Sales Associate (10 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Relocation,
Foreclosure

Advice

  • (147 Contributions,
  • 3 Best Answers,
  • 23 Helpful)

Contributions are sorted newest to oldest.

Length of listing - agent contract

Answer

I see comments here that with a shorter term you should price right from the start.  Regardless of listing term, you should price smartly right out of the gate.  The excitement and interest in any listing is greatest when it first comes to market. Buyers are eagerly awaiting fresh inventory and they are well-informed. If you overprice you will lose their attention and you may not regain it as you try to catch the market.That said - on to listing term. I ask for 180 days but offer the seller the right to cancel and be released unconditionally after 90 days.  Much of the marketing activity and expense is front loaded so I do think it is important to give your agent time to perform.  Another option if after the 90 days you would still prefer to sell but want to consider a rental if necessary, is to have your agent also list it as a rental. This is not uncommon in my market.  Good luck to you!

  (1)
Length of listing - agent contract

Answer

I see comments here that with a shorter term you should price right from the start.  Regardless of listing term, you should price smartly right out of the gate.  The excitement and interest in any listing is greatest when it first comes to market. Buyers are eagerly awaiting fresh inventory and they are well-informed. If you overprice you will lose their attention and you may not regain it as you try to catch the market.That said - on to listing term. I ask for 180 days but offer the seller the right to cancel and be released unconditionally after 90 days.  Much of the marketing activity and expense is front loaded so I do think it is important to give your agent time to perform.  Another option if after the 90 days you would still prefer to sell but want to consider a rental if necessary, is to have your agent also list it as a rental. This is not uncommon in my market.  Good luck to you!

  (0)
do most homes sell for asking price, and if not how much below is average (in the last year)?

Answer

If a home is priced right, then it will likely sell quickly at or close to asking -- and if the bidding becomes competitive the price may leverage over asking. Interestingly over the past 5 years, I saw homes selling between 95% and 100% of asking when the price was deemed to be "on the mark" by the consumer.  That might be at first listing or after a price reduction.  The sellers that priced smartly out of the gate tend to do better than those that overprice.Here in NJ, that ratio has tightened, and now homes are selling on average at 97% of asking when the asking price is on the mark.  This was a take away from the Fall '14 Otteau Market Update. 

  (0)
do most homes sell for asking price, and if not how much below is average (in the last year)?

Answer

If a home is priced right, then it will likely sell quickly at or close to asking -- and if the bidding becomes competitive the price may leverage over asking. Interestingly over the past 5 years, I saw homes selling between 95% and 100% of asking when the price was deemed to be "on the mark" by the consumer.  That might be at first listing or after a price reduction.  The sellers that priced smartly out of the gate tend to do better than those that overprice.Here in NJ, that ratio has tightened, and now homes are selling on average at 97% of asking when the asking price is on the mark.  This was a take away from the Fall '14 Otteau Market Update. 

  (0)
Agents: the impact of offering higher commission to buyer's agent

Answer

Focus on adjusting your price - when you get that right for what you have to sell, your home will sell.I do agree with Mack's earlier post when he commented that his hunch is that fewer agents are attracted to higher commissions than detracted by lower ones.  So price it right, present it optimally, maximize exposure to public and agents, and pay out what is customary and you should be good.

  (0)
Does the home have to be in move in condition or can it need some work

Answer

If you are selling your home, time spent to prepare it is well spent.  While it does not have to be in move in condition, you will likely sell more quickly and for more if it is.  Also recommend you do as much deferred maintenance as possible before you list to save yourself costly inspection negotiations or worse yet, a deal falling through.

  (0)