Al and Cal Homes and Community: "But that home is a Short Sale", the Seller Says..

"But that home is a Short Sale", the Seller Says..

"But that home is a Short Sale", the Seller Says..

These days are no different in some respects than those of the past.   When entering the home sale arena, the first thing a Seller will do is research.    A big piece of that research is market education to see what their home value is in the current market. 

Unfortunately today, a Seller is likely to compete with Short Sales and Bank Owned real estate.    In general, these properties are priced aggressively to capture a buyer for a quick sale.   balance

In Al Raymondi's Blog this morning, his remarks regarding his local market conclude that " short sales or foreclosures continue to be about half of the pending condos, but less than 15% of the condos for sale indicating the banks are pricing their properties to sell while many owners are expecting to get more than the market will bear."

While we all agree that each market place is different, it remains the same that price drives any market whether it be the sale of tooth paste or your fabulous, memory packed home.  

Unfortunately if all things are relatively equal, then one has to take these homes into consideration when pricing your own.     While one may consider a bank home distressed and I will agree that many are, today there are banks that are keeping their properties up while on the market and the savvy Short Sale seller is likely to present their property with best foot forward in order to snag that Buyer and avoid foreclosure. 

So, while it doesn't seem fair that a Seller might have to compete with "Bank of the World", they do in this marketplace.    The competition is stiff and it no longer matters that your neighbor is a short sale or bank owned property.    Their price is affecting yours and it will continue to do so once it is sold.    

So how do you get that property sold?   

Hire a Realtor, use their expertise and take a real good hard look at what you are competing with.    Price and Present appropriately and your home will sell!    

 

 

Carol-Ann Palmieri

Al and Cal Realty Group

Remax Executive Realty

www.AlandCal.com

 

Cal@AlandCal.com

 

508-494-9061

 

Comment balloon 10 commentsCarol-Ann Palmieri • April 06 2012 05:52AM

Comments

The short sale next door affects your price.

Once the toothpaste is out of the tube, hard to get back in.

Posted by Erv Fleishman, Luxury Prop Specialist Realty Associates (Realty Associates) over 6 years ago

many sellers are still in their bubble and do nto believe that the short sales and reos affect the value fo their home .... sorry folks it really does.... nobody wants to pay higher prices when they can get the same home a few houses down for less

Posted by Lehel Szucs, REALTOR of choice (All Seasons Real Estate, Inc.) over 6 years ago

Good post Carol Ann...REOs and short sales do have an impact on prices, unfortunately even when presented with the facts, some homeowners still do not believe it.  Those are the homes that typically sit on the market awhile.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) over 6 years ago

Hi Erv.   That toothpaste is a tricky thing!   Thanks for reading.

 

Hi Lehel.   It is a hard pill to swallow, but true.   Thanks for checking in!

 

Hi Anita.    They certainly have a huge impact on the market.    Thanks!!

Posted by Carol-Ann Palmieri, "Cal" the Real Estate Gal (RE/MAX Executive Realty, Al and Cal Realty Group) over 6 years ago

sO  right Carol Ann...it is the competition and you need to set your home apart from the REOs & short sales...I am seeing these snapped up quickly here because of the price...

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) over 6 years ago

Cal ....

So how do you get that property sold?   

Hire a Realtor, use their expertise and take a real good hard look at what you are competing with.    Price and Present appropriately and your home will sell!  

Great points!

Have a very happy Easter!

Posted by Rob Thomas, Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro (Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954) over 6 years ago

Cal,

You point out a very difficult issue for folks trying to compete with bank owned or short sales. Pricing a home where there are numerous of these distressed homes available is a very difficult problem to deal with. We are lucky in Katy as we do not have that many distressed homes on the market.

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) over 6 years ago

Excellent post Cal, Some sellers are thinking they can let the bank sell the REO and then get a higher price for their home and that strategy is not working either.  Thanks for the shout-out.

Posted by Al Raymondi, Ormond By The Sea Florida - Home and Condo Sales (Ocean View Realty Group in Ormond By The Sea Florida) over 6 years ago

cal,

Just stopping by to say hello and I hope you and your family had a Happy Easter.

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) over 6 years ago

Short sales do have an impact on pricing "regular" sales.  The sad part is, is that if the short sales are priced way below market, they may get an offer right away, but rarely do they close as banks still want market price for these homes.  Unfortunatley this affects marketing for homes that are not distressed.  Great points Carol Ann!

Posted by Brenda Mullen, Your San Antonio TX Real Estate Agent!! (RE/MAX Access) over 6 years ago

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