Renee Nation

I try to do my best to educate sellers. If they still insist on drastically overpricing their home I make the business decision to not take the listing. If they desire to moderately overprice the listing I will accept the listing only if they sign agreeing to a price reduction within 2-4 weeks (depends on how overprice the home is) at the time we complete the listing contract. I've never had a seller refuse to sign the price reduction. They all just know that their home is going to sell in 5 minutes. Once it's time to reduce the price they're somewhat disappointed that the home didn't sell at the inflated price and are eager to adjust the price and get some traffic through the home. If I absolutely can't convince them to price correctly I remind myself that I'd rather be remembered as the agent that didn't accept the listing rather than the agent that took the listing only to reduce the price several times. - Thu May 8 2008, 20:51

I tend to rely more on the feedback provided from the showings rather than the actual number of showings. Acting immediately on the feedback will in turn increase showings. If the condition of the home is appropriate and showings are plentiful but no offers are coming in then the market has indicated that it can't tolerate the current price. It's not uncommon for the first couple weeks to be the busiest time for showings. Present the home well and price it right then address any negative feedback issues immediately. With a heavy inventory it can take longer to get showings. In the current market I wouldn't wait more than 3-4 weeks to adjust the price, regardless of the number of showings, if no offers have been made. - Thu May 8 2008, 20:32

FHA sounds like it would be viable option for you. However, even with a 615 credit score it may not be impossible to obtain a conventional mortgage. Your credit score is only part of the equation. With an appropriate down payment, debt-to-income ratio and solid work history a 615 score can be tolerated. It may increase your interest rate slightly but it's definitely worth checking into if the other factors are promising. - Thu May 8 2008, 20:17

Your question is a good one. First I need to say that real estate is local. Trying to compare markets from one part of the country to another is impossible. I can tell you that the market in Illinois is in great shape, largely due to the fact that we can boast a steady market without wild fluctuations. As such our "slow" periods are pretty easy to predict. We're very fortunate as well that in our local market (central Illinois) we continue to experience record quarters. We're also finding that even when the quantity of homes sold declines, often the average sale prices increase. I believe that real estate remains a good investment as well as providing tax benefits. Even in a slow market you're building equity, you get no return on your money by paying rent. Buyers that avoid choosing a home on emotion but rather view the transaction as an investment can find homeownership to be very lucrative. - Thu May 8 2008, 20:12