LOS ANGELES, July 24, 2008
How To Sell In A Buyer's Market
When It Seems Impossible To Sell A Home, There Are A Few Secret Tricks
-
Play CBS Video Video Tough Times For Home Sales In many parts of the U.S., homes are staying on the market for much longer than usual. And as Ben Tracy reports, a low price isn't the only thing that can help close a deal.
-
Video Eye To Eye: Home Sales "Only On The Web:" Ben Tracy speaks with a Los Angeles realtor about what people can do to help make their home look more attractive to buyers in today's collapsing housing market
-
A sign outside a home shows a sale promotion. (AP Photo/Jeff Roberson)
-
Timeline Credit Crunch Feeling the squeeze? Here's a look at actions and statements from key players in Washington.
- Buying A Home In The Credit Crunch
- When Disaster Strikes - Twice
- Free Clinics Offer Hope For The Uninsured
- Snapshots Of Struggle In The Food Line
- The Economic Ripple Effect Gone Awry
- Losing Grasp On The American Dream
- The Youngest Victims Of Foreclosure
- Renters Caught Up In Foreclosure Crisis
- One Man's Foreclosure, Another's Steal
- The New American Gold Rush
- "Upside Down" Mortgages
Another day, another open house for Mitch and Carrie Jacoves.
They're hoping the 20th time is the charm for their 3-bedroom house.
"We know this house has everything a buyer wants because I spent two years doing it," said Mitch Jacoves.
They remodeled the kitchen, painted the house and put on a new roof. But after more than five months on the market, they still don't have a buyer.
"Not to get the price or as much interest in the house was disheartening," he said.
That's a feeling shared by many homeowners these days - who not only find themselves in a buyer's market - but a buyer's market short on buyers, thanks to the credit crunch.
"Lenders have really tightened up their lending criteria and this is where sellers have to become more imaginative and creative," said Delores Conway of University of Southern California Marshall School of Business.
Some are offering cars, vacations and even a free condo with every home purchase from one builder in California.
But many real estate experts say skip the gimmicks. To really get a house sold today the most important thing is to make sure the price is right ... right away.
Real Estate Agent Zee Spezzano says it's crucial to price at or below the market as soon as the house goes up for sale.
"Prices are changing quite rapidly and sellers think that their house is still worth what it was last year," Spezzano said. "It's not."
Beside price, the best way to sell your home in a down market is to:
The Jacoves turned down an offer four months ago they thought was too low, but have since dropped their asking price.
"Was the price offered four months ago more than you are asking now?" Tracy asked.
"Yes," they said.
"So you wish you had taken it?" Tracy asked.
"Yes! If we got that offer now, we would probably take it," they said.
Lessons learned the hard way in a housing market with very little curb appeal.
© MMVIII, CBS Interactive Inc. All Rights Reserved.
More From CBS Evening News
Add a Comment
- It all comes down to price. A house WILL sell at some price. 20 visits to the house and no offers? The house is overpriced. Duh.
- Reply to this comment
- One more comment. I know what my house is worth in the market. We live in an area that not 150 yards from us are $700K+ homes, a lot of which are in foreclosure. We have two on our street, one is up for $625K, which is overpriced for what it has in it. Our house comparably was a former model home with top end upgrades and an unobstructed mountain view out the back, which is pricey where we live. I know it may take some time to sell, but our Realtor says if it is priced right it will, and he said ours is, not necessarily as high as I would like it to be, a $10,000 less than the last time we had it appraised, but at least we should be able to sell it and move into something more to our liking.
Hopefully we find a "location location location" deal and a really nice house such that when the market goes back up we can ride the wave, and that wave rises faster than the one for our current house. - Reply to this comment
- I have full faith in the real estate agent we have currently. We have known him for 2 years now and I have actually come to know him as a good friend and I have the highest respect for him. He is one of the few people I have ever met that tells it like it is whether we like it or not. Normally I''m not too keen on Realtors, however, I knew this guy for about 1 1/2 years before I found out what he did for a living. He has been a friend that has helped me through some hard times. He has my full trust as he does my wifes.
- Reply to this comment
- A seller needs to be as informed about the market as their RE Agents are. You can not just rely on your agents to know everything.
Its a partnership where poth parties (Seller and Agent) need to work together.
Anyone who hires an agent and then say here now sell the house, and doesn''t stay involved is making a mistake. - Reply to this comment
- Here''s a secret tip; real estate agents are only good for listing your property in MLS, otherwise they don''t know their a$$ from their elbow.
- Reply to this comment
Best-selling author Mitch Albom on his first nonfiction work since "Tuesdays with Morrie."
