Who the heck Priced that House? There is trouble brewing...

By
Real Estate Agent with Godzyk Real Estate Services
http://actvra.in/sdB

There is a war raging and some of you may not even have noticed...yet... Others may be right in the heart of it. As the amount of homes Listed on the market declines sharply and the amount of sales continues to increase we have seen market stabilization in a lot of areas including here in the Manchester NH area. Prices have actually began to rise in segments of our market. 

There are 4 distinct sides in this "War of values". Which side will you be taking? 

1. SELLERS: One of the most important things that can help you sell your home is pricing it right. Using a Full time, Full service, Local and well experienced Listing Agent can give you the advantages you need when selling your home. List prices need to be priced at or near market value. The simple truth is over priced listings are one of the only segments of the market that are not selling.

2. BUYERS: With the amount of homes on the market sharply decreasing and sales continuing to rise there is more competition for homes among buyers. The days of 'Low Ball" offers is near over for owner occupants. Most buyers are learning the hard way losing their dream home by making a low offer. It is important to have an experienced buyer agent who can inform you of local trends and values.

3. LISTING AGENTS: With the decrease in Listings, there is pressure on Listing Agents to provide more service. For agents who have been providing a strong service to the banks throughout the last 4-5 years they are being rewarded as some banks consolodate their agent lists.

4. SHORT SALES: When listing short sales the practice of listing the home "way under market value" to attract more offers is leading to an increase in short sale rejections. This practice should be avoided as it is not helping out sellers who are losing their homes to foreclosure becuase of it.

5. BUYER AGENTS: One of the most important things is for Buyer Agents to inform and educate their buyers about current market conditions. Buyers need to be making better first offers. The offers need to follow any guideleines the seller puts forth in bank owned Sales. Offers should be accompanied with pre-quailification letters and forget the low ball offer if there is a lot of interest in a home.

 

IN CONCLUSION: The moral of the story is whether you are an agent, buyer or seller it is time to wake up, do not get caught snoozing and do not miss the boat. There are still some incredible deals out there. Interest rates are still ultra low "for now". Sellers need to be realistic, buyers need to be more realistic and agents need to be on top of their market to be able to provide the service your clients want and need.

It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.

 

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.

Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!
If you need to sell a home in New Hampshire I can be that agent for you. I strive to provide the best personal and professional service through each step of the selling process.

We stand by you through every step in selling your home.

PLEASE SEE SOME OF MY MOST POPULAR BLOGS

 
 
 
 
ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...

If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.

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Re-Blogged 6 times:

Re-Blogged By Re-Blogged At
  1. Linda Sabo 01/31/2012 09:41 AM
  2. Mott Kornicki 01/31/2012 09:53 AM
  3. Karen Steed 02/01/2012 10:26 AM
  4. Jimmy Phan 02/01/2012 11:49 AM
  5. Steve Facella 02/01/2012 05:06 PM
  6. Gene Riemenschneider 02/02/2012 10:57 AM
Topic:
Real Estate Sales and Marketing
Location:
New Hampshire Hillsborough County Manchester
Groups:
BananaTude
Bartender, Make it a Double
Diary of a Realtor
POSITIVE ATTITUDE for the Weary Soul
RealtorsĀ®
Tags:
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Great Post Scott, I plan to share this info with other agents and even some of my customers.

Feb 01, 2012 09:45 AM #55
Rainmaker
161,924
Karen Steed
Tallapoosa, Bremen, Waco, Buchanan, Temple, Carrollton - Tallapoosa, GA
Associate Broker Haralson Realty licensed in GA and AL

Hi Scott, great post.  It touches on many issues we face today.  With a cut back in inventory levels, many homes here are going to multiple offers, and it is hard to explain to buyers how that works, until they lose a home or two.  Definite re-bloig.

Feb 01, 2012 10:30 AM #56
Rainer
107,330
Ric Mills
Keller Williams Southern Az - Tucson, AZ
Integrity, Honesty, and Vast Real Estate Knowledge

The word is "SHIFT".  The market is always moving and you need to move and adapt with it or before you know it you are out of business.

Feb 01, 2012 10:46 AM #57
Rainmaker
342,121
Shanna Hall
Real Estate Solutions - Kirkwood, MO
I love selling houses!!!St. Louis, MO 314-703-1311

Where is the LIKE button!!!  Well said my friend!!!!

Feb 01, 2012 11:31 AM #58
Rainmaker
332,941
Carolyn Roland-Historic Homes For Sale In Delaware, Cecil County, and S. Chester County
Patterson-Schwartz Real Estate - Wilmington, DE
Carolyn Roland, GRI, CRS

Many valid points, but not every market is the same. In New Castle County, Delaware, listings were up 14% last year, and sales were up 20% while prices were down 20%. So this shows that when prices meet the market, houses sell.

Feb 01, 2012 11:32 AM #59
Rainmaker
668,392
Wayne and Jean Marie Zuhl
Hallmark Realtors - Clark, NJ
The Last Names You'll Ever Need in Real Estate

The benefit of using an experienced agent is that your home will be priced correctly to sell quickly rather than sitting on the market! Thanks for a provacative post!

Feb 01, 2012 11:48 AM #60
Rainer
40,162
Jimmy Phan
KELLER WILLIAMS REALTY IN MOORESVILLES, NC - Hickory, NC
Phan real estate group in hickory

" Sellers need to be realistic, buyers need to be more realistic and agents need to be on top of their market to be able to provide the service your clients want and need."

