[5-DayForum] DEAD IN LAS VEGAS

[Lynn B]

We tried the 5-day in Las Vegas the first weekend in Nov.  After much
research about where to advertise (came to the same conclusion you did-the
Review Journal is the only paper people read. We put the ad in two
categories-Open Houses and in one of the price point categories.  We also
put an ad in a Hispanic paper with no response, Craig's list, an online Las
Vegas Classifieds similar to Craig's list that said the ad was among the
most looked at in the two days after we placed it, and 5 other online sites.
We had 9 calls all together, some from real estate agents. Of course, we
called the sale off. After conferring with Bill and the Forum, we put the
price point below half of what the market value is-not what we wish we could
get from the house, not half of what we paid for it, but less than half of
the median of what we know other houses very similar to ours are going for. 

 

The issue is the deep trouble the market is in out there. We had our house
on the market for a year before we took it off to try the five day. We
weren't sure how it would go, but we wanted to be in action. We were very
committed to the 5-day process and did it by the book. 

 

After we got out to Vegas-we live in another state- and after the sale
didn't go, we talked to several people, professionals and other homeowners.
In our development alone there are 157 houses for sale. 30 have floorplans
within 100 sf. of ours. They are all less than 3 years old. Of the 30, 18
are priced under $300,000. Some of those are foreclosures and have been
trashed, but others aren't. We bought ours for $361, had almost $100,000
equity in it when we bought it, and now, according to a couple of agents, it
could be put on the market for $320,000 and maybe get $308,000 or less.  One
agent said the market has dipped 48% this year. 

 

 

Lynn

 

 

 


Lynn Baskfield

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Photo by Jim Earley <http://www.trailblazercoaching.com/> 

 

 

 

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From:
5-dayforum-bounces+coachlynnb=comcast.net at mailman.howtosellyourhomein5days.c
om
[mailto:5-dayforum-bounces+coachlynnb=comcast.net at mailman.howtosellyourhomei
n5days.com] On Behalf Of Bill Effros
Sent: Friday, November 09, 2007 4:31 PM
To: How To Sell Your Home in 5-Days
Subject: Re: [5-DayForum] DEAD IN LAS VEGAS

 

Jim,

Pull the plug!

Either the starting price was too high, or you advertised in the wrong
places.

Figure out which it is before investing in more advertising.  

Bill Effros



FKSYBARITE at cs.com wrote: 

It's Friday, 1:00pm in Las Vegas, and I have had only 3 phone calls, so I
don't predict the phone will start ringing off the hook.  Is this normal,
and the phone will start ringing soon? Or, is it time to call off the sale.
I advertised in the Review Journal newspaper, the biggest newspaper in Las
Vegas, and in my past 25 years, the only newspaper anyone really reads, or
responds to ads with any sincerity.  There are a few throw away papers, but
they always attract the bottom dwellers if any at all.
Of course, the market is really dead here (is this the same as everywhere?).
Any other ideas where to advertise in Las Vegas?
Thanks, ya all. 

 





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