Friday, October 24, 2008
The new reality. Thirteen condos going under contract during the first 23 days of October. If you are a seller you are now in a price war with the other 523 sellers. Buyers are really discriminating. Your place better win the beauty contest too.
Top 5 Mistakes Sellers will make in this market.
1) Over pricing. You are dead.
2) Selling it vacant. You are dead. Spend the money to stage it.3) Not fixing obvious defect before selling. You are dead. No one wants to spend the time.
4) Not knowing the owner occupancy rate of your building. If it's under 50% and you haven't done the homework to find buyers financing, you are dead.
5) For sale by owner. You are dead. Did I mention the 523 condos a buyer can see with an agent who helps with negotiation, market analysis, deal management, service provider management, etc.
It's still better than stocks....
Under contract in Oct 13
Information deemed reliable but not guaranteed
Posted by Brian Murray at Friday, October 24, 2008