 

very well said there Scott

thanks for sharing

jimmy phan

Feb 01, 2012 11:48 AM #61
Rainer
27,563
Bridget Magnus
Prudential Americana Group, REALTORS - Las Vegas, NV

The days of buyers making low-ball offers and getting them accepted ended a few years ago here in Las Vegas!

Feb 01, 2012 12:12 PM #62
Rainer
129,476
Debora Nichols
Residential Sales, Purchases, Investors, Vacation Homes - Phoenix, AZ
Realtor Anthem,Phoenix,Scottsdale,Glendale,Peoria

From your lips to their ears.  No matter how hard we try, Buyers still don't want to believe the market has changed. I guess they want to learn the hard way.

Feb 01, 2012 12:31 PM #63
Rainmaker
827,100
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

Great job handling the story from all angles & all parties involved. It is true that some buyers just don't get that maybe the low ball offers are no longer appropriate in some areas. Glad things are changing for the better in your area.

Feb 01, 2012 01:34 PM #64
Rainer
121,773
Ann Wilkins
East Bay Sotheby's International Realty - Oakland, CA
Oakland, Berkeley, Piedmont CA

Great article.  Our area is also faced with reduced inventory so most any nice home gets multiple offers.  I have an out of state client who wants a "bargain".  We have tons of bargains but they are the homes that have the horrible location, the miserable floor plan or the giant electrical towers in the backyard.  The well priced attractive homes seem to go within the first two weeks.

Feb 01, 2012 02:16 PM #65
Rainmaker
1,127,827
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

MIKE Thank You for your comment, It is important for buyers to know that teh market has changed and they need to change with it to keep getting the best deals.

KIM it is very important for agents to educate their clients with what is going on in tehir area and how best to approach an offer.

GRETCHEN you are so right, experience is most important to use the correct comps to obtain value.

ED hopfully your area improves soon. We are seeing large improvements here in NH. In any market good or bad, pricing is always key in attracting buyers.

CHRISTINE homes not priced right seem to be the ones sticking around for very long days on the market if ever selling.

GREG it took the main stream media 2 years to call a recession so i would anticipate 2 years from now they will tell us we are out of the woods.

CHARLIE I agree, even here there are differences between what is considered desirable neighborhoods and less desireable neighborhoods that have huge swings in price for similar sized and conditioned homes.

RENE Thank you!!! Price is key

Feb 01, 2012 02:25 PM #66
Rainmaker
207,112
Woody Edwards
First Choice Realty, Inc - Chesterfield, VA
A RealtorĀ® Who Answers His Phone!

Bottom line.......A house is worth what somebody is willing to pay for it!  I wish the banks dealing with short sales would get that through their thick skulls!

Feb 01, 2012 10:13 PM #67
Rainmaker
1,273,078
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I could have taken pages and pages ranting on that kind of stuff and summed it up very well.  This is Amazing.   I don't think I have seen you before but I am really impressed with what you wrote and how you wrote it.

Feb 01, 2012 10:14 PM #68
Rainmaker
363,738
Sylvie Stuart
Keller Williams Check Realty 928-600-2765 - Flagstaff, AZ
Home Buying, Home Selling and Investment - Flagstaff, AZ
I like the way you approach it from all angles, the market is definitely changing and people on any side of the transaction need to be aware of the changes and how to buy or sell a home now
Feb 02, 2012 08:28 AM #69
Rainmaker
217,742
Patricia Beck
RE/MAX Properties, Inc., GRI, CDPE - Colorado Springs, CO
Colorado Springs Realty

When an agent practices #4, it wastes everyone's time and puts the seller at risk.  Agents need to educate their buyers more than ever now (#5)

 

Feb 02, 2012 10:55 AM #70
Rainer
33,948
Brian Dodds
Coldwell Banker Willis Smith - Oriental, NC - Grantsboro, NC
Sale or Sail? We do both!

Down here in coastal NC we still have a lot of overpriced homes on the market, some for over 1,000 days! Don't understand why some agents aren't suggesting that the listing be taken down for 90 days, review the CMA based on current sales and relist at a realistic price. Buyers here still have some bagains, avg sell to list is 94% and I just sold one at 88%.

Educating unrealistic sellers is still very important, but the message often falls on deaf ears.

Feb 02, 2012 01:59 PM #71
Rainmaker
640,754
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Wow Scott!  Great blog tarketing sellers, buyers, etc.  I liked the list of great blogs and the cal to action for short sales!

Feb 03, 2012 06:10 AM #72
Rainmaker
173,465
Dan Derito
Success! Real Estate - Brockton, MA

Good post Scott.  Price it right and hold on tight.  The market will tell the seller what the correct value is.

Feb 03, 2012 08:16 AM #73
Rainer
62,577
Gloria Matthews
Principal Property Brokers - Vancouver, WA

I ran into a case last summer where the listing agent said the BANK told her to reduce the listing price, and then would counter 20% higher, and had several offers walk.  it certainly discouraged me and my buyer from playing the game.   DO they not know that a listing is a contract and an offer to sell at that price?  fortunately I think this practice has fallen away...but 

Feb 03, 2012 01:35 PM #74
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