[5-DayForum] Market not good
Bill Effros
bill at effros.com
Wed Sep 5 08:59:08 EDT 2007
Jim,
You can start with the higher price if you are prepared to cancel the
sale and drop to the lower price on a subsequent weekend. This will
not hurt your sale, but will cost more. If you are not prepared to do
this, go directly to a rental. I don't have time to explain 5-Day
Rentals any better than I have at this point, but they are essentially
the same as 5-Day Sales except they say "rent" where you would put
"sell" in a traditional 5-Day ad.
I believe the rental market should be healthy in most places, but it may
be a long time before home prices rise above their present levels, so it
doesn't pay to hold onto property at a loss. That is not your
situation, so you might think of going directly to a rental instead of
offering to sell a home at what you know is a bad time.
Bill Effros
James Cone wrote:
> It would rent for $350 to $450 a month. I'm still discussing the lower
> initial price with my wife.
>
> jim
>
> ----- Original Message -----
> *From:* Bill Effros <mailto:bill at effros.com>
> *To:* How To Sell Your Home in 5-Days
> <mailto:5-dayforum at mailman.howtosellyourhomein5days.com>
> *Sent:* Monday, September 03, 2007 4:48 PM
> *Subject:* [SPAM] Re: [5-DayForum] [SPAM] Re: Market not good
>
> Jim,
>
> Starting lower will get you a higher price. You don't have to
> take it, but if you start low enough to get those 25 calls you can
> find out what you can sell your property for in the current market.
>
> What would that home rent for?
>
> Bill Effros
>
>
>
> James Cone wrote:
>> We bought it for 12k because it needed a lot of work. It had a
>> tax value at the time of 17k. Homes the same size and makeup are
>> getting 35k in the area without any upgrades.
>> We will try the 24,500 to see what kind of response we get. If we
>> don't get the 25 calls we will then cancel the sale and rent it
>> out for the winter and try again in spring. We don't
>> owe anything on peoperty so we're not drastic to sell. We'll see
>> what happens.
>>
>> jim
>>
>>
>> ----- Original Message -----
>> *From:* Bill Effros <mailto:bill at effros.com>
>> *To:* How To Sell Your Home in 5-Days
>> <mailto:5-dayforum at mailman.howtosellyourhomein5days.com>
>> *Sent:* Monday, September 03, 2007 3:53 PM
>> *Subject:* [SPAM] Re: [5-DayForum] Market not good
>>
>> 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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