I racked my brain this morning to come up with a real estate topic for this blog post, but the reality is, things for me have been quiet. I field daily inquiries, and have shown on the weekends, but everybody seems to be casual lookers right now. I don’t know, maybe it is the time of year, or maybe it is just happens to be the people who are contacting me. There hasn’t been a whole lot of activity on the pending or sold sections of the mls, so I think things in general are quiet.
The $8,000 tax credit did get extended which I think is good news, at least for the economy in general, I think it has minimal effect on second home purchases here in SC.
On the exciting news front we did have two bank robberies here in Callicoon within five days of each other, which is unusual to say the least. The first, on the Bank of America, the robbers were quickly apprehended, but so far the second bunch on the Bank of Jeffersonville remain at large. I’m sure the second was a “we coulda done better conversation” that built into the actual crime.
All the papers wrote that the first bank heist was in excess of 75K which I think is irresponsible to print. It surprised me that one would get that much from a teller hold-up in the sticks, and I think it got the second crew thinking. They should have told everyone they only made off with like $5,000. Probably would have prevented this second robbery.
Anyway just my two cents. Starting to get a response from my concierge business. www.catskillconcierge.com I have two interviews this weekend.
Thursday, November 5, 2009
Friday, October 16, 2009
120 Acre Sale in Glen Spey
A listing just went to sold status in the mls. It is 120 acres on Van Tuyl Road in Barryville, sold for $200,000. Nothing special about the land, but nothing really negative about it either, no power lines or steep grade. It is an estate sale, so perhaps there was some motivation with multiple siblings (just surmising) however, this cannot be classified as a distressed sale. It sat on the market for almost 700 days, price drops from $499,000.
This puts us in a land price area we have not seen for some time in this county--under $2,000 an acre. And it reinforces what I have been saying all summer. Buyers are only pulling the trigger when they feel they are getting a great deal.
At any rate this is going to add an interesting twist to large parcel land comps. I added the link to the listing below.
http://scmls.fnismls.com/publink/default.aspx?GUID=1341b2cf-0fd3-4f7d-af99-3a98280b73dd&Report=Yes
This puts us in a land price area we have not seen for some time in this county--under $2,000 an acre. And it reinforces what I have been saying all summer. Buyers are only pulling the trigger when they feel they are getting a great deal.
At any rate this is going to add an interesting twist to large parcel land comps. I added the link to the listing below.
http://scmls.fnismls.com/publink/default.aspx?GUID=1341b2cf-0fd3-4f7d-af99-3a98280b73dd&Report=Yes
Wednesday, October 14, 2009
Speculation on the Tax Credit Extension
From the Re/Max Mainstreet Website
"Quick passage by the House last week of a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas increases the odds that Congress will agree to an extension, maybe even an expansion, of the entire credit program well into 2010.
The White House is also signaling that it sees the overall tax credit program – currently set to expire November 30 – as an important element in cutting the unemployment rolls and stimulating new jobs next year.
After an economic policy strategy meeting last week in the Oval Office involving President Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, congressional aides said Democrats generally support an extension of the housing credit.
Reid already has made clear he wants an extension. He is co-sponsoring a Senate bill that would do so for six months.
Congressman Charles Rangel, chairman of the tax-writing House Ways and Means Committee, sponsored the one-year extension of the credit for military and other personnel serving overseas, and is reported by aides as favoring an extension for the entire program.
The White House has not publicly committed to an extension, but has confirmed that the President is seriously examining that option.
An unexpected development that emerged following last week's White House meeting was the possibility of opening up the credit to a broader group of buyers next year - people who sell their current homes and buy a replacement home.
Though details were scanty, Capitol Hill sources said one option on the table would be to provide a tax credit – most likely at the $8,000 level – to replacement home buyers whose incomes do not exceed some limit.
The current credit phases out for single taxpayers with incomes above $75,000, and married purchasers earning $150,000. "
I give it a 50/50 shot that it will be extended. Funny thing is now that we are coming up on the dealine, I have had a few inquires about whether buyers can get in under the wire.
Tuesday, October 6, 2009
Busy, Busy...and the New Yuppie.
It has been a while since my last blog post. I have been trying to do once a week, but this past week has been so busy, that I haven't had a chance. Again busy doesn't always mean money in this business, and so far none of this flurry of activity has generated anything concrete, but as we all know, buying a home is not like buying a loaf of bread. Especially with a second home, the idea needs to percolate and age a bit, before it comes to be. All of the new inquiries these past two weeks are new to the process. And that brings me to the topic of this post.
In my own little real estate world, it seems the fear of the "next great depression" has passed. Prospective buyers have emerged from the fallout shelters. Most of the ones who have contacted me are young urban professionals, 25-35, double income couples, (whether gay or straight), in which both parties are pretty even economically. A few have kids, but most don't.
