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Market Conditions in Saint Clair County : Real Estate Advice

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Activity 4
Mon Oct 12, 2015
Ron Thomas answered:
LISTING PRICE
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
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Fri May 24, 2013
Sue Ferguson answered:
Mike, I realize it has been awhile since you've posted this question, but if you want to keep up on what's going on in Caseyville, visit my website www.ServingTheMetroEast.com and click on the Market Insider tab. Pop in the zip code of any area, and you will be sent a report immediately plus every month afterwards. Is there anything else I can help you with?

Sue Ferguson, Broker
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Thu Oct 15, 2015
Yolanda Hoversten answered:
Hi, Bob! In this market it's important to use all venues available to the agent in order to sell properties and find homes for the buyers. Technological advances have made marketing and research easier for the real estate professional. As you found out, Trulia is one of them. Perhaps when you interview real estate agents, you might want to ask them how they find properties (if you're a buyer), or if you're a homeowner trying to sell your home, ask how the property will be marketed...and then check them out. Hope this helps. ... more
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Sun Jul 12, 2009
Joshua Hanoud answered:
That really depends on the specific situation. If you're offering 30K less on a 1Mil property - I'd probably say no big deal. If you're offering $30k less on a $50K home, that might not fly.

Ultimately it all depends on your goals. Do you "NEED" this house? or can you find another? What is your motivation for the purchase? Are you just looking for "a deal?" or do you have specific needs and very few homes fit those needs?

There are a lot of questions that need to be answered to give you a good answer to your question.

Do you care whether you get this particular home or not? If so, then make your offer accordingly. If you don't care either way and know that you'll find something else that you like just as much for the same or better money, then have at it! Low-ball away - but don't be disappointed if you don't get very far.

The investors who routinely low-ball properties know in advance that they'll only end up buying 1 out of every 20-30 homes they put offers in on...they're ok with that because it works for them. Do whatever is right for your particular situation and you'll be fine.

If I can be of any further assistance, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com - I'd be happy to help however I can!

Thanks,

-Josh
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