Very beautiful property, shows very well

Asked by Sell Bda, San Jose, CA Tue Apr 8, 2008

lots of upgrades that are very neutral, clean inspection reports, stunning staging, good location, nice neighbourhood.

pricing - ran market comps, had is formally appraised and listed at the right price

bad schools

0ver 20 days on market.

Any suggestions to sell this one? (other than lower the price of course)

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6
jcs2000, , South Dakota
Thu Apr 10, 2008
You must lower the price, if you wish to sell. It really is a simple as that. Loans are much harder to obtain with larger down payments required. This means that the effective buying power is reduced and psychologically any buyer now is very sensitive to the idea of overpaying. Appraisals are interesting but they do not actually represent the price that the property can sell for given today's market. The market, not appraisals, set the price. Comps must be very recent (30-90 days) to be valid and if you are relying on older bubble data prices, you likely have overpriced the property. That being said < less than 30 days on the market is not very long but the net trend for home prices is decline not increases.
1 vote
Sell Bda, Home Seller, San Jose, CA
Tue Apr 8, 2008
Thanks Keith & others,

I am working with a pretty good realtor, we priced it based on market comps and a formal appraisal. Good mktg, lot of traffic at the open house and did get a few low ball offfers from serious buyers.....

I am really suprised because all properties on this road (great location) sell within 2 weeks of listing with multiple offers even with bad schools,

I am just scratching my head trying to figure out what else can be done before the next open house?????

Any tips from the experts?
1 vote
David In Jax, Home Buyer, Jacksonville, FL
Thu Apr 10, 2008
I assume that you are talking about the San Jose area of Jacksonville, Florida and not San Jose, California since this question is posted on the Jacksonville portion of the site. If not, I apologize and there is no reason to keep reading.

We are actively looking to buy a home in the San Jose area of Jacksonville and have been following the area for quite some time. There are actually very few homes for sale in that area and most that are for sale have been on the market for a very long time. The ones that do sell appear to sell very quickly and are priced a good bit under recent comps. Your problem is more than likely price. If you are priced with comps, check the comps that your realtor is giving you. We have our realtor pull the comps each month so we will have the information we need when looking at homes. What we have found is that many (if not most) sellers agents are distorting comps right now to try and inflate the comparable listing price that they are placing on homes. Buyers are not falling for it. Make sure that your information is VERY recent and that the comparable homes are actually in the same neighborhood, on the same side of the neighborhood, same upgrade level, etc, etc, etc.
0 votes
Cranky, Home Buyer, Oklahoma City, OK
Tue Apr 8, 2008
Take the lowball offer? That seems obvious, eh?
0 votes
Bill Eckler, Agent, Venice, FL
Tue Apr 8, 2008
There is a lesson to be learned here...... The three most important things about any property are.........
LOCATION, LOCATION, LOCATION
And that apparently includes school districts.
0 votes
Keith Sorem, Agent, Glendale, CA
Tue Apr 8, 2008
Sell
I will go back to my first answer.
Properly priced homes, correctly marketed, will sell. Homes that sell in the frist 30 days of market time will sell closest to asking p price. More market time will not yield higher price.
It sounds to me like you are selling on your own. In this market that is not in your best interest to experiment. If you need to sell for top dollar, talk with a Realtor.

If you've got money and time to burn, then take it easy
0 votes
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