Tag Archives: Selling a house in Grand Rapids

Grand Rapids MI Home Seller – Asking More Doesn’t Mean You Will Get More

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Grand Rapids Michigan Home Seller – Asking More Doesn’t Mean You Will Get More

About one third of homes listed on the Multiple Listing Service do not sell.

They might be over priced, in very poor condition, bad location, a weird

floor plan or some other oddness about them.  They will sell at the right price,

which is what we are trying to convey.

 

Grand Rapids MI home

 

The correct price is so crucial to the sale of your home, that if you miss

the mark the first time, you are chasing a downward trend that is very

difficult, if not impossible, to catch.

 

This can be tricky, as you don’t want to under price the market.

But the market doesn’t hold still, what was a great price a few months

ago is not a great price today.  You can’t rely on any market information

over 3-6 months old.  You need to know what is happening today.

 

Example : 440/981 = Days On Market/Total Days On Market

The stats above are for a house in the Grand Rapids market that we saw

on the MLS today.  You would think that in almost 33 months on the

market, this homeowner would have realized that their price is not in

line with homes that are selling.  Sure, there have been reductions on

this home’s price, but not enough and not soon enough.

 

Be smart about selling your home.  Use a Realtor who can give you the

straight facts, not someone who tells you what you want to hear.

Unless you want to be like the seller above, chasing a downward market

and watching your competition use you as a price comparison.

 

 Should You Listen to Your Realtor or Your Instincts?

 Free White Paper for Sellers:  Avoid 11 Mistakes that Could Cost

 

____________________________________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan. Grand Rapids Michigan is a vibrant, growing

metropolitan area with a diverse business community, great medical

research & services, numerous universities, plus lively arts and

entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

ar125812212017642 Rockford Michigan Top Best Buy Homes Nov 2010 ar125812218972939 Rockford Michigan Top Best Buy Homes Nov 2010 ar125812225271331 Rockford Michigan Top Best Buy Homes Nov 2010

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

OUR FLICKR PHOTOSTREAM

10 Questions to Ask a Realtor Before You List Your Home ~ Part 1

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10 Questions to Ask a Realtor Before You List Your Home

by Bonnie and Terry Westbrook

Most of us sell only a small number of homes in our lifetimes.

With limited experience in real estate how are we capable of

maximizing the profits from our home sale? Many home sellers

make the critical mistake of thinking all Realtors are the same.

They list with the first agent who comes along. Does it make

good business sense to put the responsibility of selling your

home with someone who has no plan or qualifications?

This article will educate you with valuable information that will

help you make the best decision concerning:

With which real estate agent should you list?

Start by doing a few hours of research. Ask around … talk with

someone who has had a positive experience with a Realtor in your

neighborhood. Find out which agents are highly visible in your

market area. Get to know who has the most web presence, ads

and marketing material in your neighborhood. Who’s the most

active agent? Compile a list of agent names and use these

questions to help you determine which agent is right for you.

Now you have the list –Google each one to see how they compare.

Make an appointment and ask the prospective agents the

following questions:

  1. Could you send me some information about yourself!

You can often get a good idea of which agents are the most professional

by looking at their promotional materials. If their own materials aren’t

professional, how well are they going to market your home? Track

how long each agent takes to respond to your request and how

quickly they follow up. If they don’t respond efficiently to your

Listing requests imagine how they’ll handle potential home buyers.

2. How many homes have you listed and how many homes have

you sold in the last six months? Look for an agent who has experience

with homes similar to yours and is active in your area. If your home

has special features look for an agent with experience in those

areas. Your agent should have a good record of selling homes, not

just listing them. After all, this is your ultimate goal.

Watch for the continuing series: 10 Questions You Should Ask a Realtor

____________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan. Grand Rapids Michigan is a vibrant, growing

metropolitan area with a diverse business community, great medical

research & services, numerous universities, plus lively arts and

entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

ar125812212017642 Forest Hills Public Schools Top State of Michigan Rankings ar125812225271331 Forest Hills Public Schools Top State of Michigan Rankings

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

OUR FLICKR PHOTOSTREAM

Wearing the Black Hat or the White Hat in Real Estate today?

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You know the saying about good guys finishing last, well, I’m not so sure.

This recent scenario is pretty typical of a dilemma the real estate

agent faces every day.

I recently went on a listing appointment. It was a referral from a very happy

past client, the home was about 6 years old, professionally decorated and

had many extras. A very nice house to have listed.

EXCEPT…the seller didn’t want to move right away, they wanted to

list this spring and move in November.

I did my CMA and told them their price would be around $300K as the BEST

possible outcome.  The house next door just sold for $270K and

they included a $10K item of furniture to seal the deal!

I was firm about my price, but I conceded we could start at 310K or 315K,

if they wanted to test the market for a few months.

They interviewed two other agents who had also been recommended.

They went with the agent who told them it would sell for $330K. That is what it

is listed for on our MLS now.

Real estate agents have to make a decision at the presentation.

Do we want to buy the listing at the higher price and deal with a disappointed

seller for 6-15 months?

The other option is to be firm and if the business comes your way it will be

salable and you will get paid for your efforts.

I recently listed a home for the correct price and it sold in three

weeks for full price.

If I had been the Good Guy wearing the White Hat and agreed to

their $330K price, I know I could have gotten the listing. Then during

the 5-6 months when they weregetting really serious about selling, we

could have lowered the price and it would eventually sell, maybe by

spring 2009.

What is the right thing to do?

Telling the seller the truth cost me a listing??           Yes.

My Deduction:

Listening to the client —+— Motivation —+ — Price

All of these go hand in hand to come to an understanding

with the seller. I wasn’t patient enough to offer the option of setting

a higher price and waiting with them to realize their price was unrealistic.

This has been the case with so many listings over the last year and a half.

So I suppose I’m wearing the Black Hat in this Situation.

Or will I be wearing the Black Hat when I list at their price and

it still hasn’t sold in 11 to 12 months?  You betcha.

I will be the one who has failed to sell the house even though

the sellers set the price.

Copyright by Terry Westbrook 2008

Contact me: 1-888-240-1968 x 0 toll free

Grand Rapids Real Estate ~ Westbrook Realty

Email: terry@TerryWestbrook.com