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4 Problems of Overpricing

Price Problem #1: Where's the Excitement?

The first problem is... it's hard to get sales people excited.  

And it doesn't make any difference how much marketing you're doing... the problem is the same ... its hard to get sales people excited.

You see ... agents generally know what buyers are willing to pay for similar homes in similar areas in this market right now. 

And when a house is sitting on the market for any length of time not selling, their reaction might be that it's overpriced.  

They won't get excited because they know they can't get their buyers excited.

On the other hand ... when your price your home competitively ... this is what happens:

Agents get excited because they know they can get their buyers excited. 

Excitement is contagious. 

So is apathy. 

You have to ask yourself:

Which emotion am I generating?  Excitement or...

The Market Is Always Talking

With a steady stream of negative news on the economy and real estate market, I think it's important to mention - despite what the media has to say – we’re selling houses!  

My team and I have closed on 10 houses so far this year and, as we head into the spring season, I expect we'll more than triple that number before the tax credit runs it's course on April 30th.

Sure ... it's a taking a bit longer than it did a couple years and prices are, without a doubt, lower today than they were a year ago.

It's times like this I remind myself:

Selling real estate is simple. 

Simple... but not easy.

And selling real estate, for all it's complexity, boils down to very simple rules and universal truths. 

But to hear the truth about selling ... you've got to "listen" to what the market is saying...

Enemy #1

Water is the #1 enemy of a home.

...

Atlanta Foreclosure Report: February 2010

In February foreclosure notices skyrocketed 27 percent erasing the memory of declines reported in January. A total of 10,357 notices were published this month compared with 8,181 last month.

The most recent report by Equity Depot also reveals a 34 percent year-over-year (YoY) increase with 7,701 published foreclosures notice in Februray 2009.

What's striking is there is no marked difference in foreclosure rates relative to price range or geography. 

It's seems this recession doesn't discriminate.

Gwinnett topped the charts this month with 2,163 foreclosures, Fulton came in close second with 2,008 and DeKalb County rounded out the top 3 with 1,511.

February foreclosures notices are scheduled for auction the 1st Tuesday in March....

The Perfect Storm

Spring is here.

I know it sounds silly coming to you on a rainy day in early February when it's 35 degrees outside and "wintery mix" is the weekend forecast, but the real estate market is on strange footing these days.

Here's A Fact:

Spring has sprung in the real estate market.

And the next 3 months are the best opportunity to get your home sold in over a year.

Why?

Several factors are creating a "perfect storm" for sellers in the current market.

I'll do my best to explain...

Wikipedia defines a "Perfect Storm" as an "expression that describes an event where a rare combination of circumstances will aggravate a situation drastically."

It's also a movie starring George Clooney as the captain of an ill-fated fishing boat.

But the perfect storm I'm talking about is a good one.  No sinking ships here.

And...

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