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

[Bill Effros]

Carmella,

I know where Blue Bell is, I used to live in Philadelphia.

My guess is that real buyers for homes in Blue Bell look in more local 
media.  They may look in the Philadelphia papers as well, but they 
certainly look in more local media.

With regard to the value of your home, my guess is that it is worth far 
less than you hope.  The banks were over-appraising property so they 
could earn fees by originating new loans.  I would be surprised if you 
could get $925,000 for your home if it has been appraised at $925,000 by 
anyone recently.

The fact that you got so few responses, in 5-Day Method Terms, for a 
home advertised at what think is at least $400,000 under its current 
market value is a reflection of the fact that too few people think your 
home is worth $925,000 right now.

Don't try to prove me wrong.  Think carefully about whether you are 
prepared to sell your home for less than $925,000 at this time.  Don't 
run another 5-Day sale unless you are ready to sell for less.  If you 
think you can get more, list with a broker for a limited time at the 
price the broker believes you can get now.  If you are unable to sell 
for that amount, take the home back from the broker and try another 
5-Day Sale with the understanding that you are unlikely to sell your 
home for more than the broker couldn't get.

If you are truly prepared to sell your home now for what it is worth 
now, you must drastically lower your expectations, start at a magic 
number 50% of that amount, and advertise more locally so that you get a 
"strong" 25 responses by Friday night. 

Bill Effros



carmellat at comcast.net wrote:
> Hi Bill:  Thanks for you advice.  The update of my sale is I received 
> 6 calls by Friday nite, 2 of which were Realtors.  I called people 
> back and told them my open house was cancelled.  On Sat morning, I 
> received 6 more calls.  Have not called them back yet as of 11:30am.  
> As for where the ad ran, Blue Bell is a suburb of Phila, only 30 
> minutes Northwest and the Phila Inquirer is our local major paper.  I 
> guess I could of done the smaller local paper.  For the value of my 
> home, I had gotten 4 appraisels done, within 2 months of each other as 
> part of refinance with banks in Aug, '07 thru Oct, '07 and the values 
> came in at $925,000, $1,000,000, $1,025,000, & $1,200,000.  So I took 
> the average at $1,037,500 and subtracted 500k and advertised my home 
> for $524,500 according to the book.  I can try 499,500 next time.   
> Please advice about price and place of ad. 
> Thanks, Carmella
> ------------------------------------------------------------------------
>
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