by Paula Swayne | Apr 11, 2011 | Pricing Your Home, stubborn
I just read an article in Realtor Magazine that made me feel so validated. Let me first say, in the interest of full disclosure, that I am a native Sacramentan and proud of it! I don’t mind the labels of Cowtown, Sacratomato or any of the other “hick town” labels that have been attached to my hometown. In fact, they are endearing. Now Sacramento has been recognized in a national magazine…not as the 5th most miserable city in the nation…but as the city in which sellers understand the need to price homes correctly and to adjust, if necessary, just as quickly! Where do you find the most stubborn sellers who wait 80 days before slashing their price? According to Trulia they are: New York City El Paso, Texas Charlotte, North Carolina Cleveland, Ohio Raleigh, North Carolina Louisville, Kentucky Kansas City, Missouri Memphis, Tennessee There are other cities that will slash, but not enough the first time around. These cities are: Phoenix, Arizona Mesa, Arizona Jacksonville, Florida Baltimore, Maryland Chicago, Illinois Finally, the cities that “get it” and are ready to cut prices on an average of 45 days to 53 days are: Minneapolis, Minnesota (number 1) Oakland, California Sacramento, California Personally, I think this really reflects the level of experience the cities have had with the market. I think most will agree that California had the pin that burst the bubble. I don’t know what to say about Minneapolis..I am sure there is a great...
by Paula Swayne | Apr 14, 2009 | Pricing Your Home
The value of a Realtor is most apparent when asked to place a market value on a property. There is no other aspect of real estate that requires as much research, knowledge and continual attention paid to the housing inventory. If sellers question why they should pay a Realtor instead of selling their home themselves, setting the correct market value is one of the most important reasons. The National Association of Realtors has researched the value of a Realtor and have found that sellers, on average, will realize 16% more for their homes by using a Realtor. I believe that a good portion of this percentage is the correct pricing of the property.A qualified Realtor will spend a good amount of their time viewing properties within the areas they specialize. A Realtor should know every property…it’s idiosyncrasies, features, and challenges. Simply reading the information on a computer printout, even with photos, will not take into account awkward floor plans, odors, cleanliness or the surrounding neighborhood.Some neighborhoods are simpler than others. In a “cookie-cutter” neighborhood, where there are a few floorplans and all were built within a short period of time, a Realtor should be able to come within several thousand dollars of the final selling price. In older neighborhoods where houses have been altered, added on to, where their condition could be original to the date they were built or completely remodeled last year, two houses built at the same time with similar square footage could have a market value that varies $100,000 or more.Another challenge of placing a market value on a property is the present economy. For...