Face Facts. Overpricing your home is BAD. Worse, in fact, than a rough case of the chicken pox. There are dozens of reasons overpricing is bad but a few stand out from the pack in terms of hitting your wallet when everything is said and done.
Overpricing your home makes the competition LOOK better.
When you price your home over the market value by even 5% or 10%, it makes other properties that are comparable to yours look better.
Overpricing your home destroys your ‘Window of Opportunity’.
The window of opportunity exists for this reason. When you place your home on the market, buyers are already out there looking. These buyer find your home through a Realtor or on a website and decide to go see it or not. These first few weeks of buyers are the ones already in the market. As time passes, only new buyers look at a home that has been on the market a while. When your home is overpriced, you completely miss this initial influx of buyers. Even if you realize your mistake by week 3 or 4 the damage is done. Buyers don’t go back and look at houses they’ve already been show is overpriced either online or by a Realtor. There is a stigma on the overpriced home even though it is now priced at market value.
Overpricing automatically halves your number of showings.
A home that doesn’t show doesn’t sell. Even at market value, due to locational, school, and misc. preferences, only 6 out of every 10 buyers that are looking at your price range will come see your home for sale. When you overprice your property by just 10%, your number of showings will drop in half. Now, only 3 out of every 10 buyers will come to see your property. The average property shows at least 8 times before there is an offer. By overpricing your home by 10% you have effectively doubled your home’s time on the market if it sells at all. Instead of being sold in 15 to 21 days, you are still making the beds, cleaning the dishes, tidying after the kids rooms, attending to extra details on a daily basis and wondering why your house has not sold when others have. The exact question you should be asking is “People have looked at our home and they choose to buy another?” Is it the Price or Condition?
I don’t give out this information to scare or intimidate sellers into lowering their prices. I do it to illustrate the fact that by overpricing your home you are hurting yourself and your family in the long run. If you only remember one thing about pricing your home, remember this:
Sellers do not determine a home’s value. Realtors do not determine a home’s value. Buyers determine the market value of any given property.
If you are wondering what your home is worth today, whether you’re selling soon or you just want to know, please contact me for a free pricing analysis of your property. www.RainCityAgent.com and www.RainCityShortSale.com I welcome your inquiries Call 425-372-6382 or email me at timschmitz@cbbain.com
Wednesday, January 27, 2010
Sunday, January 10, 2010
What is a Short Sale?
If you find yourself in a position where you owe more than your home is worth and you need to sell, a short sale may be your best option. But don’t get taken for a long, stressful ride by a self proclaimed ‘expert’…
“What is a short sale?”
Simply put, a short sale is a real estate transaction where the homeowner owes their lender more than what their property is worth and they need to sell. In a short sale, the lender must approve and accept less than what they are owed as full payoff (this means they may settle for $400,000, even if you currently owe them $500,000…even if the loss is hundreds of thousands of dollars)!!
◦Are you facing a financial hardship that you know will decrease your income?
◦Are you getting behind on your mortgage and you’re not sure if you can catch up?
◦Or do you just need to sell quickly but your home is worth less now than when you bought it?
If you are facing any of the situations above, it’s possible that a short sale may be your best option.
Don’t worry. It’s not your fault…
You gotta remember, we’ve all had our ups and downs in life and a lot of other good people are also in the same tough spot as you. Life seems scary when you’re facing the reality of foreclosure and I know how you feel when you just don’t wanna answer the phone any more…
We all agree that we’re in the middle of a national mortgage crisis and that, in many cases, homeowners who have bought or refinanced in the last few years have been seriously abused by unethical lending practices!!
You bought your home and hoped (like we all did) that it would increase in value (and some folks were even promised it would!), but most likely the harsh reality is that now your home is worth less than when you bought it and the value is still declining sharply.
It’s sad but true!
Did you know that nearly 90% of the homeowners nationwide who try to “short sale” their home will end up losing their home to foreclosure due to an uneducated or lazy agent?
Don’t allow this to happen to you!
I hate to say this, but the majority of agents that are “trying to help” have not been properly trained and sadly, they are misinformed as to how to even negotiate with lenders. Some even get so far as to submit your ’short sale packet’ and then just sit back and wait for a response! In the end, they simply don’t know how to help you and you will become one of those “90%” that were not helped.
