Archive for October, 2008
How Real Estate is Like Fishing. Warning: This Strategy WILL SELL Your Fairfield County House
October 31st, 2008 categories: Market Data & Statistics, Redding, Ridgefield, Selling Your House, Talking Real Estate, Wilton
No matter what you’re hearing, area homes ARE selling. Not like iced tea on a hot summer day, but homeowners that need to sell are getting the job done. I just checked the MLS and here’s the proof: 140 area homes have taken a deposit or have a signed contract. These are all recent real estate deals that have been negotiated and/or contracted but not yet closed. That’s 140 houses!
Home sellers are asking me “how can I be the next one?” If you really want to sell, then let’s talk about a pricing strategy that works. You see, selling real estate is kind like fishing. You can have the best gear, the best bait and even be in the best fishing spot. However, if the fish are 30 feet down and you only let out 10 feet of line, you can fish all day and still have nothing for dinner! Let out 10 more feet, not a bite. 10 more feet and then you’ll be eating fillets for a week!
If you’ve got a great house and your realtor has a proven marketing system and you’re still not seeing satisfactory activity or offers (i.e. no bites), then your bait’s not low enough. Your not fishing where the fish actually are. It’s time to let out more line. And then keep letting it out until you hook your buyer.
The Home Sales Strategy That Will Sell Your House!
First, realize that today there are many more houses for sale than buyers to buy them. Not what you were hoping for but the good news is that if you’re buying something on the other end, then you’ll be benefiting from this situation too! The sooner you “get to 30 feet”, the faster you will hook a buyer and you will actually sell for a higher price than if you stayed at 10 feet for too long. Price your house as competitively as possible. Then for every 2 weeks without an acceptable offer, drop your price by $10,000 – $20,000. Today’s buyers make decisions based on value. That’s it. A periodic price adjustment strategy will get your house sold. Guaranteed!
Northern Fairfield County Real Estate IS selling and at ALL price levels:
Bethel. . . . . 14 transactions currently in process between $314,000 and $549,900
Brookfield . 20 transactions currently in process between $290,000 and $990,000
Danbury . . 45 transactions currently in process between $180,000 and $1,600,000
Newtown . .20 transactions currently in process between $175,000 and $1,199,999
Redding . . . .9 transactions currently in process between $190000 and $1,750,000
Ridgefield. . 19 transactions currently in process between $375,000 and $3,500,000
Wilton . . . . .12 transactions currently in process between $390,000 and $2,399,000
See these other posts on Real Estate Chocolate:
- Just How Many Homes Really Are Selling in the Region (Ridgefield, Redding, Wilton, …)
- How to Find Out What the Tax Man Thinks Your Fairfield County House is Worth and Why it Matters
- What Everybody Ought to Know About Their Credit and FICO Score
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How Local Experts See the Current Economic Situation and What it means to Ridgefield
October 5th, 2008 categories: Ridgefield, Talking Real Estate
This morning’s Ridgefield Press article “The Credit Crunch Hits Home” offers terrific insight into how world economic events are effecting us here in Ridgefield. We get analysis from Yale lecturer and longtime Ridgefield resident Nick Perna on how the entire financial system depends on confidence. Ridgefield Bank’s Gary Smith explains the fed funds market and what that means to our local banks. Local mortgage broker Terry Hastings tells us that not only does he have plenty of money to lend, but rates are at historical lows. Ed McGill at BMW of Ridgefield is still offering car loans and leases. And Ridgefield town clerk, Barbara Serfilippi, reveals how the real estate sales slowdown effects town coffers as conveyance taxes have declined.
See these other posts on Real Estate Chocolate:
- How to Find Out What the Tax Man Thinks Your Fairfield County House is Worth and Why it Matters
- How You Can Profit From Getting Rid of Your Junk
- How Talking Sidewalks Can Teach You the History of Ridgefield, CT
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Just How Many Homes Really Are Selling in the Region (Ridgefield, Redding, Wilton, …)
October 1st, 2008 categories: Market Data & Statistics, Redding, Ridgefield, Talking Real Estate, Wilton
As the media bombards us with enough doom and gloom to last for the next 10 years, you can be sure there’s more to come. But everyone keeps asking me “how bad is it… really? You know, with real estate”
Truth is, no matter how bad the market appears on the new, people still need to buy and sell homes. Workers are still being transferred, families are still growing, folks are still dying, divorces are still occurring,life dreams are still being realized… So you see, life goes on no matter what happens in Washington or on Wall Street. An believe it or not, mortgage money is freely available to ALL qualified buyers! And at great rates.
It’s not fair to say all is rosy but you can’t say the real estate market has totally fallen apart either. Overall, compared to 2007 (which by the way was not stellar but not so bad either), the region shows a 27% decline in single family home sales. 27% fewer players means a little less liquidity in the market and generally you’ll find it takes a longer to sell. However, the market is still active, just not as much as last year. As the market has shifted to favor the buyers in price negotiations, and prices will continue to decline somewhat, it’s crucial for sellers to price their homes at or below market value.
Bottom line for sellers is that to be included in the 73% of transactions that continue to occur, be smart and price to market. Overpricing you house will be frustrating, stressful and ultimately leads to more stress and less money.
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