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YAHT: When to List "For Sale"

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YAHT: When to List "For Sale"

Old 03-07-08, 08:24 AM
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YAHT: When to List "For Sale"

So, I am graduating in August, and will (hopefully) be getting a job someplace. Where this will be is unknown at this time. It is most likely NOT going to be in the current area where I live. It may not even be in this state.

So I am in a bit of a pickle. On one hand, I really have no income at this time to get another mortgage or buy a house. But I don't want to wait and be rushed to sell last minute.

So, is it suggested that I list the home this Spring (Is that still "house-buying season?) and see what happens, or should I wait until closer to Summer?

If the average house is selling in 6 mos., that would be almost perfect. I guess if it sells quick, I could get an apartment and a storage place.

I will be using a Realtor, as most FSBOs around here tend to sit. I guess another question, would I be better off using a "large" realty business as opposed to a smaller place?

Any help would be greatly appreciated, or offers to buy would be even better!
Old 03-07-08, 03:00 PM
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Spring
Old 03-07-08, 03:09 PM
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Time doesn't matter in my market, but every market is different. The size of the office you use doesn't matter, the quality of the agent you use does. Find out what their sold stats are from the MLS compared to other people. Also, independent companies (not C21, etc) actually make more money than agents in franchise offices. That means that they typically sell more.

So you want a good agent and don't worry about the rest.
Old 03-07-08, 03:44 PM
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Originally Posted by jonw9
So, I am graduating in August, and will (hopefully) be getting a job someplace. Where this will be is unknown at this time. It is most likely NOT going to be in the current area where I live. It may not even be in this state.

So I am in a bit of a pickle. On one hand, I really have no income at this time to get another mortgage or buy a house. But I don't want to wait and be rushed to sell last minute.

So, is it suggested that I list the home this Spring (Is that still "house-buying season?) and see what happens, or should I wait until closer to Summer?

If the average house is selling in 6 mos., that would be almost perfect. I guess if it sells quick, I could get an apartment and a storage place.

I will be using a Realtor, as most FSBOs around here tend to sit. I guess another question, would I be better off using a "large" realty business as opposed to a smaller place?

Any help would be greatly appreciated, or offers to buy would be even better!

With the market being tough , wouldn't it be a good idea to list it as early as possible. worst comes to worst you have to turn down an offer
Old 03-07-08, 03:47 PM
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I would probably take this spring to do whatever needs to be done for the house to be presentable/sellable: painting, odds and ends, etc. If you're not keeping all the furniture, start selling it now.

If you want it sold by August, ideally the buyer will put in a contract sometime in June or July, so it needs to be on the market before that. Around here, that might be April to May, but if obviously differs where you're from.

Earlier = more flexibility (on your part). That means you won't be up against the wall and can have your choice of buyers, which is always a plus in a market like it is today.
Old 03-07-08, 03:51 PM
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you are going to be attempting a sell in one of the worst housing markets ever...

it's going to be tricky as hell getting it right...

if you can handle moving out in the short term if a surprise sell did happen... i think posting it for sale as soon a possible is the wisest move...

i would expect it not to sell and be a protracted listing though...
Old 03-07-08, 03:52 PM
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All markets are local. Don't assume he is in a bad market. Mine is still doing well.
Old 03-07-08, 04:03 PM
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Originally Posted by kvrdave
All markets are local. Don't assume he is in a bad market. Mine is still doing well.
So true. I'm in NOVA, a very bad market, but hell, with a new administration, even more dems coming to the white house, they'll be plenty of people coming in here.

Within 8 mos, w/in 1 mile of my house, there will be a new shopping center anchored by target, a new movie theater as well. I have EIGHT (not a misprint) public schools within 2 miles. Several day cares. I am w/in 2 miles of THREE major highways, 2 miles of Route 50 into DC, and within walking distance of a Metro station.

I could probably sell my house given all that.
Old 03-07-08, 04:14 PM
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There is not much I can do about the market. I will be moving away, I just don't know how far.

Where do i find the MLS ratings, from the Realtor or some website?

We are getting ready to sell. Getting rid of stuff, new carpet, fixing things (water heater) etc. I think if we buckled down, we could be ready to show in a month easy.

I guess now would be the time to find an agent. I think the guy that was our buyers agent has since retired from when we bought the house. I will start looking. Possibly with the guy that live in the same subdivision.

Thanks for all the replies, this thread slid pretty far down the page, I was beginning to think it was a goner.
Old 03-07-08, 04:22 PM
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You can't find out the MLS statistics. An agent probably can't show them to you without breaking the rules, but most will. Find an agent and ask where they rank and ask them to back it up. Number of transactions aren't the only key. Depending on the size of your market, there may be people that work your neighborhood more than others. You just don't want a part time, do nothing, crap agent.

Don't trust referrals from banks, Costco, etc. Those agents are paying a referral fee to those places, and generally the better agents won't sign up for those things because they do well enough without having to pay someone else to promote them.
Old 03-07-08, 04:49 PM
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most agents will show they are a 'million dollar' agent... if they are... that is some indicator taking care of business... that's one way...

also the superficial stuff... Ferragamo shoes?... driving a Benz?... clothes?... etc... when taken in context with other things that's a good indicator...

you aren't going to know for sure... but those two things are indicators...

if you can get someone to log into the MLS thats good too...

also look at whether that person has a good web site... one of my companies used to do the websites for real estate people... we did SEO also... did IPIX work for interiors... and integrated listing with the MLS... the people i did work for were the better agents in the area, and they had money to spend on a good site that ranked high and was content rich...

Last edited by Dr Mabuse; 03-07-08 at 05:21 PM.
Old 03-07-08, 04:57 PM
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Depending on the market, beware the million dollar agent. It use to mean something. Most MLS stats keep track of "sides." That means that if I list a house for $250k and I am the selling agent for that house, I am credited for 2 "sides" and have already shown $500k in volume.