However the "yuppie" stigma couldn't be more off. It seems anything over 2,500 square feet is too big. I have heard, "a little place to get away to." or "cabin in the woods." Heating it and taxes are a major concern. Mcmansions and anything showy is frowned upon. A new frugality seems to have emerged. Not just because of the recession, but it almost seems inherent in this generation.
The other thing is that the buyers have done their research and are well informed. Very often they already know the last sale price, lot dimensions, taxes and sometimes even mortgage information without me telling them. I love it. Working with a savvy motivated buyer makes my job much easier.
However value is the key. Gone are the days where a buyer stretches more than they had originally wanted to. Anything less then ten percent off the asking price is dismissed at hand. It really seem as though the "less is more" era has emerged.
In my own little real estate world, it seems the fear of the "next great depression" has passed. Prospective buyers have emerged from the fallout shelters. Most of the ones who have contacted me are young urban professionals, 25-35, double income couples, (whether gay or straight), in which both parties are pretty even economically. A few have kids, but most don't.
However the "yuppie" stigma couldn't be more off. It seems anything over 2,500 square feet is too big. I have heard, "a little place to get away to." or "cabin in the woods." Heating it and taxes are a major concern. Mcmansions and anything showy is frowned upon. A new frugality seems to have emerged. Not just because of the recession, but it almost seems inherent in this generation.
The other thing is that the buyers have done their research and are well informed. Very often they already know the last sale price, lot dimensions, taxes and sometimes even mortgage information without me telling them. I love it. Working with a savvy motivated buyer makes my job much easier.
However value is the key. Gone are the days where a buyer stretches more than they had originally wanted to. Anything less then ten percent off the asking price is dismissed at hand. It really seem as though the "less is more" era has emerged.
Thursday, September 24, 2009
$8,000 Tax Credit. Will it Expire? Does SC Real Estate Care?
From The NYT's Online Sept. 15th.
"When Congress passed an $8,000 tax credit for first-time home buyers last winter, it was intended as a dose of shock therapy during a crisis. Now the question is becoming whether the housing market can function without it.
As many as 40 percent of all home buyers this year will qualify for the credit. It is on track to cost the government $15 billion, more than twice the amount that was projected when Congress passed the stimulus bill in February.
In the view of the real estate industry and some economists, all that money is well spent. They contend the credit is doing what it was meant to do, encouraging a recovery in the housing market that is gathering steam. Analysts say the credit is directly responsible for several hundred thousand home sales.
Skeptics argue that most of the money is going to people who would have bought a home anyway. And they contend that unless it is allowed to expire on schedule in late November, the tax credit is likely to become one more expensive government program that refuses to die.
The real estate industry, including the powerful 1.1 million-member National Association of REALTORS®, wants Congress to extend the credit at least through next summer. The group hopes to expand the program to $15,000 and to allow all buyers, not just those who have been out of the market for at least three years, to qualify. The price tag on that plan: $50 billion to $100 billion."
Two out of my ten residential sales this year were eligible for the tax credit. So for me, I am at about half of what the national average is, but we are a second home market. Will the expiration do anything to our market? It's hard to tell. If it expires, and there is a dip in national numbers, it will affect people who are getting ready to test the waters again. However I have not seen a last second rush of people trying to buy something before the end of November.
I guess we will see. I think overall it was good for the housing market. Both of my "first time" buyers would have bought anyway, but the credit enabled them to look in a higher range.
NAR is feverishly trying to get the plan extended, so in their eyes it has helped the agents and brokers nationwide. Well lets see...if they are estimating five million home sales this year. Forty percent is two million. Times that by $8,000, you get 16 billion--the amount the tax credit cost the tax payer. Now take 5% of that) the national average of a real estate commission). That comes to 80 million (very roughly) in real estate commissions. I guess we can see why NAR wants this so badly. That is a healthy chunk of change.
Again locally, I don't think it is going to make much of a difference, but we'll see.
"When Congress passed an $8,000 tax credit for first-time home buyers last winter, it was intended as a dose of shock therapy during a crisis. Now the question is becoming whether the housing market can function without it.
As many as 40 percent of all home buyers this year will qualify for the credit. It is on track to cost the government $15 billion, more than twice the amount that was projected when Congress passed the stimulus bill in February.
In the view of the real estate industry and some economists, all that money is well spent. They contend the credit is doing what it was meant to do, encouraging a recovery in the housing market that is gathering steam. Analysts say the credit is directly responsible for several hundred thousand home sales.
