Real estate has been on the news lately and the latest report today, Monday August 27, 2007 indicates the median price of homes across the country fell for the first time in years. Boise Idaho is no exception.
The National Association of Realtors stated home prices fell for the 1st time in 11 years and supplies of homes are at an all-time high. The report also states that home prices are expected to fall further through the end of the year.
Many Boise Idaho and other residents across the country are facing the dilemma of having no one look at their home, especially at the higher price ranges.
Many sellers want their Realtors to:
- Have Open houses weekly or at least monthly
- Run ads in the local newspaper
- Run ads in many of the local home magazines
- Run radio and T.V. advertising
- Jump out in front of cars and beg buyers to come in! (just joking)
My point is that there is some desperation because some sellers have been relocated and some have built or purchased new homes and simply need to sell and sell now.
Reports are coming in across the country from not only the National Association of Realtors but through some other independent companies open houses and print advertising are just not working in "Anywhere, USA". I have spoken to many area Realtors that state NO ONE is coming to open houses and I have experienced this myself.
The reason is this: Print advertising has gone the way of dinosaurs. There are some great web sites and many top Realtors have links where buyers cannot only see everything that is available in the MLS, but have automatic updates emailed to them daily.
Why would someone spend time going to an open house when they can see many homes on the Internet through virtual and video tours?
Let's face it...people are busy, real busy and more and more people doing a lot more of their shopping on-line. Real estate is not being purchased on-line for the most part but buyers are surely sorting out the homes they want to look at on-line. Not only can they see a virtual tour of homes they want but they can map them out and compare areas, get school information and much, much more.
So what does one do? If you really need to sell make sure you hire a Realtor that will not only do a complete CMA (competitive market analysis) but also an Absorption Rate. Don't only ask for these before you list but in this market you need to see these reports monthly. Yes, the market is changing that fast and the only way for you to know where you stand is to look at monthly reports. Interview Realtors until you find one that will do this for you. "Would you want your financial advisor to just sit on your money and not look at market trends?"
Once you make the decision to list your home you will be well ahead of the game by having your home staged or prepared to market. Please read my open letter to Sellers. I cannot overstate the importance of this and sellers across the nation are discovering the importance of this.
If you do all of this and your home still not sell please understand it has nothing to do with another Open House, Newspaper Ad, or real estate magazine.
Your only option is to continue to lower your price until you are at a price that will attract buyers to make offers. Please be wary of real estate agents that will list your home at whatever price you want. Over pricing your home accomplishes nothing and no one wins.
Real estate markets in Boise Idaho are cyclical just like the rest of the country and we must change with the cycles and do the things we need to do to successfully sell our homes. This cycle we are in will end in the weeks, months or years ahead and we will enter yet one more cycle.
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George, I prepped my sellers AT the pre-lisitng appointment. I don't do open houses, they are a waste of time in my market. My buyer agent held one of Sunday because my clients wanted one " to try".
No one came. I only use print media when I do have an Open house. If that is what they really want then I suggest another Realtor. I truly believe it is how you prep them for how you market and SELL homes.
Good stuff on the absorption rate. I use that too. It is a eye opener.
George,
Honestly...most HO's just want to see us agressively advertise or they can't justify hiring us or paying us if it does sell.
Personally. I do advertise all over but as far as results...99% of it is not effective for us.
Open houses are worthless here as well. I keep doing them but rarely see anything out of it other than picking up a new TV show to watch or getting the game on Sunday:)
Pamela - Very true, thanks
Brad - Thank you but open houses are dead in idaho...and I mean dead!
Missy - "Been there done that" Thank you.
Neal - Educate your sellers. I have told many sellers that Realtors in my office that spend thousands of dollars in print advertising are not selling homes from that advertising. They (the Realtors) tell me they only advertise because their sellers wants to see their homes advertised. I am honest and explain this all to my sellers and then they don't have that expectation. Education and information is everything my friend.
Michelle - You have no idea what your comment just meant to me! I am having one of those days where I just needed someone to say something nice to me and make me feel better about myself and here God knew just what I needed! I am copying your comment and saving it so I can read it again when I am feeling down as I have today.
On a business note I use Craig's list a lot and post my listings on the 1st and 15th of every month with great success. Thanks again and I hope you are having a wonderful day.