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Re: Thoughts about a house
Old 04-01-2006, 09:51 PM   #21
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Re: Thoughts about a house

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Originally Posted by nwsteve
I am in this stage and am not wanting to throw 3% out the door for the listing and getting little more than some forms completed and some pics taken.
Believe me, I'm with you on this one. I find it outrageous that they charge a percentage at all. It should be a fixed rate for a relatively fixed amount of work.

Anyway, for the last property I sold, I used a fixed-rate service (mls4owners.com for those in the PacNW). The house sold, but the disadvantages became pretty clear. Basically, realtors hold a monopoly, and they loathe anyone who tries to break that monopoly. So, they are not very receptive towards the services like mls4owners. Your home will not be on the agents tour for new listings, for example. And, for the most part, the only agents who showed the place represented buyers who found the listing on their own and who insisted on seeing it.

So, I went for the full-price broker this time, and I picked one who really does appear to add a fair amount of value. She brings a good feel for "staging" homes, and even helped with the prep work (which was pretty extensive). And it really helps that she's an insider and was able to build a fair amount of excitement within our local realtor community. Plus, she does do more marketing than I would have done on my own, including hiring a professional photog and getting the listing published in those throw-away magazines you find on the ferry and other places.

Bottom-line for me was that I figured her efforts will probably increase our sales price by more than 3%.
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Re: Thoughts about a house
Old 04-02-2006, 08:11 AM   #22
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Re: Thoughts about a house

Sooo...its subtle extortion then.
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Re: Thoughts about a house
Old 04-02-2006, 08:36 AM   #23
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Re: Thoughts about a house

What % is usual for Realtors, up here it is 6%??
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Re: Thoughts about a house
Old 04-02-2006, 09:00 PM   #24
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Re: Thoughts about a house

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Originally Posted by kz
I love the fireplace. We've always wanted one of those. (Rumsford??)
I think Rumford fireplaces are a bit different -- ours is a Tulikivi. A soapstone fireplace from Finland. Very cool warm.

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What % is usual for Realtors, up here it is 6%??
6% here too, but it's split 3% to the listing agent and 3% to the selling agent (typically the buyer's agent). The listing agent's fee is easier to negotiate downward.

So, our agent basically used two tactics:

1) List the house but delay the showing so we can line all the buyers up at the starting gate.

2) Let buyer's agents know that we'll be reviewing offers the following weekend, to create a bidding frenzy.

Tactic (1) worked well. We had four buyers indicating strong interest at the first open house.

Tactic (2) backfired. One buyer explicitly said they didn't want to play the competitive bidding game, and two more dropped out (too much time to sleep on it, I guess).

But that left one bidder, and they came through with a full-priced very clean offer. They seem like *very* cool people, too. Which, believe it or not, really does make a difference to us since we like both the house and the neighbors.

So, we still have to get everything signed-around, but it looks like we sold the place less than a week after putting it on the market.
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Re: Thoughts about a house
Old 04-02-2006, 09:06 PM   #25
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Re: Thoughts about a house

Congrats on the quick sale, but I bet it's with mixed feelings you let it go. That is an awesome place.
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Re: Thoughts about a house
Old 04-02-2006, 10:09 PM   #26
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Re: Thoughts about a house

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Originally Posted by wab
So, we still have to get everything signed-around, but it looks like we sold the place less than a week after putting it on the market.
Does that leave you any thoughts that you listed it too low?
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Re: Thoughts about a house
Old 04-02-2006, 11:21 PM   #27
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Re: Thoughts about a house

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Originally Posted by Cute Fuzzy Bunny
Does that leave you any thoughts that you listed it too low?
The real estate market isn't very efficient (especially our local market with almost no tract homes), so it's certainly possible that we sold too low.* * It's just as possible that the buyer paid too much.* * But, based on what I know (comps, land value, cost to build from scratch), I think we got a fair price.* * Almost all of the interest came from California and Boston, so I'm sure the place seemed like a bargain given their local comps.

As far as emotions go, we're sad to see it go, but relieved to move on.* * We moved out over a year ago after we gravitated to another house we purchased for investment.* *So, it was that gravitational pull that we accepted as a deciding factor in selling the place.

Basically, we traded a great house with an OK view for an OK house with a great view.* * This is our consolation prize:


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Re: Thoughts about a house
Old 04-03-2006, 12:04 AM   #28
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Re: Thoughts about a house

Congratulations on a full price offer in such a short time.

I haven't seen a bidding frenzy in the NW.* On one hand it is important that potential buyers have a chance to see it, but no one likes to be in a meat market.* It is important to know comps so that it is priced right for that reason.*

My daughter got in a bidding war in the South Bay last week on a great house.* In her area home prices are impacted by stock options, not salaries, so for many a mortgage isn't a big issue.* She isn't buying with Google options, so couldn't compete.*
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Re: Thoughts about a house
Old 04-03-2006, 12:36 AM   #29
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Re: Thoughts about a house

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She isn't buying with Google options, so couldn't compete.*
I miss the days of old when Microsoft millionaires and local dot-com optionaires would bid stuff up. But Microsoft options have been worthless for five years now. Maybe they'll come back after Vista ships.
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Re: Thoughts about a house
Old 04-03-2006, 03:31 AM   #30
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Re: Thoughts about a house

Quote:
Originally Posted by wab
Basically, we traded a great house with an OK view for an OK house with a great view.* * This is our consolation prize:


Where are you from?* Can't be far from me.* I live in the Keyport/Poulsbo area.* All I know is I've seen that view before.* I'm guessing Bainbridge Island.
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Re: Thoughts about a house
Old 04-03-2006, 06:22 AM   #31
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Re: Thoughts about a house

Congratulations on the quick sale, I'm sure you're sad to see it go, I would be too.
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Re: Thoughts about a house
Old 04-03-2006, 09:45 AM   #32
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Re: Thoughts about a house

Congratulations on the quick sale, and the house going to good people.

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Re: Thoughts about a house
Old 04-03-2006, 10:57 AM   #33
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Re: Thoughts about a house

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Originally Posted by gtmeouttahere
Where are you from?* Can't be far from me.* I live in the Keyport/Poulsbo area.* All I know is I've seen that view before.* I'm guessing Bainbridge Island.
Good guess, my fellow Kitsapian. This board has a bunch of people from both sides of the Sound. Must be something in the water than makes us want to retire early.
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