Why pricing your house correctly is crucial
July 18, 2008 by Monika McGillicuddy
Filed under Blog, NH Real Estate
It is not easy trying to comp out a house in this market. The market is fluid and ever changing so pricing is crucially important.
When preparing a Comparative Market Analysis, CMA, recently I was trying real hard to come up with a good realistic listing price and it was not easy!
I had to put more weight on the “on markets” than the “sold” comps.
Traditionally real estate agents are taught to put more weight on the “solds” when trying to establish a property value.
After all, the “solds” tell us an important story. They tell us what a property actually sold for!
Not the pie in sky hopes that the listed price usually indicates but what a buyer actually paid. Very important data for sure. And in the old days that piece of data was the most important piece.
Not anymore…
When agents prepares a CMA they usually select homes that are comparable to the subject and they rate the homes they selected.
A typical rating system is much like this;
1. Equal (=)
2. Inferior (-)
3. Superior (+)
If there are comparable homes on the market that are priced at 399,900 (-), 389,900 (+) and 384,900 (+) and they have been on the market 129, 95 and 80 days respectively.
Would it make sense to price your home higher or the same as ones that have not sold especially if they are superior or equal to your home? If you were a buyer and looked at nearly identical homes in a similar neighborhood and setting…which would you buy?
Now understand that the average sold prices indicate a value of 409,000 to 419,000…but nothing has sold in the last 4-6 months. The sold data is very old in terms of market movement.
It is very important to make sure your agent has analyzed the whole market. The Days on Market are very important.
If the average days on market “DOM” is 118 days…should a seller be panicking 60 days out without an offer? Depends on the seller and their needs.
Some questions to consider…How quick do you need to move? What is more important money or time?
Do you really need to sell? If not perhaps it would be better to wait the market out and list your home at another time.
Here in lies the dilemma.
Do you test the waters, list on the high end, play catch up and run the risk of stigmatizing your property?
Do you list below your best competition and hope your home sells first?
Do you list at a fair market price and do everything possible to make your home shine?
Only you can answer those questions. Make sure the agent you are working with understands the market and is realistic…you don’t need an unrealistic overly optimistic agent. You need sound market advice and an honest experienced REALTOR.
Pricing to sell is a must in New Hampshire.
Read everything you can, there are a lot of good New Hampshire real estate blogs full of excellent information available. Education and a good agent is the key to market success.
Read also:
Multiple Offers -A Bird in the hand
Don�t stigmatize your home by over pricing!
Search New Hampshire Homes Tab Updated
June 24, 2008 by Jay McGillicuddy
Filed under Blog, NH Real Estate
We’ve updated and improved our Search New Hampshire Homes tab located on the top of this blog. Now you can have a “Saved Search Portfolio” that allows you to build a portfolio of listings. You can also instantly share your favorite listings with friends and family with just one simple click. We realize that you’re busy and may not have the time for detailed searching so now you can simply put in the criteria that you’re looking for (price range, town, size, number of beds/baths etc) and just get email alerts with the homes that fit your criteria!
If you don’t want to “sign in and create a folder” you can still search the entire state wide listings of NH homes for sale…Vermont and Maine too.
Our Pledge to you remains the same…
We will not hound you/bug you or call you repeatedly
We will not sell your information or share it in anyway
Our goal has always been to give you the opportunity to get to know us personally as well as professionally so that maybe, when you’re ready to look/buy or sell real estate-you’ll think of us.
We love referrals, they’re safe with us! You can’t imagine the honor we feel when someone trusts us with their family or friends. It would be our pleasure…
Taking cell phone calls while with clients/customers
May 21, 2008 by Jay McGillicuddy
Filed under Blog, NH Real Estate
I often find it amazing when I see agents walking around with clients/customers in the middle of demonstrating a home stop and answer their cell phone. Do they say excuse me? No, not these agents.
I know there are many reasons why we need to answer our phone. It could be we need to take a call from another agent we are meeting later on or we are waiting for more information about a house we are showing with these clients.
