Re: Knowing your Market - Posted by Laure
Posted by Laure on March 21, 1999 at 23:24:53:
He and two others are willing to pay 69k. This neighborhood has increased 10k+ in the last 8 months. Some people just don’t know it and still have their houses listed lower than what they “can get”. Even though this house has been on the market. It started at 62k and is down to 48. It’s one of those that has that stigma… “must be something wrong, cuz it’s still on the market”
I sold a house, split foyer in same neighborhood for 73,500 closed in January. I replaced it with a split foyer (1031 exchange) 5 blocks away which I paid 52k for. I just L/O it out tonight for 69,900, 2 year term. 5k down, 695/ month, and THEY do all the painting, strip the wallpaper, re-hang paper, etc. That’s a 20,000 swing in price for only 5 blocks. I sold the split foyer outright with FHA financing !!
How would I sell it for 69? Because they are willing to pay for it! There is a house up the street for sale for 68k, however, not sold yet.
Maybe that house for 48 is still on the market because they have ugly red carpet in the living room. So, I’d replace the carpet ! No biggie.