In a "sagging market" such as the one we are currently in, market value is constantly changing. What was $30,000 below market value may change to being at the average price very quickly. Contact an agent and request an up to date CMA to determine its current value.
The "Eckler Team"
Although you say your home is $30,00 below market price, is that below today's market price or below the prices of the market a couple of years ago?
A lot depends on the location and price of house now. Many people are finding it hard to purchase anything over about $150,000, and most of the recent sales have been on homes that were priced under $100,000.
Are you in a position to hold the mortgage yourself? This would perhaps save the buyer the closing cost fees enough to be able to purchase for a higher sales price.
Do you have the house listed in MLS? Statistics state that 85% of the homes sold are listed in a multiple listing service. The MLS give your home greater exposure. The more people who know about your you house the more people are qualified will look at it and more are likely to make an offer.
The Winter Haven market has been slow, but is beginning to pick up some now. Is there anything about your house that would set it apart from the crowd - something that you especially like or that you think is something that a new Buyer would like? Put yourself in the Buyer's shoes. Would you buy your house today (with current economic conditions like they are) in the condition it is in in the neighborhood where it is located and for the price you are asking?
If I knew the location, age, condition, special features, etc. I could tell you more. I lived in winter Haven for 35 years and am familiar with the area, but all of those things are significant in different ways and in differing amounts.
H& M Realty of Polk County
If Will can't help you, and he probably can, give me a call. We also have a program where we work with the bank to get them to take less that what is owed as a payoff. As Will said, the home must be overleveraged, as well as some other factors to fit our program. Feel free to contact me at email@example.com. You can check out our site too.
Just because it is $30K below market does not mean it will sell. The best way to know if your property is priced right is to do a CMA Comparative Market Analysis and see what your competition is like. Price is critical, but also condition and location.
How many shortsales or foreclosures are there in the neighborhood? This will also have a bearing on your property.
Make sure the property is listed on the Realtor MLS system. You can go with a discount listing service but you will still need to offer at least 2% to the buyer's realtor. I wouldn't recommend just trying to sell FSBO in this market.
In order to achieve quick results in a slow real estate market such as the one we are currently in there are several variables which need to be addressed. One of which is price. You must be competitive with comparable properties or better yet, priced ahead of the declining market. You may have this aspect taken care of already. Secondly is exposure. It is imperative in a slow market not to lose sight of the fact that there are still buyers out there, but they are much more diversified. Therefore, you must cover as many resources potential buyers use in an effort to better your odds.
Listing a property on MLS is one way to gain that exposure, but listing with a top-producing Realtor at an established brokerage further ensures that your property will gain maximum exposure and will not be lost among the thousands of competitive listings.
Michael A. Stone, Multi-Million Dollar Producing Realtor
The Stone Team - Ranked in the TOP 7% of all Coldwell Banker agents in the World!
Coldwell Banker Residential Real Estate LLC
290 Cypress Gardens Blvd - Winter Haven, FL