Skeptics argue that most of the money is going to people who would have bought a home anyway. And they contend that unless it is allowed to expire on schedule in late November, the tax credit is likely to become one more expensive government program that refuses to die.
The real estate industry, including the powerful 1.1 million-member National Association of REALTORS®, wants Congress to extend the credit at least through next summer. The group hopes to expand the program to $15,000 and to allow all buyers, not just those who have been out of the market for at least three years, to qualify. The price tag on that plan: $50 billion to $100 billion."
Two out of my ten residential sales this year were eligible for the tax credit. So for me, I am at about half of what the national average is, but we are a second home market. Will the expiration do anything to our market? It's hard to tell. If it expires, and there is a dip in national numbers, it will affect people who are getting ready to test the waters again. However I have not seen a last second rush of people trying to buy something before the end of November.
I guess we will see. I think overall it was good for the housing market. Both of my "first time" buyers would have bought anyway, but the credit enabled them to look in a higher range.
NAR is feverishly trying to get the plan extended, so in their eyes it has helped the agents and brokers nationwide. Well lets see...if they are estimating five million home sales this year. Forty percent is two million. Times that by $8,000, you get 16 billion--the amount the tax credit cost the tax payer. Now take 5% of that) the national average of a real estate commission). That comes to 80 million (very roughly) in real estate commissions. I guess we can see why NAR wants this so badly. That is a healthy chunk of change.
Again locally, I don't think it is going to make much of a difference, but we'll see.
Thursday, September 17, 2009
Summer is Gone
It really didn’t hit me until this week how quiet it has gotten up here in Sullivan, post Labor Day. I drove to downtown Callicoon last night and there was only one car parked on main street. I had gotten used to driving through at least once or twice to find a good spot. And then again driving into the office this morning, the roads are all very quiet. The leaves are changing, the fall crispness is in the air. I love this time of year.
But what does this mean for my sellers? A few are not happy. They are worried we have missed the selling season, and with school tax time fast approaching, there are a few that are re-examining their strategies.
In my short real estate career it has historically seemed like the fall is not a bad time for activity here in Sullivan. Now granted if you go by the sold numbers in the fall, those are all deals put together in the middle of summer, and for some the search may have begun around Memorial Day. However, my phone is still ringing, and people are still making appointments.
I think for smart buyers, now would be the time. When is it the best time to by an air conditioner? Certainly not the first eighty-five degree day in June. And we all know the best time to get Christmas decorations is Dec. 26th.
It will be interesting to watch the pending list over the next couple of months. I think the fall will continue the upward trend of activity.
For now though I will enjoy the quiet sidewalks of our little towns, and watch the leaves do their thing. Fall really is the best time of year.
But what does this mean for my sellers? A few are not happy. They are worried we have missed the selling season, and with school tax time fast approaching, there are a few that are re-examining their strategies.
In my short real estate career it has historically seemed like the fall is not a bad time for activity here in Sullivan. Now granted if you go by the sold numbers in the fall, those are all deals put together in the middle of summer, and for some the search may have begun around Memorial Day. However, my phone is still ringing, and people are still making appointments.
I think for smart buyers, now would be the time. When is it the best time to by an air conditioner? Certainly not the first eighty-five degree day in June. And we all know the best time to get Christmas decorations is Dec. 26th.
It will be interesting to watch the pending list over the next couple of months. I think the fall will continue the upward trend of activity.
For now though I will enjoy the quiet sidewalks of our little towns, and watch the leaves do their thing. Fall really is the best time of year.
Wednesday, September 9, 2009
Gas Drilling Seminar
I attended the natural gas seminar last night put on by the Independent Oil and Gas Association.. It was a pretty packed house, standing room only, and the first part of the night was somewhat informative. However the q and a portion turned into a bit of a donny brook, with some pretty off the wall questions and accusations.
It really didn’t answer too many of the questions people have had in this county since this whole thing came up. We were assured that the D.E.C. will be closely regulating all drilling activity, that there has been no instances of contaminated drinking water anywhere in New York State, since the first well was drilled years ago. It sort of reminded me of Alien Invasion. “We come in Peace.” There were vague promises of road repair, and examples where they had built bridges in the past. They also made references to other areas of New York, where wells were present in the back yards of schools, and in wineries.
They explained the fracturing process, which is 99.5 percent water and sand, the other .5 percent being a lubricant, and some sort of soap. All very benign sounding. There were graphs of comparative water usage. (Apparently golf courses use much more water then gas drilling.) And promises of rigs being silenced at dusk.
However any specifics, and they became vague. I paraphrased a few below.
What happens to the contaminated water? “Well, there are a few possibilities, one of which is setting up a treatment plant, another is re-using the water in a different well.” (Again promises of D.E.C. involvement.)
