Home Selling in 33704>Question Details

Devorah Sask…, Home Buyer in Tampa, FL

i just dropped the asking price on my home over $50,000. This is way below market value. Will that help in depressed market?

Asked by Devorah Saskin, Tampa, FL Thu Dec 8, 2011

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15
Devorah,

How was your house priced originally. Did you start out listing high to "TRY" it or was it priced at market value to begin with? If high...then you might be chasing the market down. Make sure your Realtor updates your market analysis regularly. Do you have many bank owned or short sales that you are competing against. They WILL effect your market price.

As another agent said, price competively often brings multiple offers getting you closer to list price or above.

The next question is what condition is your home in? What can you do to make it show its best. These are all things you should be going over with your Realtor. If you don't have one might be time to start interviewing some.

I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance. If your home is outside of my marketing area, I would be glad to refer you to an agent I feel could help you better. Prudential Tropical Realty has 18 offices in all four counties in the Tampa Bay area.

Sincerely,

Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
pcohn@prutropical.com
727-204-7155


http://pamcohn.wordpress.com

Let me know if I can be of assistance.
1 vote Thank Flag Link Sat Dec 10, 2011
Devorah,

While I am in Palm Beach County I would guess the Tampa market is experiencing the same rebound that we are. I would not describe the market as depressed with very strong sales, inventory levels that are a 5 year lows, interest rates that are at historical lows and buyers looking for homes. Our biggest problem is finding well priced homes in good conditions with the single family market under $400,000 and well priced waterfront properties selling quickly, very quickly.

Not knowing your home, the conditions surrounding your neighborhood, it's condition or the way it is being marketed it is hard to comment on if you are properly priced. I am assuming that you have it listed with a professional Realtor® so am wondering what they say the problem might be. Make sure they provide with with a current Market Analysis of what similar homes in your neighborhood have sold for over the past 90 days. Look at the marketing on-line as this so much more important than most sellers realize with over 85% of all buyers looking for homes on sites like Realtor.com and Trulia before contacting an agent. If your home is not showing up on these sites with professional photos and a description that paints the picture of what you are selling you are at a severe disadvantage to those who are properly marketing their listings.

If in fact you are way below market value you should have buyers lined up with offers so something does't sound right. Every property has a unique set of metrics surrounding it and you need to fully explore the numbers affecting your property. If you do not get a quick buyer with the recent price cut you might contemplate taking the home off the market as stale listings can hurt you significantly when it gets to negotiation.

The very best of luck to you and if I can be of service in any way please feel free to contact me.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
1 vote Thank Flag Link Fri Dec 9, 2011
Most discussion items have already been presented to you.

The key to selling quickly in this market is to offer a superior product at the best price available.

Often times, a property that is strategically priced below market value will receive multiple offers and end up at or above the true market value. This is similar to an auction strategy without the auction. The key to this... superior marketing.

I am not sure if you are already working with another agent, but if I can be of any service to you, click through to my profile and contact me. Even if just to help and see where your new price truly falls within the marketplace against the competition.

Best of success and happy holidays to you and yours.
1 vote Thank Flag Link Thu Dec 8, 2011
Hi Devorah,

As an example, bank owned listings generally get multiple offers within a few days because they are usually priced "below" market as determined by a licensed appraiser or a Broker Price Opinion.

If you want to be sure you are not lowering the price too low and leaving money on the table, you may be best served by paying a licensed appraiser about $350. It may help assure you are now priced correctly.

Also you may want to hire a stager to help make sure you sell for the highest possible price. I can highly recommend:

Sherry TIlghman, ASP, IAHSP
http://www.TaraDesigns2.com
813-410-4546
SATilgh@Tampabay.rr.com

If you're not listed by a Realtor on the MLS system, it's crucial for you to have the maximum exposure offered by the MLS. Please call me and I can help you if you're not already working with a Realtor.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com

PS You're welcome to browse "like a Realtor" by signing up for a free Listingbook account on my website: http://www.SoldOnTampa.com -- it will show your competition and recent sales in your neighborhood.
1 vote Thank Flag Link Thu Dec 8, 2011
You will know if you get an offer!

