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Foley : Real Estate Advice

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Wed Jul 16, 2014
John and Becky Durham answered:
Before you assume that price is the problem, you need to consider a couple of other factors.

1.Marketing your Listing: a good real estate agent has an aggressive marketing plan. Anyone can put a house for sale. It takes a pro to do it right. A good agent starts with high quality, hi res photos and goes from there. Is your agent doing his/her job in this area?

2. Condition of Home: Today's buyers don't want fixer uppers. They don't have time, money or talent to DIY. They want move in ready homes. Is yours move in ready? Is your home clean and updated? No clutter? Fresh paint? Curb appeal? No funny smells? Everything works? Your home must be in showing condition every day!

3. Availability: Are you making your home available to prospective buyers? Putting limits on showing times, etc. shows you are not flexible. Buyers may look elsewhere.

4. Market conditions: Are there buyers out there for your home style and price point? This is harder in outstate MN. Your realtor should have a handle on this.

5. Price: It could be that it's the price. If all the above are in place and done well, your home should sell quickly. Here in the Twin Cities, homes spending an average of 79 days on the market. That's really fast, even though it may not seem like it to you. It's half the time from 2012. If your home has been on the market for more than a couple of weeks without many showings, you may be overpriced. Dropping the price a few thousand might spur more interest. Keep in mind that overpricing a home is never a good strategy. Even if you get an offer at your higher price, it is unlikely to appraise. Banks are not taking risks right now, and realtors across the country are seeing deals go south because homes are not appraising and buyers can't get financing.

6. Agent: Are you using an agent? Recent data show that FSBO homes sell for 18% less than realtor facilitated home sales. You will more than recover your realtor's commission in a higher price. Plus, you will have an experienced pro to guide you. That is worth something.

John and Becky Durham
Durham Executive Group - RE/MAX Results in Woodbury, MN
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