Naturally it depends on market prices as well. When my market had an average sales price of $84,000 I still had a volume on the MLS of over 6 million. So when you look at volume, definately find out the number of transactions as well. Any agent that doesn't suck should be doing a minimum of 1 per month. And that is pretty poor (relatively). Last year wasn't great around here and I was still second in the area with 25.

Make sure you know what their commission split is. By that, I mean, if you are paying a 6% commission, you need to insist that they are offering the selling agents 3%. I have seen people around here offer the selling agent 2%. As a seller, this screws you over, because the selling agents are going to avoid yours and sell ones where they can make more money. So make sure you talk about the split they give the other agents.
Old 03-07-08, 05:11 PM
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So 6% is the average commission?
So, I look around the area for some realtors, and go from there?



You feel like expanding your reign out east Dave?
Old 03-07-08, 05:38 PM
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No.

Honestly, "average commission" is a local thing as well. It was 7% around here for a long time, but prices were so low that it had to be to stay in business. There are large markets where I have seen 4%, but those are million dollar homes. So it really depends on what they charge in your area. But don't get sucked into thinking a low commission is good for you. I'm not telling you to pay 12%, but a $299k home at 7% will sell before a $289k house at 5%.

Damn realtors appear to be in it for the money.
Old 03-07-08, 08:23 PM
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Originally Posted by kvrdave
All markets are local. Don't assume he is in a bad market. Mine is still doing well.
I have to agree. Texas is doing quite well. The house I just bought, was only listed for less than a week before I stepped in and put an offer on it!
Old 03-07-08, 10:25 PM
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Originally Posted by kvrdave
No.

Honestly, "average commission" is a local thing as well. It was 7% around here for a long time, but prices were so low that it had to be to stay in business. There are large markets where I have seen 4%, but those are million dollar homes. So it really depends on what they charge in your area. But don't get sucked into thinking a low commission is good for you. I'm not telling you to pay 12%, but a $299k home at 7% will sell before a $289k house at 5%.

Damn realtors appear to be in it for the money.

That makes sense.

What I gather is to have around 3 different realtors come through, see what they value the house at, and check commission and sales "scores"then pick.

The inside should be ready to roll shortly, and I have a bit of painting to do outdoors, but I think a day over 40 outside would be worth waiting for!
Old 03-09-08, 01:34 AM
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Originally Posted by jonw9
That makes sense.

What I gather is to have around 3 different realtors come through, see what they value the house at, and check commission and sales "scores"then pick.

The inside should be ready to roll shortly, and I have a bit of painting to do outdoors, but I think a day over 40 outside would be worth waiting for!
When the Realtors come through, be ready for timeshare type stuff. Many are 1 time closers, so if you really don't want to sign right away, just be aware fo that. Some of us are quite convincing.

Also, take any price with a grain of salt. If you are in a tightening market, you will often find agents that will price it high (especially if they know you are talking to several people) just to get the listing. They can beat you down later, or some think the name of the game is just to take listings and sit back.

Because sales comparables trail the market, pay particular attention to the listed comparables. See how long they have been on the market, and then (with the sold ones) price yourself so that you are very competitive. A lot of people get hung up on what stuff sold for, but you really need to look at how you stack up against the current competition as well.

Anyway, best of luck to you, and feel free to drop me an email if you want any free advice. It's worth every penny. -wik-
Old 03-09-08, 09:31 AM
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Thanks again dave.

I think I will start contacting realtors, and working on sprucing things up.
What is a one time relator, one that will want the listing right then, and only then? The old hard sell, so to speak?
I have heard of the high bid person, that gets the listing on the forces it down later.
I will probably be bugging you more in the coming weeks.
Old 03-10-08, 08:35 AM
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I'd say plan 2-3 months to find a buyer and get closed if you are in an average market. If your market is really hot it might be 1-2 months.

so at 2-3 months, I'd say list it in May.... You also don't want to miss the spring buying season..
Old 03-10-08, 04:53 PM
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We're listing our house for sale this week. We didn't plan on moving for another year or 2, but we found the house we want in the neighborhood we want. It's mid-construction, and it will be ready in about 60 days. We won't be losing money, but we aren't making money on a house we've been in about 7 years.
Old 03-10-08, 06:16 PM
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You have been waiting for the perfect house with a fenced-off driveway!

I am guessing with the market, we won't really make any/much money on our place either.
Old 03-11-08, 10:59 AM
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Originally Posted by jonw9
You have been waiting for the perfect house with a fenced-off driveway!

I am guessing with the market, we won't really make any/much money on our place either.
I can install one in your driveway also if you're interested. Can't beat my prices for unnecessary fencing.
Old 03-11-08, 11:52 AM
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Yes, but much like eBay, shipping would kill the deal!
Old 03-11-08, 01:09 PM
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Originally Posted by ESUguy
We're listing our house for sale this week. We didn't plan on moving for another year or 2, but we found the house we want in the neighborhood we want. It's mid-construction, and it will be ready in about 60 days. We won't be losing money, but we aren't making money on a house we've been in about 7 years.

But you haven't paid rent, you've received tax rebates and you've been able to do whatever you want to your property... Not a bad deal.
Old 03-11-08, 01:26 PM
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Originally Posted by jonw9
What is a one time relator, one that will want the listing right then, and only then? The old hard sell, so to speak?
I have heard of the high bid person, that gets the listing on the forces it down later.
I will probably be bugging you more in the coming weeks.

A one stop close agent is one that goes for the listing on the first meeting no matter what you tell them. They aren't necessarily hard sell. Many, like me, are just good sale.

Feel free to bug.

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