[5-DayForum] Market not good

[Bill Effros]

Jim,

Start at 50% of what you think you'll really get, dropped down to $500 
below the next lowest $5000 mark.

So,

You already know you can't get $45k.  Do you honestly believe you can 
get $40?  You've only got $29K in it.  2 years ago it was possible to 
buy a home in this town for $12K.

If you offer it for $19,500 will people will leap at it?  Or will they 
say "Big Deal...they bought it for $12K when the market was good, we'll 
wait for it to come back down to $12K"?

Will they leap at $14,500?

Will they leap at $9,500?

You've got to find the price they leap at.  25 calls by Friday night 
tells you you're at that price.

In past real estate downturns it has always been possible to find a 
starting price that would prompt 25 calls by Friday night, no matter 
where the property.  Is this one different?  So far, everyone has been 
able to find the price where they could sell their homes.  They might 
not have liked the price, but if they didn't take it 6 months ago, they 
wish they had.

Bill Effros



James Cone wrote:
> We are in central minnesota. We bought a 2nd home to fix up and sell 
> two years ago in a small town. Paid 12k for house, put 17 into it. 
> Last fall broker listed property for 49900. No sale. We put our own 
> FSBO sign up and tried selling for 45k. Few lookers buy no sale. We 
> are now reading the 5 day sale book and will be doing a 5 day sale on 
> the property at the end of sept. Will be using 24,500 as price in AD. 
> We paid cash and have no leins on property but will be taking. The 
> house has been redone in and out and is a very nice house (2 br 1 bth, 
> 900 sqft) but location ( small town) and real estate market in 
> Minnesota are big negatives. The slump  here hit hard a year ago and 
> shows no sign of letting up so I would avise anyone who is considering 
> waiting to do a sale that you will have a long wait. If you can afford 
> to do a 5 day sale do it. You're not going to be in a better position 
> 6 months or a year from now.
>  
> The 5 day sale looks to be the best option for us. We'll find out.
>  
> jim
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