This all is new to me...I might as well be reading
tea leaves.

Anybody else have an opinion?

Thanks,
-Brent 

On Fri, Aug 03, 2007 at 11:12:34AM -0400, Bill Effros wrote:
> Brent,
> 
> I just read your responses, and I also think you're starting to high.  
> Look up some of my comments about Zillow.  As far as I'm concerned it's 
> so far off at this point as to be useless.
> 
> I doubt your home is worth $250,000.
> 
> I would start it at $99,500.  If it's worth $250,000 you'll still get 
> $250,000.  But if it's only worth $200,000, you'll still get 25 calls by 
> Friday night if you advertise in the right places.
> 
> 1.5 bathrooms for four bedrooms on a $250,000 house is a problem.  Most 
> people will need more bathrooms.  Adding them will cost a substantial 
> amount of money.  Especially in these times, when there are so many 
> homes available, and sellers are just this side of desperation.
> 
> Rereading my response, I might start at $74,500.
> 
> Bill Effros
> 
> brentday at althor.net wrote:
> >Hi Bill,
> >
> >Wow, I guess I must have mis-understood the reasoning. 
> >
> >We live in a small town (Spencer), next to a large
> >city (Worcester).
> >
> >Hmm, I guess maybe I should also advertise in the town
> >weekly paper.
> >
> >I think I'm gonna go re-read your book and see where I went
> >wrong.
> >
> >Thanks for the correction!
> >
> >-Brent
> >
> >On Fri, Aug 03, 2007 at 10:11:04AM -0400, Bill Effros wrote:
> >  
> >>Brent,
> >>
> >>I just got to the bottom of your e-mail.  As noted previously, we don't 
> >>know what your town is, at least we don't know if we've only read this 
> >>e-mail.  Your advertising strategy sounds like the reverse of what I 
> >>would recommend.  The exact people you want to reach are those in town.  
> >>Even the ones who are just nosing around.  If they like what they see, 
> >>even if they are not themselves the real buyers, they will send the real 
> >>buyers along.  The people around town know your home is worth much more 
> >>than you've asked.
> >>
> >>Bill Effros
> >>
> >>
> >>
> >>brentday at althor.net wrote:
> >>    
> >>>Hello 5-Day Forum!
> >>>
> >>>I'm going to be running my 5day sale next week
> >>>and was hoping you'd be kind enough to give me
> >>>your advice.
> >>>
> >>>I'll be more than happy to share my experience
> >>>of the sale during and after the process
> >>>with everyone.  I have also contacted other
> >>>people in my state who have run a 5day sale
> >>>and will report on what their methods and
> >>>successes were.
> >>>
> >>>Since I'm running the sale next week, I need
> >>>to submit the advertising soon.  I'd like
> >>>your feedback.  This is in Massachusetts.
> >>>
> >>>Our tentative ad:
> >>>
> >>>MYTOWN                  BY OWNER
> >>>  Waterfront. 4 Bed. 1.5 Bath
> >>>  Well maintained. Active wildlife.
> >>>  $124,500 or Best Offer
> >>>  Inspection Sat-Sun 10-5
> >>>  Will be sold Sunday Night to
> >>>HIGHEST BIDDER   (555) 123-4567
> >>>
> >>>We will be advertising:
> >>>Boston Globe
> >>>Telegram and Gazette
> >>>Craigslist
> >>>ForSaleByOwner.com
> >>>Owners.com
> >>>[and a couple other free internet ones]
> >>>
> >>>I have read recently in the forums about the "Flyer" option.  A
> >>>full page flyer copy of the adcopy included in the papers.  It seemed
> >>>to get a real good response.
> >>>
> >>>The flyer option for the Telegram&Gazette is $85 per 1000 copies.  The
> >>>newspapers total circulation is 160,000, with a discount at about $9000
> >>>for a full run.  Obviously that is too much...so I wonder if doing a 
> >>>couple
> >>>thousand is worth it or if that might skew my results.
> >>>
> >>>Another option, is that the T&G puts out a Home Magazine every wednesday
> >>>(this timing seems rather fortutitous).  A quarter page ad is about $300.
> >>>I could pick the half of the city nearest my home or further away (there
> >>>is a west and east version).
> >>>
> >>>Lastly, the Boston Globe has an Open House feature every friday.  Your 
> >>>ad is
> >>>also featured in a grid with all other open houses.  The person on the
> >>>phone wasn't clear what could be included in that ad, but it did seem
> >>>price and minimal data (rooms,baths) would be.  I'll get tomorrow's
> >>>paper and see what it looks like.  This is only an extra $30 on top of
> >>>the regular classifieds listing.
> >>>
> >>>So please let me know what you think of these other advertising 
> >>>options.  I most sincerely appreciate it.
> >>>
> >>>The only other thing I would note at this point is that I am avoiding 
> >>>advertising in-town.  I'm trying to hit the major real estate papers but
> >>>want to avoid skewing my 25 callers with people in town that want to
> >>>"see whats happening", but have zero intention on buying.
> >>>
> >>>Thanks so much,
> >>>
> >>>Regards,
> >>>Brent B.
> >>>
> >>>_______________________________________________
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> >>>
> >>>  
> >>>      
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