February 2008 Archives
I've been in a couple of newspaper articles of late. Here are the links:
realtytimes.com/rtpages/20070828_exclusivebuyer.htm - 46k -Cached - Similar pages
www.thesunchronicle.com/business/ - 50k -Cached - Similar pages
Realty Times - Real Estate News and Advice
Paul J. Frank, with Homefinders Real Estate in Foxboro, MA, started with buyer brokerage as a salesperson in 1992. "I was living in a condo complex with my ...realtytimes.com/rtpages/20070828_exclusivebuyer.htm - 46k -
The Sun Chronicle Online - Business
The Ambassador Award was given to Paul Frank from Homefinders Real Estate, who has been an active member of the ambassadors program since 1995 but is ...www.thesunchronicle.com/business/ - 50k -
In a declining market if you don't price your house ahead of the market you will always be overpriced until the market bottoms and comes back up to meet your price or until you price it ahead of the market. Until you get ahead of the market you don't sell.
While I was researching for another property I came across a property that sold recently and it's a great example of a property that trailed the market down.
The property was first listed for $559,900 on 7/14/05. Over the next two years there were price reductions on the property at regular intervals. On 11/8/2007 the price was reduced to $384,000 with the property having an accepted offer on 12/5/07. The property closed on 1/10/08 for $360,000.
Ouch!
In a declining market your home is losing value everyday and if you don't adjust quickly and correctly you will be constantly overpriced even as you reduce your asking price.
While I was researching for another property I came across a property that sold recently and it's a great example of a property that trailed the market down.
The property was first listed for $559,900 on 7/14/05. Over the next two years there were price reductions on the property at regular intervals. On 11/8/2007 the price was reduced to $384,000 with the property having an accepted offer on 12/5/07. The property closed on 1/10/08 for $360,000.
Ouch!
In a declining market your home is losing value everyday and if you don't adjust quickly and correctly you will be constantly overpriced even as you reduce your asking price.
Lately, I have been showing buyers a lot of vacant properties. If you can find the right one you can get yourself a good deal. One of the nice things about looking at vacant properties it's easy to set up the showings. Almost all of them are on lockboxes so all I have to do is call to get the lockbox combination and we are good to go. The listing agent never wants to meet you at the property so you don't have to coordinate schedules. Too bad all showings couldn't be this easy to schedule.
The downside to these properties is that almost all of them have all the utilities shut off. The first time I experienced how cold a building could get in the winter without heat was when I was in construction. To this day, it still amazes me how cold a vacant building can get. It's always colder than the temperature outside especially if you are outside in the sun or up against the sunny side of a building.
Forget looking fashionable. I dress as if I was going to be outside for the whole time. Many layers and warm gloves.
I now equip myself with a emergency flashlight that doesn't need batteries as they would get very cold and lose power quickly. I picked up one of those flashlights that have a handle you wind which charges up the flashlight. A flashlight is a necessity because the basements get very dark even during the day. Also, you can't see a thing in the attic without a light.
The other inconvenience is that you can't go to the bathroom at the house because the water is turned off and the house is winterized against freezing pipes. I don't know about you but after spending hours out in the cold I seem to need to use the bathroom more often than normal so pit stops need to be planned for. Unfortunately, I have been in more than one house where someone used the toilet anyway and boy does that get to smelling bad.
With the price of copper being what it is these days you are finding more properties with the copper piping missing so now I look for that right away. Lot's of time the baseboard heating covers are intact but the copper piping behind it are gone so you have to get right up to it and take a good look. Without the plumbing being intact it's harder for someone who needs financing to buy the place. You can shorten your time in the house by discovering that right away. Most of these properties are in rough shape needing roofs, kitchens, bathrooms, new flooring, electrical and plumbing updates.
I always wonder what happened to the owners of the properties that caused them to lose their home. In one home, on a shelf in the basement the kid's sports trophies were still all lined up in a row. A very sad reminder of things gone wrong.
The downside to these properties is that almost all of them have all the utilities shut off. The first time I experienced how cold a building could get in the winter without heat was when I was in construction. To this day, it still amazes me how cold a vacant building can get. It's always colder than the temperature outside especially if you are outside in the sun or up against the sunny side of a building.
Forget looking fashionable. I dress as if I was going to be outside for the whole time. Many layers and warm gloves.
I now equip myself with a emergency flashlight that doesn't need batteries as they would get very cold and lose power quickly. I picked up one of those flashlights that have a handle you wind which charges up the flashlight. A flashlight is a necessity because the basements get very dark even during the day. Also, you can't see a thing in the attic without a light.
The other inconvenience is that you can't go to the bathroom at the house because the water is turned off and the house is winterized against freezing pipes. I don't know about you but after spending hours out in the cold I seem to need to use the bathroom more often than normal so pit stops need to be planned for. Unfortunately, I have been in more than one house where someone used the toilet anyway and boy does that get to smelling bad.
With the price of copper being what it is these days you are finding more properties with the copper piping missing so now I look for that right away. Lot's of time the baseboard heating covers are intact but the copper piping behind it are gone so you have to get right up to it and take a good look. Without the plumbing being intact it's harder for someone who needs financing to buy the place. You can shorten your time in the house by discovering that right away. Most of these properties are in rough shape needing roofs, kitchens, bathrooms, new flooring, electrical and plumbing updates.
I always wonder what happened to the owners of the properties that caused them to lose their home. In one home, on a shelf in the basement the kid's sports trophies were still all lined up in a row. A very sad reminder of things gone wrong.
