Status: U Return-Path: Received: from noehlo.host ([127.0.0.1]) by mx-dipper.atl.sa.earthlink.net (EarthLink SMTP Server) with SMTP id 1k8ghS5e3Nl36u0; Mon, 16 Jun 2008 11:06:28 -0400 (EDT) Received: from wsmarth-swift.pas.sa.earthlink.net ([207.217.120.253]) by mx-dipper.atl.sa.earthlink.net (EarthLink SMTP Server) with ESMTP id 1k8ghS7Jx3Nl36u0 for ; Mon, 16 Jun 2008 11:06:28 -0400 (EDT) Received: from domrl-ground.atl.sa.earthlink.net ([207.69.231.199]) by wsmarth-swift.pas.sa.earthlink.net with smtp (Exim 3.36 #4) id 1K8GHr-0003SW-00 for merileek@earthlink.net; Mon, 16 Jun 2008 08:06:28 -0700 X-ELNK-Loop: merileek@kerncommunications.com Received: from dukecmmtar02.coxmail.com ([68.99.120.49]) by domrl-ground.atl.sa.earthlink.net (EarthLink SMTP Server) with ESMTP id 1k8ghR2ob3Nl5vF0 for ; Mon, 16 Jun 2008 11:06:27 -0400 (EDT) Received: from merilee07cf8a9 ([68.15.13.44]) by dukecmmtar02.coxmail.com (InterMail vM.6.01.06.01 201-2131-130-101-20060113) with SMTP id <20080616150626.IZUE29666.dukecmmtar02.coxmail.com@merilee07cf8a9>; Mon, 16 Jun 2008 11:06:26 -0400 Message-ID: <000901c8cfc2$8f21ef30$0201a8c0@merilee07cf8a9> Reply-To: "Merilee:::Kern Communications" From: "Merilee:::Kern Communications" To: , Subject: Los Angeles Times placement Date: Mon, 16 Jun 2008 08:06:30 -0700 MIME-Version: 1.0 Content-Type: multipart/related; type="multipart/alternative"; boundary="----=_NextPart_000_0005_01C8CF87.E23D9380" X-Priority: 3 X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook Express 6.00.2900.3138 X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.3198 X-ELNK-AV: 0 X-ELNK-Info: sbv=0; sbrc=.0; sbf=00; sbw=010; This is a multi-part message in MIME format. ------=_NextPart_000_0005_01C8CF87.E23D9380 Content-Type: multipart/alternative; boundary="----=_NextPart_001_0006_01C8CF87.E23D9380" ------=_NextPart_001_0006_01C8CF87.E23D9380 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable =20 Real Estate To sell home, make sure the pricing is right Homeowners and agents alike need to be realistic about the market and = list for less. By Lew Sichelman, United Feature Syndicate=20 June 15, 2008=20 WASHINGTON -- You can spruce up the outside of your house to the point = where it stops passersby in their tracks. You can "stage" the inside so = it looks roomy and brand-spanking new. You can give away a car or = vacation to your eventual buyer. You can even offer a cash bonus to the = selling agent. But in today's market, if your place isn't priced correctly, it probably = isn't going to sell. More than likely, it will languish on the list of = unsold inventory until the market adjusts back up to your asking price. = And that could be months -- or even years in some places. A far better plan is to adjust your price to local market conditions, = and let the market come to you. "I have learned that a great strategy for sellers who are serious about = getting their homes sold is to price the property ahead of the market," = said Michael Selvaggio, president of the Council of Residential = Specialists and a broker in Townsend, Del. In a seller's market, Selvaggio said, there's nothing wrong with setting = your price a little higher than the last one because prices are steadily = rising. But in a flat or declining market, your price should be a little = lower than the last comparable sale. And not just a few percentage points lower, either. "When was the last time you rushed out to the mall to take advantage of = a 2% sale?" asked the 32-year real estate veteran. "You need to have a = real sale, so how about 5% to 10% off, for starters?" Price adjustments Owners instinctively know, perhaps with a little prodding from their = agents, that they'll have to adjust their price if their homes are not = in great condition. Ditto for houses that are not in the greatest = locations. But many sellers today are reluctant to trim their asking = numbers in a "challenging" market, clinging unflinchingly to the notion = that their homes are worth what they paid for them -- and then some. Sellers who have the best results realize the logic and marketing = advantage behind placing a realistic price on their homes, Selvaggio = said. "Make no mistake about it -- price sells." If some sellers haven't yet gotten this message, some real estate agents = haven't either. There are plenty of agents who continue to accept = overpriced listings on the theory that if you throw enough mud against = the wall, some should stick. But according to Robert Jenson of the Jenson Group, a luxury Las Vegas = real estate agency, an overpriced house will wither on the listing vine, = putting it at a strategic disadvantage to other, newer listings. Ultimately, Jenson said, the owner of an overpriced property is often = forced to accept less than what he might have sold it for had he been = more realistic in the first place. Market controls Howard Brinton, a sales trainer from Boulder, Colo., said too many = agents let the market control them, instead of the other way around. An = agent, he says, needs to be a counselor and educator as well as a = salesperson. "Pricing, specifically correct pricing, is the only answer for today's = changing market and the most important thing a Realtor can do for his = client," Brinton said. To price your home properly and achieve a prompt sale, you need to = anticipate the market and get in front of it. "You never want to get = caught chasing the market down," the realty educator said. "You want to = get ahead of it." To price their homes properly, sellers need to know how fast properties = in their specific market segment are being sold. You also need to know = how much competition you have for today's skittish buyers, most of whom = are worried about jumping into the ocean while the tide is still going = out.=20 And you need to know market statistics such as absorption rates (the = number of homes sold in any given time frame), inventory (the number of = unsold houses) and days on the market (how quickly or slowly houses are = selling). Of course, it is difficult, if not impossible, for sellers to perform = this kind of research on their own. And if your agent can't do it for = you, find one who can. Above all, heed Brinton's final bit of advice: Selling houses is like = standing in line at the grocery store. Eventually, you are going to get = to the cashier. But if someone breaks in line with a more competitively = priced property, you are going to have to wait longer. ------=_NextPart_001_0006_01C8CF87.E23D9380 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
 
