[5-DayForum] Market not good

Wed Sep 5 10:47:05 EDT 2007

Jim,

I concurr.? If you can get $400 (mid point of your range) you'll be grossing an annual return of 16% on your investment.? It's pretty hard to beat that kind of return.? Even adjusting for expenses you'll probably be making at least 10-12%

David Cron

-----Original Message-----
From: Bill Effros <bill at effros.com>
To: How To Sell Your Home in 5-Days <5-dayforum at mailman.howtosellyourhomein5days.com>
Sent: Wed, 5 Sep 2007 5:59 am
Subject: Re: [5-DayForum] Market not good

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 

To: How To Sell Your Home in 5-Days 

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 

To: How To Sell Your Home in 5-Days 

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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