The second half of this video gets into price reductions during the selling season – the time when sellers run out of excuses for not selling, other than price. You should try to sell before April, and certainly before May, because once we get into late spring, the backlog of over-priced turkeys will cause the remaining buyers to hesitate further.
My Pricing Rules-of-Thumb:
1. Anywhere, Any Time, Any Market Pricing Gauge:
A. If you are getting offers, then your list price is about right.
B. If you are getting lookers but no offers, your list price is about 5% to 10% wrong (too high).
C. If you don’t have any buyers looking at the home, it has to be more than 10% wrong on price.
2. Buyers are addicted to the days-on-market statistic, which is out in the open. They are subtracting about 1% from your original list price for every week the house is on the market.
3. As a result, sellers should lower their price by 5% every 2-4 weeks until they start getting offers.
4. An exciting price creates urgency and enthusiasm among both buyers and agents. Without it, your listing goes stale quickly, usually after two weeks – and then lookers dwindle down to just those occasional stops done by agents for comparison to help them sell the better-priced house down the street.
Very well expressed. And a home that is priced well, or just under market is likely to get multiple offers. A faster sale and sometimes more money if the bidders get emotionally involved.
Synthetic composite plasti-crap
Preach it!
That mountain of junk and hazardous materials in your truck is yet more proof of your commitment to outstanding service for your clients. Good on ya, Jim.
But my house is different.
Good job Jim, way to call out the lazy agents in our industry. Same thing happens here in Arizona. Keep building a better America one house at a time.
Thanks Bill.
These sellers were supposed to fix stuff and remove trash prior to close of escrow, which was Thursday. They didn’t fix everything, and obviously left a truckload of trash. No word from the agent either, just too bad if you don’t like it. This is the way it is on most deals too – the agents are pathetic. I have to have three assistants just to babysit the other side and help them do their job.
Jim,
You see how inept other agents are from working with them. We went through 5 different agents before finding bubbleinfo.com. After 2 years I was convinced that all agents were idiots. After working with you (and your behind the scenes crew) I now know the difference between good and bad.
I wish I could describe how bad some for the other agents we started working with were. The entire time all I was thinking was that I’m trusting this person with a 500k+ transaction?
Every time I feel like no 5 I follow this procedure to turn whinge mode about the competition off.
Do I make more money honestly than they do?
If yes goto
Snigger up sleeve and laugh all the way to the bank.
P.S. Presumably there is a reason you can AFFORD to pay 3 assistants ;D
My rental house has the “cultured marble” and I actually love it. We’ve been here nearly 5 years with two kids, and it looks fine, particularly since ours doesn’t have any seams near areas where water collects. It’s a good product, is low-maintenance, and has its place. I’d hate to have to take care of a bathroom counter top with more seams, grout and porosity.
We’ve had the synthetic stuff in prior bathrooms too. It really was easy to maintain and looks decent. I doubt I would rip it out unless I was redoing the entire bathroom.
As for travertine, it’s been in for over 5 years now, gotta be on the downhill slide of popularity. I feel sorry for anybody who is putting it in right now because the Next Big Thing is just around the corner and then they’ll be stuck with an out-of-date travertine look.
Natural stone slabs are what is “next big thing” IMO, even in showers/tubs. It’s not that expensive anymore, and the more interesting/rare, the better.