Home sales: A price cut, by any other name, smells sweeter | Business Of Life | Crain's Chicago Business
So, the gist of this article is to put a positive spin on the dreaded but all too familiar "Price Reduction". Instead of calling it a price reduction, some agents are now calling them "Price Improvements".
I have mixed feelings about this strategy. On one hand, I think anything you can do to make a price reduction sound more appealing is a good thing. By calling it a "price improvement" you're sounding less desperate. Kind of like a close out sale where "Everything must go!" Instead of conveying that message, they're saying, "Please stop by and see our home with a newly improved price."
On the other hand, if it walks like a duck, quacks like a duck, its probably a duck. You can try and disguise it, but it is still a price reduction and that is how buyers will perceive it.
The best advice I have to sellers in this market is to list their home based on what is selling in the neighborhood. Do not think that you need thousands of dollars of negotiating room -- those days are long gone. A potential buyer will still sometimes try to present a low ball offer but if you price the home right to begin with you will have a larger buyer pool right off the bat and a better chance of getting an offer close to the list price. The most activity you will see on your home will be in the first two weeks on the market.
So, do I think it is a good idea to call them "Price Improvements" instead of "Price Reductions"?? It certainly couldn't hurt! My answer is go for it agents.
Wednesday, August 31, 2011
Monday, August 29, 2011
Disaster on the Inside or a Case of the Lazy Agent?
Gone are the days when buyers drive around an area to search out real estate or page through the Sunday paper for local listings. Today's buyers begin their search on the internet. Most of my buyers have looked at numerous listings on the web months before I even get them into my car to see properties.
One key factor to getting buyers to look at my listings on the web is including professional interior photos of the home. I would guess that nine out of ten buyers would click past a property if there were no interior photos. After all, if you can't see what's on the inside, there must be something to hide, right?
Unfortunately that is not always the case. With the number of short sales and foreclosures flooding the market, you may have a case of the "lazy agent". This was the case with our current home. We noticed the property as soon as it hit the market. It was listed at a great price but there were no interior photos. We immediately were suspicious but decided to take a look anyway because of the location. When we walked in were were SHOCKED! There were original mouldings, original french doors to the dining room, updated baths and kitchens and loads of built-ins. It was in pristine condition and we felt like we hit the real estate jackpot!
The home (shown below) was listed as a short sale and we immediately wrote an offer and closed 6 months later. Not once did I ever meet the seller's agent. No interior photos and no face to face meetings. I give you, A Case of the Lazy Agent. This is how she spelled Millionaires on the listing: MILLIONAIRS. Does it get any worse? Absolutely.
Moral of the story: If you love the area and the home is priced right, it may be well worth a visit even if you don't see any interior photos.
One key factor to getting buyers to look at my listings on the web is including professional interior photos of the home. I would guess that nine out of ten buyers would click past a property if there were no interior photos. After all, if you can't see what's on the inside, there must be something to hide, right?
Unfortunately that is not always the case. With the number of short sales and foreclosures flooding the market, you may have a case of the "lazy agent". This was the case with our current home. We noticed the property as soon as it hit the market. It was listed at a great price but there were no interior photos. We immediately were suspicious but decided to take a look anyway because of the location. When we walked in were were SHOCKED! There were original mouldings, original french doors to the dining room, updated baths and kitchens and loads of built-ins. It was in pristine condition and we felt like we hit the real estate jackpot!
The home (shown below) was listed as a short sale and we immediately wrote an offer and closed 6 months later. Not once did I ever meet the seller's agent. No interior photos and no face to face meetings. I give you, A Case of the Lazy Agent. This is how she spelled Millionaires on the listing: MILLIONAIRS. Does it get any worse? Absolutely.
Friday, August 26, 2011
Men Help Logan Square Sexual Assault Victim After Hearing Screams, Suspect Escapes
Men Help Logan Square Sexual Assault Victim After Hearing Screams, Suspect Escapes
Posting this article saddens me. I am hopeful that the city's finest can locate this criminal and lock him up.
This brings to light an important topic: personal safety. Being a woman, I am try to always be aware of my surroundings at all times. I have been carrying pepper spray with me since my college days. Thankfully I have never had to use it. However, if I do feel unsafe, I will take it out of its holster (which is on my key ring) and keep my index finger ready and on the trigger. Who knows if this would actually be able to fend off an attacker, but it makes me feel a tad safer. Another trick is to take your car keys and put them in between your fingers as a type of brass knuckle arrangement.
I have also thought of taking a self defense class. Maybe this is just the sort of event that will motivate me.
My thoughts go out to the victim and her loved ones. I will be following this story and look forward to the day when I can write about the arrest of her attacker.
Posting this article saddens me. I am hopeful that the city's finest can locate this criminal and lock him up.
This brings to light an important topic: personal safety. Being a woman, I am try to always be aware of my surroundings at all times. I have been carrying pepper spray with me since my college days. Thankfully I have never had to use it. However, if I do feel unsafe, I will take it out of its holster (which is on my key ring) and keep my index finger ready and on the trigger. Who knows if this would actually be able to fend off an attacker, but it makes me feel a tad safer. Another trick is to take your car keys and put them in between your fingers as a type of brass knuckle arrangement.
I have also thought of taking a self defense class. Maybe this is just the sort of event that will motivate me.
My thoughts go out to the victim and her loved ones. I will be following this story and look forward to the day when I can write about the arrest of her attacker.
Thursday, August 25, 2011
CPS board passes tax hike
Sorry to have to report some bad news for my very first post! It looks like our property taxes will be increasing around Chicago.
Property owners have felt a lot of pain in the past few years. In April 2008, the City of Chicago Transfer Tax was increased to a whopping $10.50 per $1,000 of the total purchase price of the home. The buyer is responsible for $7.50 per $1,000 and the seller is responsible for $3.00 per $1,000. For example, if a buyer purchased a home in Chicago for $250,000 that buyer would have to cough up $1,875 for this tax. The seller would be responsible for $750. Quite an entrance fee!
It is important to know what these transfer taxes are -- regardless of what part of the state you live in as there is also a State and County transfer tax. Most municipalities also have their own, although most are not as high as Chicago.
This property tax hike will be just another way to stick it to property owners. On the bright side, there are a ton of great housing deals out there! So hopefully the new taxes will not be a major deal breaker for you if you are looking for a new home.
CPS board passes tax hike
Property owners have felt a lot of pain in the past few years. In April 2008, the City of Chicago Transfer Tax was increased to a whopping $10.50 per $1,000 of the total purchase price of the home. The buyer is responsible for $7.50 per $1,000 and the seller is responsible for $3.00 per $1,000. For example, if a buyer purchased a home in Chicago for $250,000 that buyer would have to cough up $1,875 for this tax. The seller would be responsible for $750. Quite an entrance fee!
It is important to know what these transfer taxes are -- regardless of what part of the state you live in as there is also a State and County transfer tax. Most municipalities also have their own, although most are not as high as Chicago.
This property tax hike will be just another way to stick it to property owners. On the bright side, there are a ton of great housing deals out there! So hopefully the new taxes will not be a major deal breaker for you if you are looking for a new home.
CPS board passes tax hike
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