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Price it Right or Don't Sell It

by Doug & Gwen Campbell at Sun Bay Associates

In today's market, more than in the past ten years, price is the single most important part of getting a house sold.  In the past, if the realtor and owner did not price it right, and with a rising market, the market could catch up to an overpriced listing.  In today's market, if a house is priced above market value, and with a declining real estate market, it is sort of like trying to catch a ball that is rolling downhill and has a headstart.  You simply end up chasing the market all the way to the bottom.  When a house is priced correctly, it will get offers.  When the offer comes in, it is up to the realtor and the owner to determine if it is a good offer at or close to market value, or if it might be an investor hoping to pick up a real bargain.  If the offer is at or near market value, the seller would be wise to accept it, or at least make a legitimate counter-offer.  Failing that, a good buyer will simply move on to the next opportunity because in this declining real estate market, there is no shortage of good opportunities.

Here are a couple of examples.  In an executive community in Palm Harbor, FL there are only two houses listed for sale, both are very nice homes that the owners appear to have overpriced relative to what the market is willing to pay.  One is listed for $409,000 and has been on the market for 336 days.  The other is about the same size only without a pool, is prices at $329,900 and has been on the market for 279 days.  It would appear that the real estate marketplace is saying, loud and clear, that both of these houses are overpriced for today's market.

In another community in Oldsmar, FL, there are three houses listed for sale, one under contract and two sales in the last 60 days.  The average price per square foot of the sold houses was $110.  The average price per square foot for the houses listed for sale is $121.  These houses are also executive quality homes.  Although the three houses listed for sale have been on the market for 90 days or less, the indications are that the prices for them is above market value.  If they are not generating offers, the prices are too high.  The average price for the sold houses in this community is $242,500.  The average list price for the houses listed for sale is $297,633.  A $55,000 difference is another clue that the listed houses are higher than the real estate market value for this community. 

If you would like to get a feel for the market value of your home, click on the photo of deer in the community of Bay Arbor, FL and then visit the Market Snapshot on the right side of the page.

Deer in Bay Arbor, FL

An example of what can happen when a good house is priced correctly is this.  We listed a short sale, in very good condition, at the lower end of the real estate market value yet still within the market value range.  Within a weekend, there were four competing offers and the seller accepted an offer 8% ABOVE the list price.  Considering it is a short sale, and selling it so quickly for more than the list price, the seller is very happy.  Of course the caveat here is that the bank needs to understand it is a good offer too.  Had the seller listed this property at the high end of the market value, it very likely would linger on the market with few if any offers, and the offers might well be far below market value.

When a seller gets an offer from a buyer that is "not what I need to get", and refuses that offer, the seller is effectively buying their home and beating out the competition.  If a seller has had 5 offers, and declined all of them, that seller has simply repurchased his house 5 times over and is sitting on the sidelines while the real estate market is continuing to drop.

The message is, do not overprice you house or you will end up either sitting on a white elephant (as far as the real estate marketplace is concerned) or when you eventually do sell the house, you will net much less than you would have had the price been correct in the first place.

Monday Morning Coffee for Sept. 12, 2011

by Doug & Gwen Campbell at Sun Bay Associates
Monday Morning Coffee

INSPIRATION FOR TODAY:

"An invasion of armies can be resisted, but not an idea whose time has come."
- Victor Hugo


BE IMPULSIVE! 

There seems to be a lot of anger in the world today.  Forget the national and global squabbles, and just take a look closer to home - on your TV, in the schools, among fellow employees - right in your own backyard.  

There's another attitude issue that could stand some help - disrespect.  It seems like the days are gone when youngsters (even 20-somethings) value their elders, social customs, even the laws of the land.  Common courtesy and politeness, even among adults, seems non-existent at times.

Want to be a changing force in your personal world?  It's easy, costs nothing, and goes a long way towards making a meaningful contribution for the better.  It's accomplished with an electrical impulse.  Really.  Consider your brain.  Everything you think of, each idea you have, each action you take begins with an electrical impulse - a single thought.  The thought required to cause change is called an "expectation."