Real=20 Estate
 

To sell home, make sure the pricing is right

Homeowners and agents alike need to be realistic about = the market=20 and list for less.
By=20 Lew Sichelman, United Feature Syndicate
June 15, 2008
WASHINGTON -- You can spruce up = the outside=20 of your house to the point where it stops passersby in their tracks. You = can=20 "stage" the inside so it looks roomy and brand-spanking new. You can = give away a=20 car or vacation to your eventual buyer. You can even offer a cash bonus = to the=20 selling agent.

But in today's market, if your place isn't priced=20 correctly, it probably isn't going to sell. More than likely, it will = languish=20 on the list of unsold inventory until the market adjusts back up to your = asking=20 price. And that could be months -- or even years in some = places.

A far=20 better plan is to adjust your price to local market conditions, and let = the=20 market come to you.

"I have learned that a great strategy for = sellers who=20 are serious about getting their homes sold is to price the property = ahead of the=20 market," said Michael Selvaggio, president of the Council of Residential = Specialists and a broker in Townsend, Del.

In a seller's market,=20 Selvaggio said, there's nothing wrong with setting your price a little = higher=20 than the last one because prices are steadily rising. But in a flat or = declining=20 market, your price should be a little lower than the last comparable=20 sale.

And not just a few percentage points lower, = either.

"When=20 was the last time you rushed out to the mall to take advantage of a 2% = sale?"=20 asked the 32-year real estate veteran. "You need to have a real sale, so = how=20 about 5% to 10% off, for starters?"

Price=20 adjustments

Owners instinctively know, perhaps with a little = prodding=20 from their agents, that they'll have to adjust their price if their = homes are=20 not in great condition. Ditto for houses that are not in the greatest = locations.=20 But many sellers today are reluctant to trim their asking numbers in a=20 "challenging" market, clinging unflinchingly to the notion that their = homes are=20 worth what they paid for them -- and then some.

Sellers who have = the best=20 results realize the logic and marketing advantage behind placing a = realistic=20 price on their homes, Selvaggio said. "Make no mistake about it -- price = sells."

If some sellers haven't yet gotten this message, some = real estate=20 agents haven't either. There are plenty of agents who continue to accept = overpriced listings on the theory that if you throw enough mud against = the wall,=20 some should stick.

But according to = Robert=20 Jenson of the Jenson Group, a luxury Las Vegas real estate agency, an = overpriced=20 house will wither on the listing vine, putting it at a strategic = disadvantage to=20 other, newer listings.

Ultimately, Jenson said, the owner of an=20 overpriced property is often forced to accept less than what he might = have sold=20 it for had he been more realistic in the first=20 place.

Market controls

Howard = Brinton, a=20 sales trainer from Boulder, Colo., said too many agents let the market = control=20 them, instead of the other way around. An agent, he says, needs to be a=20 counselor and educator as well as a salesperson.

"Pricing, = specifically=20 correct pricing, is the only answer for today's changing market and the = most=20 important thing a Realtor can do for his client," Brinton = said.

To price=20 your home properly and achieve a prompt sale, you need to anticipate the = market=20 and get in front of it. "You never want to get caught chasing the market = down,"=20 the realty educator said. "You want to get ahead of it."

To price = their=20 homes properly, sellers need to know how fast properties in their = specific=20 market segment are being sold. You also need to know how much = competition you=20 have for today's skittish buyers, most of whom are worried about jumping = into=20 the ocean while the tide is still going out.

And you need to = know market=20 statistics such as absorption rates (the number of homes sold in any = given time=20 frame), inventory (the number of unsold houses) and days on the market = (how=20 quickly or slowly houses are selling).

Of course, it is = difficult, if not=20 impossible, for sellers to perform this kind of research on their own. = And if=20 your agent can't do it for you, find one who can.

Above all, heed = Brinton's final bit of advice: Selling houses is like standing in line = at the=20 grocery store. Eventually, you are going to get to the cashier. But if = someone=20 breaks in line with a more competitively priced property, you are going = to have=20 to wait longer.
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