Palos Verdes Lifestyle - Norma Toering's Palos Verdes Homes Blog

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When Should a Property Be Taken Off the Market?

If you have a vacant property on the market for several months and have not received an acceptable offer, perhaps it's time to consider other options:

1.  Improve the CONDITION is usually my first suggestion.

2.  Reduce the PRICE. I know as a Seller this is not what you want to hear, but facts are facts and comps are comps.

3.  LEASE it.

If the curb appeal is at its maximum and the interior pleases the eyes, then price may be the last variable to play with.  However, as a Seller, if your financial plans do not include "giving it away" you may want to consider leasing the property.

Many buyers are unable to secure loans in these uncertain financial times, and leasing a home in their neighborhood of choice is often an attractive option. 

The rising inventory of homes brings the supply and demand rule into play.  An oversupply of homes puts downward pressure on prices of all homes in the area.  This may not be the right time to sell your property.  It may be a very good time to lease it.

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Norma Toering & Team RE/MAX Palos Verdes Realty
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South Bay Los Angeles cities I sell real estate, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.


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8 commentsNorma Toering • August 16 2008 05:24PM

Comments

There is a time to take a property of the market, increase the price, reduce the price or just cancel the listing. When a seller has unrealistic expectations, it is better to just move on.

Posted by Mott Kornicki, Waterway Realtors, Notary Public (• Waterway Realty, Realtors® • Broker • South East Florida •) over 5 years ago

Norma - I couldn't agree with you more.  Another thing to keep in mind is time of year and number of competitive homes on the market in the same area.  I have recommended clients take their home off the market Nov - Jan because there was a glut of homes in the area on the market and also because these months are typically slow in Colorado.  They re-listed with me at the end of Jan. and their house went under contract and sold within 4 weeks!  Wendy Richards

 

 

Posted by Mark Richards, Castle Rock/Denver Real Estate (Cherry Creek Properties) over 5 years ago

Hi Norma-

If reducing the price of the home becomes the last option, consider seller carry-back financing instead.  Don't give up on your client and they will remember your dedication when the need to buy or sell property arises in the future.  Asking them to lower the selling price can have negative connotations.  Tell them about carrying the note themselves instead.

If the seller owns their home outright, or very nearly so, they can write up a contract tied to the mortgage and provide financing to a buyer (just like a bank can).  If they chose to do that, then they would open up an opportunity to a whole new market of buyers - those who do not qualify for financing from traditional lending institutions - that would be more than happy to pay full asking price (and usually a higher interest rate) just to have a home of their own.  And, with the help of a real estate attorney that you recommend, you will still get your commission out of it.

In as little as six months down the road that contract/mortgage - which is a marketable item that investors buy all of the time - can be sold for cash.  Or, if your client prefers, he now has a monthly income that will last for the term of the mortgage or until the home buyer refinances.  This is also a great option for the buyer because he gets into his home of choice and, a few years of timely payments down the road, has established a credit rating high enough to refinance at a lower rate of interest.

I own a company called Greene Notes, LLC and helping people sell their unwanted real estate notes is what we do.  We work with builders who provide in house financing to their clients by selling the notes generated from the sale to investors so that the builder can use the money for new projects instead of waiting 30 years to collect what they are due.  We work with investors who buy homes (like in foreclosure), sell them and carry the note, to sell that note so that they may buy more homes.  And, we work with individuals who had a difficult time selling their home, provided seller carry-back financing in order to get it sold, and now would like to get cash for their note.

In these times it is not uncommon for homes to sit on the market for years.  If a client could sell their home fast , at the price they want, and collect payments for six months, then sell the note they are holding for the cash they wanted in the first place, then they are much farther ahead.  This option is growing in popularity all of the time because of the ups and downs in the real estate and banking industry.

www.GreeneNotesLLC.net Check us out

 

Regards,

Shan Greene

Posted by Shan Greene (Greene Notes, LLC) over 5 years ago

Shan - Fortunately, I haven't had a property stay on the market for years, but another option is always worth exploring.

Posted by Norma Toering, Palos Verdes Homes in Los Angeles Area (Charlemagne International Properties) over 5 years ago

Wendy - I call that refreshing the listing!  After a few months off the market there are new buyers, fresh marketing and refreshed sellers (and agent).

Posted by Norma Toering, Palos Verdes Homes in Los Angeles Area (Charlemagne International Properties) over 5 years ago

Mott - The inventory would certainly shrink if only motivated sellers were allowed to place their home on the MLS.  Overpriced, long-term listings contribute to downward price pressure in any given area.

Posted by Norma Toering, Palos Verdes Homes in Los Angeles Area (Charlemagne International Properties) over 5 years ago

It is hard for sellers when the reality sets in that their home is not worth what they wanted to get for it.  Having neighbors and friends giving their opinions (usually wrong), makes it even harder.

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (Island Style Realty Inc.) over 5 years ago

Norma,

We recently opened a property management division to be able to better serve our clients who have to move but are unable to in this market. Leasing has proven to be a great option for them until values come back.

 

Posted by NW Real Estate |Colleen Fischesser & CO Serving Seattle-Tacoma area Since 1990!, Serving Seattle-Tacoma Home Sellers & Buyers since (RE/MAX Select R.E | Designated Broker/Owner) over 5 years ago

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