MARKETING PROPERTY IN CROMWELL CT

By
Real Estate Agent with Johnson Real Estate, Inc.

Marketing property in Cromwell CT is a challenge, as I am sure it is everywhere.  When it comes to doing a market analysis on a condo here in Cromwell where there haven't been many sales, it takes digging and a lot of evaluation to come up with a listing price on a home.

If a Realtor comes in way too high, there is a good chance they are *buying* this listing, and it will NOT sell anywhere near the sales price.  Most likely it will sit there, and they will have to reduce the price, probably well below where it should have been priced in the first place in order for it to sell.

I have a buyer that is looking to purchase a condo in a complex here in Cromwell.  The unit I showed her last evening she instantly feel in love with it, however it is not FHA approved which is how she is going.  Does this stop me, NO.  I call the listing agent to see if we can work together to get this complex approved.  This would help in marketing property in Cromwell by having this complex on the FHA list.  It would also benefit not only *our* clients.. but future buyers and sellers looking to live in this condo complex.

Before calling the listing agent, I did a quick analysis of what has closed in the area (not just this complex) in the last 3 to 6 months.  I was trying to get an idea of what an appraiser might come up with.

Everything I pulled in would not substantiate the list price,  I came in $20K less. 

I'm sure the sellers are looking to move on, as much as my buyer is looking to move in.  So I call the listing agent to see what comps she used so we can make this deal work.  She told me that she took in regard the "LIFESTYLE" of the complex when pricing the home... along with what other listings are currently priced at.  As far as closed properties she took other units that were two bedrooms, but almost twice the square footage (and did not make an adjustment for the difference).

What I am asking here is for all appraisers to let me know, and correct me if I am wrong, when did you start taking into value of a property the LIFESTYLE of a complex and the number of bedrooms, without making adjustments to the square footage?

To all Realtors... do you feel that this property will sell for $20k more than a condo did a year ago that is identical to this one in the same complex?  Knowing where the economy is today, and how the trend is not coming back in leaps and bounds.. how do you substantiate having property values gone up by over 15% in a year?

 

FOR ACCURATE INFORMATION ON REAL ESTATE... CONTACT YOUR LOCAL AGENT 

 valerie osterhoudt

Info about the author:

Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, which includes Cromwell, Rocky Hill, Berlin, Middletown, Wethersfield, Newington, as well as all other surrounding areas.  Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.  

For real estate.. all you need to know, is VALERIEO  

If you're thinking about buying a home in Cromwell CT area, there are plenty of great buys in today's market.  There is no better time than now to take advantage of these homes while interest rates remain at an all time low.  For more information on Cromwell CT real estate's homes and/or condos please visit Johnson Real Estate to access the newest listings.

 Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.883.8889 cell - valerierealtor@sbcglobal.net

 Copyright ©2010 - By Valerie Osterhoudt, ABR - All rights reserved...... ***MARKETING PROPERTY IN CROMWELL CT***

Posted by

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Valerie Osterhoudt, ABR
(Accredited Buyers Representative)

Is a Full Time Realtor® with with Johnson Real Estate, in Cromwell, CT who specializes in Homes and Condos For Sale in the Middlesex and Hartford Counties in CT.

VALERIE OSTERHOUDT REALTOR IN CROMWELL CT

valerie osterhoudt

Valerie Osterhoudt, ABR ~Johnson Real Estate, Inc.
cell:  860.883.8889

email: Valerie Osterhoudt, ABR

website: www.CTrealtorMLS.com

 

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Topic:
ActiveRain Community
Location:
Connecticut Middlesex County Cromwell
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Posts to Localism
Tags:
marketing property in cromwell ct
property values in cromwell ct
pricing homes in cromwell ct
homes in cromwell ct

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Rainer
171,789
Lisa Orme
Broker/Realtor, ABR, CRS,GRI, PSCS, SFR, Notary Pu
The Master's Key Realty LLC -Windsor, CT - HARTFORD COUNTY

Good luck with this one Val...you have a couple of issues here, as I'm sure you know. Getting the property on the FHA list is one thing...getting the seller to see reality if the listing agent isn't aligned with where the market is...now that could be a tough one...hope the seller really wants to sell and the agent sees reality.  You might want to present your offer and comps to the seller yourself...

August 04, 2010 05:40 PM
Rainmaker
591,254
Valerie Osterhoudt
ABR, Cromwell, CT Real Estate ~ 860.883.8889
Johnson Real Estate, Inc.

Lisa.. I can't go directly to the seller... but time is on our side.  I've put a call into the management company to see if they are, or plan on applying for FHA.  This property being over priced WILL sit there, which means they will have to lower it or it won't sell.  So in a few weeks we'll check back, but we will continue to look at other properties in hopes of finding one that my client likes just as well as this one.

August 04, 2010 06:24 PM
Ambassador
1,776,661
George Souto
Your Connecticut Mortgage Expert
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut

Valerie, "Life Style" that is a good one ........... LOL

I can see the look on an Underwriters face if an appraisal was to come with added value for "Life Style",  that picture would be priceless ............. LOL

August 04, 2010 10:13 PM
Rainer
171,789
Lisa Orme
Broker/Realtor, ABR, CRS,GRI, PSCS, SFR, Notary Pu
The Master's Key Realty LLC -Windsor, CT - HARTFORD COUNTY

Val, I didn't mean to go outside of our scope and go directly to the seller, but rather to tell the listing agent that you wanted to present your offer personally. While you can't do any direct negotiation with the seller, you CAN show the seller the comps you shared with your buyer, and then present their offer and excuse yourself.  Let the selling agent handle explaining how your comps fit into the equation...

August 05, 2010 12:38 PM
Rainmaker
591,254
Valerie Osterhoudt
ABR, Cromwell, CT Real Estate ~ 860.883.8889
Johnson Real Estate, Inc.

George.. There was an open house at this condo today... Can't wait until tomorrow to see if it is still available.  Want to wager on it?  LOL.

August 08, 2010 04:46 PM
Rainmaker
591,254
Valerie Osterhoudt
ABR, Cromwell, CT Real Estate ~ 860.883.8889
Johnson Real Estate, Inc.

Lisa.. That is a good idea.  However after our last conversation I am letting things sit for a while.  She is adamant about it being far.  I want her to sit on the property for a while before I approach this.  My client wants me to wait too.  This way we might be able to negotiate more instead of jumping on it since it was just listed.

August 08, 2010 04:48 PM
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Rainmaker
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Valerie Osterhoudt

ABR, Cromwell, CT Real Estate ~ 860.883.8889
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