• Redwood City

    Posted on August 21st, 2008

    Written by Ed Gory


    Are Edgewood Park Homes Not Hotcakes Anymore?

    Ok, just generalizing here — I seem to have seen more homes for sale in Edgewood Park languish on the market than ever before. Now granted, I know, the market for homes above $1.5M or so doesn’t move as quick as it did 2 years ago.  But boy, are sellers’ expectations of value completely in the ether?

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    It seems lately that more of the “languishing” homes are being taken off the market rather than reduce the list price. My recommendation to any seller: if you’re not getting the price you want, maybe the list price is not what the market thinks it’s worth?

    Here’s a quick and easy primer for ALL sellers. I wrote about this in the Gory Details Blog back in April, but it’s worth repeating here:

    Publicenemy Zillow will tell you one thing. A “neighborhood expert” will tell you something else. 

    In the immortal words of Chuck D from Public Enemy, “don’t believe the hype.”

    In its most basic form, here’s a guide that will tell you what your home is really worth (and thanks to David Phillips, CEO of the Charlottesville Area Assoc. of Realtors, and Judy Savage, their president):

    The Market Value of Your Home is NOT:

    1.         What you have in it.

    2.         What you need out of it.

    3.         What you want.

    4.         What it appraised for.

    5.         What you heard your neighbor’s house sold for.

    6.         What the tax office says it is worth.

    7.         How much it is insured for.

    8.         Based on memories and treasures.

    9.         Based on prices of homes where you are moving.


    The True Market Value of Your Home Is What a Buyer is Willing to Pay:

    1.         Based on today’s market.

    2.         Based on today’s competition.

    3.         Based on today’s financing.

    4.         Based on today’s economic condition.

    5.         Based on the buyer’s perception of the condition.

    6.         Based on location.

    7.         Based on normal marketing time.

    8.         Based on showing accessibility.


    Properties That Sell in Today’s Market:  On a Scale of 1 – 10, the “10’s” Are The Ones That Are Selling.  How Can Your Property Be A “10”?

    1.         By improving the condition dramatically.

    2.         By offering good terms.

    3.         By improving the way the home shows.

    4.         By adjusting your price.


    As a Seller you control:

    1.         The price you ask.

    2.         The condition of the property.

    3.         Access to the property.


    As a Seller you do not control:

    1.         Market conditions.

    2.         The motivation of your competition.

    3.         Value

    Word. Boiiiiiiiiiii.

    This entry was posted on Thursday, August 21st, 2008 at 6:47 pm and is filed under Redwood City. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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