[5-DayForum] 5-day sale in PA update

[Bill Effros]

Carmella,

Yes, you should be worried, and you should almost certainly postpone 
your sale, even if, by some miracle, calls start pouring in.

Either your starting price is too high, or, more likely, you are not 
advertising in the right places.  You should be advertising much closer 
to Blue Bell, where your ad will be seen by people who understand the 
value of Blue Bell real estate better, and would certainly call about 
any home valued half a million dollars under market.

Start at $499,500 if you honestly believe you can get over a million 
dollars in today's market.  Banks have demonstrated a spectacular 
ability to over-estimate the value of homes as you may have read 
recently in newspapers.

Provide more particulars about your property and why you think the bank 
valued your home as they did.  There are people on this Forum from the 
Philadelphia area who may respond with local knowledge.

In any case, don't continue with your 5-Day sale this weekend, as it 
will not go well, even if you get 25 by Friday night.  Tell everyone you 
are postponing until ??? and that you will get back to them.  Then let's 
figure out if your price is too high, or if you have advertised in the 
wrong places.

Bill Effros





carmellat at comcast.net wrote:
> I doing my 5 day sale this weekend of Nov 10 & 11th.  Ran my ad in 
> Phila Inquirer starting Wed, Nov 7 to Sun Nov 11th.  I paid $607 for 
> ad and will run on philly.com and Phila Daily news as part of 
> package.  I just had a recent appraisel done 2 weeks ago by a bank for 
> $1,025,000 and so I put in my ad the price of $524,500 for 5BR, 
> 6.5Ba,over 6000sq ft., 83 lot in Blue Bell.  I only received one call 
> so far on Wed.  It is now Thurs after 2pm and no calls.  Yes, I'm 
> getting worried.  I'm hoping that I get more calls on Friday, if not, 
> I will be cancelling the open house and try another time.  Should I 
> advertise it for $474,500 next time? Will keep you posted.  Any advice 
> is much appreciated.  Thanks for all the great info on this 
> forum. Carmella
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