A loan of $200k @ 5.5% has the same PI payment as a $189,400 @ 6% ($1,135)
Assuming the market % rate is 6%, it would cost a seller appx $3k to purchase a permanent buy down to 5.5% for the buyer. Or the seller could reduce the price by $10,600 to yield the same monthly cash flow for the buyer.
Sounds like a win/win to me.
Reverse engineering! Now you have your home in the market, we should look backward and see what needed to be done to meet the demand?
- You went into market around October time! That is the time market goes to slow period (wintertime). MC market usually shifts from sleep mode to caffeinated mode by the end of March and peak at June to mid July!
- As my fellow agents said, Price Drives! Check your price!
- Floor plan layout also plays a big role in satisfying their need.
- Buyers would like to get more home for less money, great location, low Condo fee with great amenities, spot less, moving condition, and more.
- Also, depends to type of the condo. Majority of condo shoppers like to have Top-floor and as others demand for first floor. (What was the feedback on those buyers came through the house before?)
- When property comes into the market, you will create a pool of buyers, as soon as those buyers came through the house and left, you have to adjust your price to create another pool of buyers. At the same time, you are competing with new construction. There homes are new, with tons of upgrades and incentives. Let me ask you, when you go to supermarket to buy a pound of Apple, do you pick your apple? Do you want shinny apple with no marks, or any wormholes? Well, thatâ€™s what buyers are looking for, shinny homes!
- When I bring buyers to a house, that house better be smell good, look good, feel good, and price good!
- Depersonalize the house. Remember when your home goes into the market, become a House! Remove all personal photos, empty up kitchen counters, stage the house! Open all curtains and shads, declutter extra furnitures, thin out your closets, and improve the furniture layouts. Remember the house belongs to the market, and your goal is presentation and attract buyers attention from your personal lifestyle to their need of purchasing this house. Is all about presentation! Create the WOW factor! As buyers enter to your house, take them 6 to 8 seconds to say, this is the house! They have to see themselves, their furniture in this house!
Oh God! I can go on and on about presentation, and prepare your house for sell!
So, how to create Traffic? Improve your PRICE!
How to sell the house? Understand their buyers need, and minor alteration and modifications to meet their need.
RIGHT PRICE + GREAT HOUSE = SALE
Real Estate Consultant, CNHS, RCC, ASP, RECS, eAgentc
An agent bonus rarely ever works .. but I bet a new agent would.!
Sounds like the agents marketing skills fell apart after the sixth day, let alone 6 months .... no traffic means no offers, no offers means no sales.
Just because their card says agent, realtor, broker, or I sold $39 million last year but I can't close a door this year is typical for most of the consumers today .... remember, most agents have come off a 7 year stint where they showed 5 homes on Sunday and the deal closed itself by Wednesday with little or no negotiation and a 22cent fax did most of the work ....
Even in Gaithersburg it's still winter and the slowest time of the year for condo sales, but spring is just a few weeks away .... I'd be looking for 22 good ways to move that puppy.
Check the comps .. that doesn't mean looking at the sheets rolling off of your printer, that means actually "looking and touching" those comps out there - make appointments and go there and see what they have, or don't have - it's *your* competition ... and don't let your ego get in the way, it's very expensive.
Your idea of pretty wallpaper and the Vast majority of buyers might be a little different - and you want to appeal to the vast majority of buyers - this ain't about you anymore....
You may need to paint the condo, not everyone loves pink and purple flowers in the bathrooms, not everyone likes bamboo cabinets in the kitchen and not everyone falls in love with blue or dark green carpeting .... can we spell earth tones and light beiges.?
Maybe bring in a decorator just for "some idea's" ... but not any of those pyscho makeovers that you see on TV where everyone claps and smiles, then vomits on the way to their car after the show ... the guys at HGTV were laughing last week, it's just another drama show they said ..l.o.l..
Not knowing all the details, maybe a stager ... we've used this idea now for 20 some years (I should have patented it) and it flat out works ... nothing Louis Vuittonish, just basic furniture and colored sheets - and thanks for stopping by.
Now is the time to be doing some interviewing for your new agent in the area ... you need their background, their community ties, sale volume (their sales volume, not their units sales volume) and get 8 or 9 referrals from each one and have them show you what they've sold ... then call all of the referrals.
Quite tripping over the dollars to get to those dimes .... spend a little money on the inside and lower the price on the outside, it's a condo - not the Eiffel Tower.
Sincerely, the very best of luck.!
: ^ )
I think you are better off reducing the price of your property. A buyer's agent's commission is set forth in a contract with the buyer so most buyer's agent's won't look at it anyway unless your property meets their client's criteria - you may attract an extra real estate agent or two but the buyer is the one who is going to buy your property based on its location, value, and features.
Price sells property - if your property is a deal, the buyers will come through - if it is enough of a deal, you may even get several buyers bidding against each other and that can drive up your price. Talk with your real estate agent and find out where you would need to price your property so it would be a great deal - if you can't afford to sell it at that price, you may just have to wait until the right buyer comes along.
Hope that helps. Good luck with your sale.
Best of luck to you.
Jose Gomez - Miami Realtor
The right price will drive not only traffic; but a sale.
As far as a 'bonus'. Agents have to disclose to their buyer any bonuses they are receiving on a property. With the current state of Buyers - I can see many Buyers worries their agent is 'steering' them to the property. (Which may in fact be the case. Why else offer a bonus?)
Instead I would offer a higher agent co-op in the commission. Typically; this "extra" commission does not have to be disclosed. Agents often feel better that they don't have to have the "uncomfortable" conversation of "I get a bonus on this property" to a client.
Best of luck.
Ted Stewart, CRS, e-PRO
Yerman Witman Gaines & Garceau Realty