“Short sales are not easy!”
…unless you seek the help of an expert agent with a proven track record. I have been personally trained by a former Chief Loss Mitigator of another bank who is a career loss mitigator and asset manager with 20 years in the business (he is ultimately the guy at the bank who accepts or declines short sales). We are now helping save even more folks from foreclosure.
We actually get the banks to say YES to our short sales. I have insider knowledge and a broad base of industry contacts that allow us to get our approvals faster than any other agents.
Now it’s up to you…
I am ready, along with my team of experts, to go to battle for you. Are you ready to take a serious look at your options and see how a short sale can help you?
◦Save your credit from the “Foreclosure” ding
◦Avoid Bankruptcy
◦Avoid Foreclosure
◦Relieve the stress that this financial burden has become
◦WITH NO OUT OF POCKET FEES OR ANY UP FRONT COSTS OF ANY KIND! …or in other words, you pay me nothing and if I do my job and save you from foreclosure, only then will I get paid by the lender!
If you have any questions I can answer that will help you better understand how the short sale process works, please don’t hesitate to contact me directly.
425-372-6382
www.RainCityShortSale.com
“What is a short sale?”
Simply put, a short sale is a real estate transaction where the homeowner owes their lender more than what their property is worth and they need to sell. In a short sale, the lender must approve and accept less than what they are owed as full payoff (this means they may settle for $400,000, even if you currently owe them $500,000…even if the loss is hundreds of thousands of dollars)!!
◦Are you facing a financial hardship that you know will decrease your income?
◦Are you getting behind on your mortgage and you’re not sure if you can catch up?
◦Or do you just need to sell quickly but your home is worth less now than when you bought it?
If you are facing any of the situations above, it’s possible that a short sale may be your best option.
Don’t worry. It’s not your fault…
You gotta remember, we’ve all had our ups and downs in life and a lot of other good people are also in the same tough spot as you. Life seems scary when you’re facing the reality of foreclosure and I know how you feel when you just don’t wanna answer the phone any more…
We all agree that we’re in the middle of a national mortgage crisis and that, in many cases, homeowners who have bought or refinanced in the last few years have been seriously abused by unethical lending practices!!
You bought your home and hoped (like we all did) that it would increase in value (and some folks were even promised it would!), but most likely the harsh reality is that now your home is worth less than when you bought it and the value is still declining sharply.
It’s sad but true!
Did you know that nearly 90% of the homeowners nationwide who try to “short sale” their home will end up losing their home to foreclosure due to an uneducated or lazy agent?
Don’t allow this to happen to you!
I hate to say this, but the majority of agents that are “trying to help” have not been properly trained and sadly, they are misinformed as to how to even negotiate with lenders. Some even get so far as to submit your ’short sale packet’ and then just sit back and wait for a response! In the end, they simply don’t know how to help you and you will become one of those “90%” that were not helped.
“Short sales are not easy!”
…unless you seek the help of an expert agent with a proven track record. I have been personally trained by a former Chief Loss Mitigator of another bank who is a career loss mitigator and asset manager with 20 years in the business (he is ultimately the guy at the bank who accepts or declines short sales). We are now helping save even more folks from foreclosure.
We actually get the banks to say YES to our short sales. I have insider knowledge and a broad base of industry contacts that allow us to get our approvals faster than any other agents.
Now it’s up to you…
I am ready, along with my team of experts, to go to battle for you. Are you ready to take a serious look at your options and see how a short sale can help you?
◦Save your credit from the “Foreclosure” ding
◦Avoid Bankruptcy
◦Avoid Foreclosure
◦Relieve the stress that this financial burden has become
◦WITH NO OUT OF POCKET FEES OR ANY UP FRONT COSTS OF ANY KIND! …or in other words, you pay me nothing and if I do my job and save you from foreclosure, only then will I get paid by the lender!
If you have any questions I can answer that will help you better understand how the short sale process works, please don’t hesitate to contact me directly.
425-372-6382
www.RainCityShortSale.com
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