What about the agent that is sitting in the conference room writing a contract and stops to chit chat with a buddy. Is this rude or what? I see it all the time and I wonder what the clients are thinking.
A couple of weeks ago I had to meet an agent at a property he was showing in order to drop off an escrow check on a sale we put together. I pulled up in front of the house and waited for him to come out.
He exits the house on his cell phone which cracked me up and I get out of my car to hand him the check. He is still talking and talking to me at the same time. I just chuckled inside.
I am thinking where are his buyers? Out of the corner of my eye I notice the listing agent walking from the back yard with her phone in her ear. Where are the buyers? At least five minutes go by and both agents are still on their phones and then finally the buyers come walking out of the house.
Both agents say they have to run to whoever they were talking to and then they say goodbye. Everyone mingles in the middle of the street and off we all go.
I guess I might be “old school” but then again I wonder how the buyers felt being left alone to wander on their own while the agents are chit chatting. I guess I wouldn’t mind being left alone to talk to my wife about the property but if my agent was taking phone calls that had nothing to do with us, that would bother me.
I feel if you are going to take a phone calls then that phone call should be about the clients/customer, not about what tee time you have to make tomorrow or about your girlfriend taking little Johhny to the dentist.
If it’s an emergency from home that is understandable and please keep your phone on silent. It’s all about the client/customer not you.
Hampstead and Sandown NH 2 new Listings
March 15, 2008 by Jay McGillicuddy
Filed under Blog, NH Real Estate
Monika and I listed 2 new properties this week one in Sandown and one in Hampstead.
These properties offer a great opportunity and they are in great locations as they are in private areas in their towns. Give us a call for a private showing and we will be more than happy to show you these great homes.
Hover your cursor over a house and see which is which.
Search Sold Listings by Town by Street Address
November 29, 2007 by Jay McGillicuddy
Filed under NH Real Estate
We have just created on our New Hampshire Real Estate Blog a search button to search sold listings by town by address.
If you are looking to sell your home use this tool to see what sold in your neighborhood and for how much. See what the original price was when it was originally on the market. Also, you can subscribe to our blog by inserting our feed into your feed reader. Some of the towns we have listed are Atkinson, Auburn, Brentwood, Candia, Chester, Danville, Derry, Fremont, Hampstead, Kingston, Londonderry, Newton, Plaistow, Salem, Sandown, Windham, New Hampshire
2 Mary E Clark Drive Unit # 5 at Stage Road Junction Hampstead, NH 03841
September 2, 2007 by Jay McGillicuddy
Filed under Blog, NH Real Estate
My wife Monika wrote about Stage Road Junction getting a face lift a few weeks ago and I’m pleased to report that much work has been completed.While the window replacement and new siding work still needs to done.
The complex is looking great and Unit #5 is ready for new tenants. I shot a little video to show you what the outside looks like and it’s location to state Route 111 and Route 121. Hampstead NH is located 15 minutes east of I 93 and 15 minutes north of I 495.
Boston a scant 60 minutes away and Manchester airport 25 minutes away. Busy Salem NH with it’s abundance of real estate is just a few miles down the road, you simply can not get a better professional office location. This is a premium New Hampshire real estate location.
Unit # 5 is a premium Condominium unit located on the first floor and is a coveted end unit. Large windows bring in lots of natural light for pleasant working conditions. Central Air keeps the temperatures regulated and comfortable on even the hottest days.
Total square footage of 1100 includes 5 rooms plus kitchen and bath. Ample parking and there is potential for additional leased space in the finished lower-level .
Don’t hesitate to call for a private tour or click here for a>>> Virtual Tour. For more information and a tour of the unit call 603-548-7685
Check out this virtual tour for fully furnished look>>>Stage Road Condo
Ideal location for a professional office.
Jay and Monika McGillicuddy
Serving Southern New Hampshire and Rockingham County