February 25, 2009 – Final Update

This property finally sold at $425,000.  It took almost 1 year from start to finish.  I believe strongly that had these sellers moved into the marketplace with the abundance of market data I presented to them, they would have enjoyed a quick sale, and most likely netted tens of thousands more on the property.

Why would I say that?  Well . . . because while they were “fooling around” trying to test the market, the market was declining.  They were “chasing down” the market.  You can not out run the market.  It cost them dearly.  The proof is in the graphic below.  Obviously for privacy reasons I have blocked out realtor names and property address.  I highly recommend Greg Swann’s article here.  

(Excerpt from Greg Swann’s blog) Typically, the seller starts out with the price too high, then tries to chase the market down with a series of price reductions — usually too little and too late.

Greg serves in the Arizona market, but his comments are relevant to our local market as well, and it is very well written.  It will give you a wonderful education and insight into what we now deal with as seller’s agents.

February 4, 2009 – still unsold
December 3, 2008 – still unsold
November 3, 2008 – still unsold
October 3, 2008 – still unsold
September 3, 2008 – still unsold
August 2, 2008 -still unsold
July 2, 2008 – still unsold
June 20, 2008 – still unsold

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Below is a update of my recent article on the importance of properly pricing your Rockland County NY property for sale. At this writing (8.2.08) the sellers have now reduced their property by $90,000 and the property is STILL sitting there, and we are now in August, one of the slowest market times of the year, plus after that fast approaching the fall market leading up to the winter months (another slower time). The agent who listed that property so high did a grave disservice to the seller. This is one of my biggest pet peeves about our industry. Agents who knowingly take an overpriced listing just to have inventory. It’s so wrong.

I’m not saying I wouldn’t take a listing and test market it for a couple of weeks at a particular price point, but my job is to DAILY monitor the market to see how my client’s properly is positioned and advise them accordingly. If we don’t see 2-3 showings each week for the 1st 2 weeks, and certainly if no offers are on the table, the price is usually the culprit. Read the rest of this entry »

Report compiled utilizing statistics from the Greater Hudson Valley Multiple Listing Service (MLS)

The Directory to the right shows archived reports.

Pricing & Perception is everything!

Sellers: Asking Prices! Pricing is always important in any market, but in this difficult climate, the most important rule is to price your property accurately. This can often be a challenge because what happens locally may not compare what is being presented within the national media. Careful consideration must be given to market trends, late statistics on recent sales (within 60-90 days), available credit and the local employment picture.

Agents: It is absolutely essential, and I believe our duty, to accurately price properties for sale from the get-go. With the bulging inventory there is no time to lose. Care must be taken to properly analyze all data. A thorough market analysis should take hours, not minutes. The agent must know all competing properties and assure the seller that theirs is the competition, not the other way around. Market updates should be done on a WEEKLY, not monthly basis. Lately, I look virtually every day, and at the very least every 3 days to be certain my listing is properly positioned. If it is not, we will lose. Read the rest of this entry »