[5-DayForum] Steve Ehlers -- Advice needed on pricing

[Bill Effros]

Nick,

Steve Ehlers is a Florida Builder who sold a home a couple of months 
ago.  He has been monitoring your market for a while.  I don't know if 
he's still on the list.

Steve, do you think your buyer could now sell the house you sold him for 
what he paid?

If you were Nick, where would you start?

Nick,

Go back into the archives and search for Steve Ehlers.  (When you sort 
by author they are alphabetical by last name.)  Read pretty much 
everything he said.  He was thinking out loud on the list, and you can 
see his thinking change as he started to grasp the magnitude of the problem.

I would start your home at $249,500 in any case.  People in Florida have 
been starting at what they consider absurd prices and failing to get an 
honest 25 calls by Friday night.  At that price, if your price is right, 
they should be flooding you with calls.  If not, pull the plug on the 
sale before you start the inspection so you can figure out what you're 
going to do before you back yourself into a corner.

Bill Effros



Nick Ellsmore wrote:
>
> Bill
>
>  
>
> My thinking was to give $100k off the appraisal price. I have a 30 day 
> appraisal that says it is worth $650k, so I figured wanting to get 
> only $550k would be ok. That would be a good deal for someone, being 
> $100k off the price. So was going to start the bidding / ads at 275k.
>
>  
>
> Regards
>
>  
>
> Nick
>
>  
>
> ------------------------------------------------------------------------
>
> *From:* Bill Effros [mailto:bill at effros.com]
> *Sent:* Friday, August 31, 2007 10:19 AM
> *To:* How To Sell Your Home in 5-Days
> *Subject:* Re: [5-DayForum] Advice needed on pricing
>
>  
>
> Nick,
>
> Home prices are taking a hard fall everywhere, but we heard about it 
> first in Florida.
>
> You are not getting responses because you are not going to get 
> anywhere near $550,000, and $275,000 doesn't sound like such a great deal.
>
> Pull the plug on this, and decide what you are going to do.
>
> I hate to always be the tough love guy, but I call them as I see them.
>
> There are plenty of people on this list in the same boat you find 
> yourself.  Everyone is floundering about what to do next.  Nobody 
> knows the answer, but I think it would help us all if we discuss it 
> openly.
>
> There is no point in running a 5-Day Sale just to find out what we 
> already know.  The 5-Day Method will tell you the market price of your 
> home in 5-Days.  Right now the market is terrible, but we have known 
> that for 6 months, the rest of the world is just finding out.
>
> The "quick fixes" proposed by legislators are not going to work.  The 
> government can't control the market.  5-Day Sellers can put their toe 
> in the water any time they like, but we already know our homes are not 
> going to sell for the amount we would like to get, and things are 
> likely to get worse before they get better.
>
> Let us know what you're thinking, and we'll let you know what we're 
> thinking,
>
> Bill Effros
>
>
>
>
>
> Nick Ellsmore wrote:
>
> Hi Bill
>
>  
>
> Thanks for the quick reply.
>
>  
>
> I am in Sarasota Florida, yes the pocket of houses does have a name. 
> The Oaks, at Woodland Park.
>
>  
>
> Regards
>
>  
>
> Nick
>
>  
>
> ------------------------------------------------------------------------
>
> *From:* Bill Effros [mailto:bill at effros.com]
> *Sent:* Thursday, August 30, 2007 10:43 PM
> *To:* How To Sell Your Home in 5-Days
> *Subject:* Re: [5-DayForum] Advice needed on pricing
>
>  
>
> Nick,
>
> Where are you?  Please provide more detail.  Does the pocket of 
> expensive houses have a name?  Did you use it?
>
> Bill Effros
>
>
>
> Nick Ellsmore wrote:
>
> Hello
>
>  
>
> I have a house that has an appraisal at $650k, that I am hoping to 
> sell for $550k. The problem I have is that this house is in a small 
> pocket of expensive houses, and so when I advertise it for sale at 
> $275k (50% of 550k), people are thinking it is on one of the 
> surrounding streets, which only sell for that amount anyway. So my ad 
> is not attracting enough people because they don't think $275k is 
> particularly good price. However if they knew it was in this street 
> then they would know it was a good price.
>
>  
>
> Your help and comments are appreciated.
>
>  
>
> Regards
>
>  
>
> Nick
>
>  
>
>  
>
>  
>
>  
>  
>  
>
>
> ------------------------------------------------------------------------
>
>
>  
>  
>  
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