How to convince first-time buyers to - buy! We need to sell, bring them in and make an offer! North

Asked by Mass Hoff, North Attleboro, MA Sat Jul 12, 2008

Attleboro, MA - MLS # 70765275

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My NC Homes…, Agent, Chapel Hill, NC
Fri Jan 18, 2013
There is no real estate crises and never has been. Homes sell when priced right. If you're not getting offers or showings then the market is clearly telling you that you're not priced right. Speak with your agent and have them show you in black and white the competition: What's currently on the market, what's under contract and what's sold all within half a mile of your home within the past half month. They should limit the age of the proeprties they show you to within 7-10 years on either side of your properties age and the square footage to within no more tha 15% of your homes size. If there are lot of distressed sales in your area then you need to factor these in, if less than 20% of the comparable proeprties that sold were distressed sales than you can probably exclude these.

It's a bad tactic to say things in your listing like "Need to Sell" "Motivated Seller bring all Offers" or similar things, simply price the house right.
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Glenn Lavery, Agent, Franklin, MA
Thu Oct 2, 2008
I have had some first time homebuyer priced homes in the this year. Here is my advice. First of all, price it right (easier said than done), have your agent re-do the market analysis. Now figure out your bottom line and price the house 5-7k above that and hold firm. Next, homebuyers have so much to choose from (read: leverage) that your house must be in great shape. Work on the curb appeal. Fix all the little things that prospective buyer have been commenting about. Offer a home warranty to seal the deal.

Ever notice that when you are on the buying side, you get all worked up over the home inspection yet when you are selling, you don't have your home inspected and you have no idea what your own issues may be? Play a game: pretend you are a homebuyer and look at your house like it was the first time.
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Satish, Home Buyer,
Wed Aug 27, 2008
throw the 5% down deal out the county is PMI depresseds list to 10% down is the way ot FHA. i was in the 5% down plus closing group till i found out my payments were lower with FHA .
My seller did do something like these the house started at 329 and by the time i saw it it as 311k. final price was 295k plus they got the closing cost. The house we got is few minutes from his. the problem is in donalstate rd their is another house with 1 garage listed at 305k with very motivated seller on a split level.
good luck its all supply and demand. you have competion from this guy too .he has been in the market for every and has upgraded every thing like granite top , new appliances, finished basement and 1 1/2 garage.
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Satish, Home Buyer, Attleboro, MA
Tue Aug 5, 2008
Great house and location. its is real good condition. i am a little above 6 3 and the big foundation bar in the basement was like touching my head .probabily the only concern for me and my wife as i was wearing sandels and not a boot like usually do.

we have been seeing houses only for 2 weeks as i have to close by oct 1st the latest so we are looking around still as to what the market offers.
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Andrew Adams, , 01915
Fri Aug 1, 2008
I like to think outside the box.

Structuring the financing the best way could allow the borrower to afford more home and the seller to get closer to the asking price. I would call it a win win.

Your home is listed for 309,900.

In the last 6 months the average list price has been $296,000 in Attleboro the average sales price has been $284,000. This by no means indicates that your home should sell for 4% less than the listing price. That is the average and includes homes that were over priced as well as under priced but I have to start somewhere.

For argument sake buyer comes in and offers you 5% below your asking price $294,400. If they are financing 95% of the purchase the loan amount will be $278,684 with a payment of $1,767.80 plus mortgage insurance of $195. Total Payment of $1,962.

If you countered that Borrower to a full price offer with a seller concession of 3%. They would be financing $294,405 Monthly Payment of $1,860.84. The buyers can opt to have mortgage insurance paid as a single premium. In this case the seller concession would pay for the one time cost of MI and the buyer would have a monthly payment of $102 less per month by making a full price offer. You the seller would have a net sales price of $300,603 minus realtor fees rather than a sales price of $294,400 minus realtor fees. That is an increased sales price of $6,203 or 1/3 or the realtor’s 6% fee.

Win for the borrower in the form of a lower monthly payment.
Win for the seller in the form of higher net proceeds.

If you have any questions or you would like me to explain it to your realtor I would be happy to do so.
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Mass Hoff, Home Seller, North Attleboro, MA
Thu Jul 31, 2008
Of course I am biased, but - I think you will find the neighborhood, yard and updates to be worth it. We look forward to having you tour our home!
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Satish, Home Buyer, Attleboro, MA
Thu Jul 31, 2008
I told already my agent we want to see it :-), its looks great and even though its up from our price from a comfort point .we honestly have not seen a house that will make me feel that its worth pushing my limit a bit .
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Mass Hoff, Home Seller, North Attleboro, MA
Wed Jul 30, 2008
Satish - you should come see our house. We currently have 2 offers pending. I have to tell you - the houses you mention don't compare. The "new" house at $310k is located on Kelly Blvd - lots of high speed traffic. Call our agent and come pay us a visit.
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Satish, Home Buyer, Attleboro, MA
Wed Jul 30, 2008
I live 2 miles from you and am looking for first time house. i have looked at about 15 houses and the problem is 300k seems to be critical mass for our area.once i put 300k the number of houses available shoots through the roof. you have 2 houses one at the junction of landry in the same pirce and another one a 1/2 away at 310k which is brand new and in excellent condition. Next to the this their are 2 brand new houses by action reality.
good luck i am shoping in the 275k range and find the selection of houses decent.,We love the one near hope st 2 miles from your house at 275 its 3 Br,1 garage fenced in yard and Central A/C raised ranch is top of our list and we are going to see more houses this week.
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Mass Hoff, Home Seller, North Attleboro, MA
Sat Jul 12, 2008
Thanks for the feedback and encouragement.

I know we are not alone out there. We have had quite a bit of traffic, and several 2nd showings.

I guess patience is a virtue!
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Michael Lefe…, Agent, Westborough, MA
Sat Jul 12, 2008
Mr. Hoff,
Your house looks beautiful! Based on the MLS photos, your listing agent has done a wonderful job of preparing it for sale. You've got your first open house tomorrow and you've only been on the market for 52 days. Average marketing time for properties in your price range in North Attleboro is 98 days.

I would say that three things effects how quickly a property will sell: price, marketing and condition. Again, based on the pictures, the condition is good. Very good in fact. The MLS listing looks fantastic and you've picked a top agent in the area, so I feel confident your marketing is right on par! The only way you can really buck the trends (98 days on market average) is lower your price. Not what you want to hear I'm sure.

From what I can see on MLS and what I know about North Attelboro, you're doing all the right things. So you can either sit tight and wait for it to sell under normal conditions, or drop the price and get a bunch of activity.

Good luck with the open house tomorrow! Should be a good day for them....

All My Best,
Mike
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Dan Coleman, , Fruitland, ID
Sat Jul 12, 2008
Mass, There are three things that determine how quickly a property sells. Location, Condition, and Price. You can control two of these and in a slow market , you must always try to be among the most desirable properties at the particular market price in your area. I am not familiar with your area, however, most areas of the country are still a little sluggish. First time buyers are very cautious right now if they expect home prices to continue to go down. If you have a Realtor, ask him or her about some inexpensive ways to stage your property to make it more appealing. If you are selling on yourself, there are some great websites with some ideas for you. Most of all, make sure you know what comparable homes in your neighborhood are selling for. Your home must compete with those homes. Hope this helps and good luck.
0 votes
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