How can you get your house sold in a slower real estate market?
According to the Globe:
“Buyers just want price,” says Mike Morgan, a Stuart, Fla.-based lawyer, real estate broker, and consultant who researches property markets for hedge funds and financial institutions. “Buyers have become educated, and they can easily cut through the fluffy incentives.”
“If you don’t get any calls on your listing price after a week, drop your price $10,000 or about 2 percent of your original asking price,” Morgan says.
“The market will tell you what the price of your home is. You better be priced 10 percent under your competition – and then be prepared to think about accepting offers under that.”
Sounds like this guy knows what he’s talking about.
“People were telling me Boston and Seattle were OK,” said Morgan, who recently visited both cities. “I’ve got news for those folks. They aren’t OK.”
Pffft. Who asked you?
Source: Bottom line for home buyers is price – and not much else matters – By John F. Wasik, Bloomberg.com
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