Teachers use this thought daily in their classrooms.  They EXPECT students to listen, to observe silence, to walk single-file, to not cut in line, and to learn.  They EXPECT not to be challenged, disrespected, or ignored when they speak.  The best among them EXPECT nothing less than excellence.  Know what?  Their students respond positively to those expectations.

The electrical impulse called "expectation" is simple to enact, yet more difficult to enforce.  You have to really mean it.  As a country, a people, even families, we've grown soft on expectations - and it shows.  Fear of offending someone seems the rule.   Why not be "impulsive" for the next 30 days with those you love by setting a new, higher standard of expectations.  The results will both amaze and delight!

Baywood Village, Palm Harbor - a Waterfront Community

by Doug & Gwen Campbell at Sun Bay Associates

Baywood Village, Palm Harbor is a waterfront community with direct access to the Gulf of Mexico.  This is a very water activity focused community, with a boating club, weekend events on Three Rooker Bar, just off the coast and easy access for the neighborhood boaters, and is convenient to the Pinellas Trail, Tarpon Springs and so much more.

In the last 60 days, the real estate activity in Baywood Village, Palm Harbor has seen on home sell for $89,000.  This was a Baywood Village foreclosure with rights to the Baywood Village 5 boat ramp.  Three other homes are under contract.  The average days on market for the houses under contract is 307.  The Baywood Village foreclosure had only 82 days on market, because it was priced so competitively.

This is the canal view for one of the homes in Baywood Village that is currently under contract.

There are 4 houses listed as active in Baywood Village.  The list prices range from $799,000 with 987 days on market to $289,000 with 113 days on market.  The average active listing in Baywood Village, Palm Harbor is 2,095 square feet, has 3 bedrooms and 3 baths, is listed for $220 per square foot and has over 600 days on market.  This indicates that the active listings are priced above the market.  The average price for the houses under contract in Baywood Village is $266,600 with an average of 307 days on market.  This indicates the list prices are still above market price, however the final price will not be known until the houses actually close.

So, if you are looking for a waterfront house, with access to the Gulf of Mexico and convenient to excellent water-related activities, good restaurants and the Pinellas Trail, Baywood Village is a place to look.  Realistic offers tend to make sellers become realistic.  So make an offer on the house of your dreams and live on the water in Florida.

Monday Morning Coffee for Labor Day - Give It Away

by Doug & Gwen Campbell at Sun Bay Associates
Monday Morning Coffee

INSPIRATION FOR TODAY:

"The greatest pleasure I have known is to do a good action by stealth, and to have it found out by accident."
- Charles Lamb (1775-1834)


GIVE IT AWAY!

Here's a "feel good" idea that pays big dividends to both giver and receiver: "Give something away every day!"

We all get caught up in our day-to-day routines and responsibilities. Between family and home, work and leisure, our daily schedules are usually packed with the things we do for ourselves. Managing to squeeze in a little time for others is often out of the question.

In the big picture, however, it is not what we do for ourselves but for others that really matters in life. We're not just talking about those who are "less fortunate" in this context. The world of "others" includes family members, associates, the elderly, those experiencing illness, those in our geographical, social, or church community, or the less fortunate.

So . . . what do you give away? Are we talking big money to charities or an endowment to the local university? Nope! What you give away is up to you. It might just be your time - something as simple as taking your grandchild for a walk, offering to take an aging neighbor grocery shopping, or donating a Saturday to Habitat for Humanity. On days when you lack ideas, just give away a smile, a compliment, or some encouragement.

Maybe you give away some of your material possessions. That might include a piece of furniture, an antique, a piece of family heirloom jewelry, or the like-new clothing in your closet that never fit right. Why not donate some of the kids' toys to a day-care center?

Whatever you decide to give away, do it quietly - and anonymously when possible. Make it a habit. It will bring you the special joy of knowing you've made a difference.

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Photo of Gwen and  Doug Campbell - Sun Bay Realty Group Real Estate
Gwen and Doug Campbell - Sun Bay Realty Group
at Keller Williams Realty
30522 US Hwy 19N, Suite 107
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908