Winter of 2007
For your information below the article are some of the solds that I will be sending out this month to you to keep you educated with our Real Estate Market.
you may have noticed there are a few homes on the market from last year. Homes in our area
don't sell (which is very unusual-in my experience) for 2 reasons. One is condition, and
the second is price. If a home is in poor condition, which few are in our neighborhood,
the price must reflect it. Believe it or not Buyers are actually looking for homes in
disrepair. Not for the top prices of course, but they are saleable. I've just sold 2 of
them this year. One was on Braddock and the other on LaClair. Buyers bought both of these
properties and fixed them up. One rehabbed and now lives in it and the other rehabbed and
resold! But, if the home is not priced and marketed keeping in mind it's condtion, it will
The other reason for homes not selling in a reasonable time is price. I have had 2 listings that have not sold which are 2 of maybe 5 in my more than 21 years in the business. Price was the reason for both of these. As I've mentioned many times before when stopped on the street and asked by neighbors, "Why hasn't that home sold Fred?" Price is my answer. Each and every home has a reasonable selling price, if you go beyond that price, your home will sit while Buyers are comparing it to others in the neighborhood. Just like buying an Automobile, Buyers don't look at one car and buy. They look at from a few to many, comparing price for condition. If 5 bedroom homes with 2 full baths in our neighborhood have been selling for between $260,000 to $350,000 and a home with these features is on the market for $425,000 while others with the same features are on the market for between $290,000 to $370,000, which ones do you think will sell first. Your home must be carefully compared to the others in the neighborhood, by an experienced Agent. The longer in the area the better.
When I called to list a home I look at it and then go very carefully over the comparables. Remembering the features of each home so that I can give my Seller the best and most honest recommendation as to how we should go about marketing their home so that we can find that ONE BUYER to pay the top price and receive the best terms (home inspection, termite, financing, etc.) Each of these apply to the bottom line of the home. If a home is priced to high for the market, buyers will come, not in large numbers but they will trickle in not looking to buy the overpriced home, but comparing it to the one they want to buy up the street. The overpriced home is helping sell the other homes in the neighborhood that are priced correctly.
In over 21 years in the Real Estate business with over 200 homes successfully marketed, living and specializing in the Regent Square, Edgewood, Frick Park Swissvale neighborhoods, I have learned a great deal about marketing. Talk to your Agent and be sure they are well educated as to the great assets of your neighborhood. I have seen Agents come to our neighborhood and underprice and overprice homes here to the detriment of property owners. See my other articles for more information on selling your home. Be careful and stay educated!
Fred I. Leff
Prudential Preferred Realty
Recently sold properties in our area
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