Posted April 30, 2009 by Tracy McCleary
Categories: Uncategorized

The other day I was driving by a house that had been on the market for a while, it expired with the first agent and was now listed with a new agent.  When I got back to the office I looked up the house and saw it was listed $40,000 less than it was listed for originally.  I knew the first listing agent and I had to chuckle because when she had the listing they got an offer for $20,000 more than it’s listed for now.  The original agent tried to explain the current market to them, but the seller refused to budge on the price, so the people moved on and bought a different house.  Now its 8 months later, they missed out on a house they really wanted and have to take less money than they would’ve gotten.  If only they had listened to the professional, who understands the market and has been doing it for years, they wouldn’t have wasted so much time. 

 

Each piece of property is unique, when an agent gives a suggested list price they are basing it on comparable properties in the area, current market situation, condition of the home and any external issues that potential buyers may not like, even though that same thing was never an issue to the current owners. 

 

Currently in Central CT, and most everywhere else, we are in a buyer’s market, which means there is a lot of inventory and the buyers have a more to choose from.  If you list your house higher than the suggested price you will most likely hurt yourself in the long run because….. 

 

♦ It will keep qualified buyers that could afford it if it were in the right price range away.

 

            ♦ If other agents feel the property is way overpriced they either won’t show it or will let their clients know its overpriced for the current market. 

 

            ♦ The longer a property sits on the market the lower the offers that you do get are going to be. 

 

            ♦ If you list too high with the intention of lowering it every few weeks, that makes buyers think that you’re desperate and again will give extra-low offers or not putting in an offer because they are waiting for the price to go even lower.   

 

            ♦ If you actually get someone to give you what you want, you have to contend with the bank’s appraisal and if the property doesn’t appraise for the sale price, that will most likely stop the sale because the buyers will no longer be able to the financing to go forward.    

 

 

On the flip side, even in the current market I have seen properties sell in 2 days, with multiple offers for asking price, because they were priced right.  Priced  right doesn’t mean giving the house away, it simply means pricing it for the current market. 

 

At the end of the day, no matter what you may want for your house, it’s only worth what people are willing to pay for it.  Choosing an agent, based on the highest suggested price is ultimately the kiss of death, especially if you’ve spoken with other people and their price is 10’s of thousands of dollars higher.   Doing that, most likely, isn’t going to produce the results you are looking for. 

Is off to the gym, t

Posted March 19, 2009 by Tracy McCleary
Categories: HelloTxt

Is off to the gym, then the office move followed by teaching in Old saybrook tonight.

A home is still the best investment you can make.

Posted February 24, 2009 by Tracy McCleary
Categories: Uncategorized

 

I have been selling real estate throughout central Connecticut for almost 9 years. In that time the market has changed significantly, but contrary to popular belief now is actually a great time to buy.  I’m sure you’ve heard and seen the Realtor ® adds making that statement, but the more I see on the news about investment companies/people scamming and bankrupting the public, the more I truly believe property is the best place to invest your money.  I remember seeing on the news a few weeks ago how Kevin Bacon and his wife lost almost all their money to Bernie Madoff and his Ponzi scheme. According to the news, all they had left was some money in a savings account and the EQUITY in their homes.  Now most people won’t feel bad for the Bacon’s or any of the other celebrities that were taken by Madoff,  but how about the brick layer from Long Island that lost everything he spent his whole life working for, again in the end to only have his home.   There are so many more stories like that.  At the end of the day people still need a place to live, and a home/condo is something tangible that, as long as you pay for it, you will own indefinitely and eventually own free and clear. Even if a fire burns it to the ground, you have insurance and can rebuild.  If a company you have stock in goes out of business, you’re just out that money.  Clearly the housing market is just as unpredictable as the stock market, but even though housing values can drop, they will come back and your home is always going to be worth something and provide you something that every person needs, a place to live.

 

 Don’t get me wrong, the stock market is still a good place to invest some money in, but a home is something you have control over.  You actually have some say in its worth, the more you put into it, the more you will get out of it.

 

The government has even come to the realization that homeownership is something that will help get our economy get back on track, as part of the current government bailout they are offering a 10% credit up to $8,000 to qualified first time home buyers. 

 

 

Unlike in the past, not only are the rates low, but the prices are also affordable, making a great time to buy. With the spring season right around the corner, inventory will grow as well.  Even if you already own a home, though you’re house may be worth less than you would like,  the bigger home you want to buy is going to be more affordable as well, so its all relative.

 

 

 

Hello world!

Posted February 24, 2009 by Tracy McCleary
Categories: Uncategorized

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