Best of luck!

Kevin
1 vote Thank Flag Link Thu Dec 8, 2011
This question was asked a year ago and our market is significantly different today than it was then. However generally speaking the price should be within 6% of market value whatever the market conditions are if you want to sell your property. It doesn't matter if the market is depressed or booming. If a home is not priced according to the current market values the house will not sell.
0 votes Thank Flag Link Fri Nov 30, 2012
Liane, Agent, Saint Petersburg, FL
Looks like your zip code is in St. Pete. Several questions:

Is the home listed with an agent? This always helps because agents can do a lot of marketing to qualified buyers that sometimes FSBO's aren't aware of. If it is listed with an agent, what's the agent doing to market the home? Is he or she giving you feedback from buyers?

Regarding your asking price - yes, it should help, assuming the new price is within the area comparable sales. Your Realtor should be updating you on area new listings and sales so you can make sure your price is competitive.

Finally - in 33704 (I live in this zip code) - there is very little inventory, so if its priced right and in good condition, it should sell quickly. That said, if your price is good, maybe condition or curb appeal could use some improving?

Call me if I can help or you'd like me to stop by and give you a professional's opinion. :)

Liane Jamason, REALTOR
Top 1% of Realtors in Pinellas County
Smith & Associates Real Estate
727-755-3325 cell
Web Reference: http://www.LianeJamason.com
0 votes Thank Flag Link Mon Oct 22, 2012
Devorah,

Where about is your home located and have you gone over all the comps and recently sold homes within the last 3 months? To price your home correctly there are many different factors that determine whether it will move quickly. We are all here to help you so let us know!

-Jordan Becker
Keller Williams Saint Petersburg
JordanCBecker@gmail.com
727-244-5355
0 votes Thank Flag Link Mon Oct 15, 2012
Price is very important, but may be other factors that may be affecting or not helping in selling your home. I will be glad to help you, call me 727-432-2181
0 votes Thank Flag Link Thu Jun 21, 2012
Yes all things equal and you drop your price theoretically you will get an offer quick. But some times it's not just about the money. Make you house easy to sell and look good. Curb appeal is everything.
0 votes Thank Flag Link Thu Dec 8, 2011
If you are listed with an agent, they can give you the comps for the area-including not only those currently listed but any pending sales, along with recently sold homes adjusted for the differences. Price is a definite motivator for buyers in this market, along with location and condition of the home.

If you don't have the home listed, it's difficult to compete for buyer's attention without a full marketing campaign - a yard sign is great but most buyers are starting with the internet and the more exposure on multiple sites is an advantage in driving attention to the home.....multiple pictures and virtual tours are nearly mandatory to attract buyers to stop and visit the listing.

If the home is located in St. Petersburg and not currently listed, consider interviewing a local agent for area knowledge and maximum marketing exposure.
0 votes Thank Flag Link Thu Dec 8, 2011
Lowering the price will help, but you need to make sure the group of buyers out there sees the price drop.

Price drop with effective marketing is key.
0 votes Thank Flag Link Thu Dec 8, 2011
What is your agent advising, and did you review comps, recently sold similar properties in the immediate area; if so, what the data suggest as to a fair list price....
0 votes Thank Flag Link Thu Dec 8, 2011
Are you listed with a Realtor? If not, I'd be happy to do a market analysis for you to see if your pricing is right on and show you more about what's going on in 33704. I live and work in the same zip code.

Liane Jamason, REALTOR
Smith & Associates Real Estate
727-755-3325
Web Reference: http://www.lianejamason.com
0 votes Thank Flag Link Thu Dec 8, 2011
It certainly won't hurt.

If you are competing against distressed properties in your area, another thing you can do is make your house as move-in ready as possible. If a buyer can get a move-in ready house for only a little more than a beat up foreclosure, they will usually do so.

Good luck,
Scott
0 votes Thank Flag Link Thu Dec 8, 2011
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