Home Selling in Philadelphia>Question Details

Harlemhome, Home Seller in 10039

Are there any agents who have clients interested in the West Philadelphia Area? Or Investment buyers looking for a deal?

Asked by Harlemhome, 10039 Sun Aug 22, 2010

I am ready to sell my property and I want to have to right buyer. But the property has been listed for a long period of time. What can be done to revitalize the sell of this place and get in the hands of someone who really wants it?

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Answers

9
Hi Harlemhome,

I specialize in investment properties. I work with many investors to purchase and manage properties for a good ROI. The many answers below are all correct. There is no such thing as a bad property, only the wrong price for it. If the property has been marketed properly and doesn't get many showing requests, your listing price is too high.

It has to make sense for a buyer. What could the house rent for? How much would it take to renovate the house? What would it really sell for once renovated? The ARV (After Repair Value) of the home less 25-30%, less cost of renovations = realistic sales price to investor in current condition. If an investor can't flip for a 20-30% margin, it isn't worth spending time on the project. Likewise if it can't be rented for a reasonable positive cashflow.

Please feel free to call me to discuss your situation. I may be able to help you sell the property quickly. I look forward to speaking with you soon.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Direct CELL (267) 254-7994
LarrySellsRealEstate@gmail.com
1 vote Thank Flag Link Mon Aug 23, 2010
I have two buyers looking for good property with income potential.

Bruce lang
Cold well banker realty
215-735-0700
Blang@cbrca.com
0 votes Thank Flag Link Mon Feb 7, 2011
Please contact me, I buy about 6 properties per year in West Philly, we pay cash
and can settle fast 610-642-0347 I can look at i on Monday Michael Cohen
0 votes Thank Flag Link Sun Oct 17, 2010
The house should be priced right, should show well, be in a good location and marketed well. Your agent must have suggested tips and pricing guidelines. You might want to reduce the price and get comps regularly because new listings and foreclosures and short sales might have come up on the market.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Sat Sep 4, 2010
Hi,

If you are ready to sell your property then you have to ask yourself two questions.

1. Am I the best priced home in my area?

2. Does my price reflect the current condition of my home?

If the answer to both of these questions is NO, then you will not sell your home. Buyers want a home that is a value not an expense. Go to my website for more information about what you need to do to get sold.

CENTURY 21 Alliance
2009 Multi-Million Dollar Producer
2009 Quality Service Award winner
Web Reference: http://www.theparealtor.com
0 votes Thank Flag Link Wed Aug 25, 2010
Dear Harlemhome-
Having a property on the market for a long period of time can be frustrating; you question your current agent and the actions that have taken on your behalf.

In a marketplace that has multiple listings, all with similar features and benefits; the homes that will garner the most attention (and offers) are the ones that give the best value. The position your property competitively in the market, your agent should have priced the house accordingly.

For example, if there are two TVs, both are identical, one is priced at $100 and the other is $300, which would you choose?

If your home is price competitively, then it needs to “show” well. If you currently live in the home ways to make it appeal to potential buyers; de-clutter and clean up, give the home personality without making it personal.
The reason you want to make your home "anonymous" is because you want buyers to view it as their potential home. When a potential homebuyer sees your family photos hanging on the wall, it puts your own brand on the home and momentarily shatters their illusions about living in the house themselves.
Put away family photos, sports trophies, collectible items, knick-knacks, and souvenirs. Put them in a box. Rent a storage area for a few months and put the box in the storage unit.
Price it right and show it well, that will get the home sold.

Michael Kind
Coldwell Banker Preferred - Old City
0 votes Thank Flag Link Mon Aug 23, 2010
Hello Harlemhome,

Your home is listed, but is it listed with an agent who is giving you MAXIMUM exposure? How many websites are you featured on? Are there 25 pictures of your home on Realtor.com? Do you have a video and a virtual tour of your home and its neighborhood? What other things has your real estate professional done to market your home.

Believe it or not, many real estate agents still think all they have to do is take the listing and then put it in the MLS. It takes much more than that. Telling you to cut the price may be a possibility, but before doing that you should be diagnosing what the true problem is. If you want to check out values and activity in your neighborhood just go to http://www.carolworks4you.com and get a free market snapshot sent directly to your email address.

If you want to discuss this further, please let me know. Good Luck.

Carol Cei
ReMax Action Realty
215-643-9661
215-358-1100x1223
0 votes Thank Flag Link Sun Aug 22, 2010
I would agree, a price improvement is a potential step. You see Hariemhome, there is only two major things that sell homes. One price and two condition. You may not have know this but when you put your property up for sale you actually entered it into a competition. You see, buyers typically look at 10-12 properties before writing an offer. And which ones do you suppose they write offers one? The ones that present the most value.

Value in the eyes of a buyer is relative to the other homes that just looked at. So if you home isn't selling then there must be other properties like-in-kind on the market that are either A) priced below yours for comparable condition or B) in much better repair or staged better than you property for the same price.

In either case, if you want/need to sell you home and you want to do it now make a price improvement (this will give you more buyers because now there will be a larger pool of buyers will be able to afford your home) and make sure your home looks nicer than all the others, i.e. your competition.

A good rule of thumb is the 20/20 rule. Homes that are in the top 20% of condition and the bottom 20% of price will generally be the homes that are selling in any given market.

Hope you find this helpful and best of luck!

If you ever know of anyone relocating to the Alaska market be sure to mention my name or point them to my website, AlaskaHomeSearch.com.

Cheers!

Kristian Pettyjohn
Realtor
Keller Williams
0 votes Thank Flag Link Sun Aug 22, 2010
It seems like you might need to reduce the price. A price reduction is a great way to increase traffic, which should generate offers.

Hope this helps.
0 votes Thank Flag Link Sun Aug 22, 2010
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