What's Happening 1-7-12

By
Real Estate Agent with Silver Star Real Estate LLC 67090

Good morning! Beautiful day and we warmed back up nicely. Supposed to be in the 60's today and it is sunny. Perfect weather for looking at homes.....

I hope it is this nice tomorrow. My wife and I are going to see my Mom tomorrow and take her out to lunch for her birthday. I think we are going to eat at one of her favorite seafood restaurants. And Dad and my sister will be there so it should be a great Sunday.

I just got through with the initial posting of our newest listing. Since I do most of the internet marketing for Silver Star, I know what works and what doesn't as far as getting people to click, call or email.

Over Pricing is a Death Sentence for a New Listing

If a home is priced to match the current market conditions and not some delusional fantasy, then it will get more interest from buyers. If a person wanting to sell their home thinks that they can "just try" a price that is well above the listing price we suggest, then we know we are dealing with someone that wants to LIST their home and is not motivated to SELL their home....

There is a difference.....

Your home must be priced correctly from day one, it must be in tip-top condition and it must be easy to show. Those are the facts and anything else is just shooting yourself in the foot. Maybe it sounds harsh but it is the truth.

If you want a real estate agent that tells you what you want to hear then we are not going to be the right fit for you. Sadly too many agents "buy" a listing by agreeing to an overpriced listing.

Overpricing a home means it will just sit on the market longer. When it sells, if it sells, it is quite likely it will sell for less than the listing price we suggested long long ago. Sure we can waste our time by driving buyers away with a crazy list price....

OR

We can generate excitement with buyers by pricing a home correctly!

Correctly pricing a home gets serious qualified buyers interested in your home now!

Every month that your home does not sell is another month of payments, taxes and insurance out of your pocket. The banks call this "holding costs". Banks price foreclosures low because they want them to sell. They do not want to wait and wait and wait....

Have you heard the phrase Days on Market? That means how many days a home was on the market from the first time it hit the MLS until it sold. In November the average Days on Market for all homes sold was 161 days in Upstate SC.

Ask yourself if you want to be average....

Do you want your home to sell in 5 months....

Or do you want your home to be under contract in less than a month?

A big part of how long it takes a home to sell is the price. Sure, there are many many factors we have to get right to ensure a home sells quickly and for the best possible price given local market conditions. But in today's market, price is number 1!

Another factor that helps homes to sell is sadly beyond your control....

Mortgage Rates

Mortgage rates have a dramatic effect on what a buyer can afford. People like to talk about how low rates help buyers but the truth is low mortgage rates ALSO help sellers...

You see if rates go up, that means there are going to be fewer buyers that are able to afford your home. In real estate, we often talk about affordability. Affordability has to do with prices and incomes but it also has to do with mortgage rates.

Right now, mortgage rates are super low. How low? Check out the Mortgage Rate Update for 1-7-12

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Mark Brian

Anderson SC Realtor
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