Tuesday, January 13, 2009

It is a short sale, price it so....

I was speaking with a local real estate agent this morning regarding a short sale listing he has in the Brevard MLS. This home is one of the largest in this relatively newer Viera Florida neighborhood.

His listing is not the only listing for sale in that subdivision. It is not the only short sale either. There are 12 more listings and almost half are short sales!

I was doing some "comps" which fit his listing's characteristics. The problem - his listing is probably $20,000 too high. He is not going to get any traffic.

If you are selling and it is a short sale you must:
  • price for the market. Price it better than the others because many folks assume a short sale or any other "distressed" property will not be as well kept as the other "regular" listings.
Unfortunately people do expect to get a short sale at a real bargain. I had a call this morning from a caller who was looking at a $200,000 short sale. His question - what do you think of $130,000? My response: sellers, even banks, are willing to negotiate but they are not ready to give it away!

If you are considering selling in Viera or Suntree and you are in a potential "short sale" situation, please give me a call. Gary Waters, Century 21 Baytree Realty, Rockledge, Florida, 321-693-3850, email agent@moving2brevard.com.

Please read my blog at www.moving2brevard.blogspot.com .