How many wells will be drilled? “Well right now there are 650 rigs in the entire U.S. so the reports of thousands of wells is untrue. It will probably start off with a few, and if they are successful, more over time.”
How can you be sure that there will be no drinking water contamination? “In 2004 the EPA after looking at 452,000 wells in the U.S. concluded not a single case of water contamination from gas drilling.”
One of the most interesting spins was the promise of local tax revenue, and how the companies were going to pay these taxes directly to local municipalities. However when it was explained more, it is actually an ad valorem tax--a real property tax, which is directly linked to the amount of gas pumped from a well. In essence a property’s assessment will rise due to the fact it is more valuable because of natural gas. However they made it sound as if the gas companies would be paying the tax, when actually it will come from the land owners.
Without question, since it was put on by the Gas Association it was a bit slanted, and some was out right propaganda. However they are coming, its just a matter of when. I guess we can only hope our state and local officials police them enough to keep us safe. I do have a gut feeling that this will actually be good for the county once it is up and running. I attached some links below.
www.iogany.org
www.marcellusfacts.com
www.dep.state.pa.us/dep/deputate/minres/oilgas/FractListing.pdf
It really didn’t answer too many of the questions people have had in this county since this whole thing came up. We were assured that the D.E.C. will be closely regulating all drilling activity, that there has been no instances of contaminated drinking water anywhere in New York State, since the first well was drilled years ago. It sort of reminded me of Alien Invasion. “We come in Peace.” There were vague promises of road repair, and examples where they had built bridges in the past. They also made references to other areas of New York, where wells were present in the back yards of schools, and in wineries.
They explained the fracturing process, which is 99.5 percent water and sand, the other .5 percent being a lubricant, and some sort of soap. All very benign sounding. There were graphs of comparative water usage. (Apparently golf courses use much more water then gas drilling.) And promises of rigs being silenced at dusk.
However any specifics, and they became vague. I paraphrased a few below.
What happens to the contaminated water? “Well, there are a few possibilities, one of which is setting up a treatment plant, another is re-using the water in a different well.” (Again promises of D.E.C. involvement.)
How many wells will be drilled? “Well right now there are 650 rigs in the entire U.S. so the reports of thousands of wells is untrue. It will probably start off with a few, and if they are successful, more over time.”
How can you be sure that there will be no drinking water contamination? “In 2004 the EPA after looking at 452,000 wells in the U.S. concluded not a single case of water contamination from gas drilling.”
One of the most interesting spins was the promise of local tax revenue, and how the companies were going to pay these taxes directly to local municipalities. However when it was explained more, it is actually an ad valorem tax--a real property tax, which is directly linked to the amount of gas pumped from a well. In essence a property’s assessment will rise due to the fact it is more valuable because of natural gas. However they made it sound as if the gas companies would be paying the tax, when actually it will come from the land owners.
Without question, since it was put on by the Gas Association it was a bit slanted, and some was out right propaganda. However they are coming, its just a matter of when. I guess we can only hope our state and local officials police them enough to keep us safe. I do have a gut feeling that this will actually be good for the county once it is up and running. I attached some links below.
www.iogany.org
www.marcellusfacts.com
www.dep.state.pa.us/dep/deputate/minres/oilgas/FractListing.pdf
Tuesday, August 25, 2009
Catskill Concierge
I have decided in my unending quest for extreme wealth, to start a business, while still building my real estate empire.
Seriously though, it seems that on every transaction, as the second home buyer nears the closing date, I start to get the questions. Do you know someone who can plow my driveway? Do you know a good plumber? What is the crime rate in this ares? Do I need a good security system?
Everyone is busy, and most people who are successful enough to afford a second home purely for leisure, are working pretty hard to achieve such a level of financial success, and it takes up a pretty healthy chunk of their time. Owning a second home requires a certain level of maintenance, and that part of home ownership can be a drag.
Most don't seem to mind the lawn mowing and gardening (because on 2nd ave and 84th, on the 12th floor, there is very little lawn) but the other stuff, general house work, snow plowing, window washing etc. Who wants to spend their weekends doing that? And then there is the dreaded "freeze-up" where the heat shuts off in an unoccupied house, and a pipe bursts.
So with the help of a small team of eager currently unemployed entrepreneurs, we are in the process of starting Catskill Concierge, a full service concierge service in Sullivan County. It is in its infancy stage, but I would love to hear some feedback, and hopefully a few customers. I attached a link to the new website below.
http://www.catskillconcierge.com
Seriously though, it seems that on every transaction, as the second home buyer nears the closing date, I start to get the questions. Do you know someone who can plow my driveway? Do you know a good plumber? What is the crime rate in this ares? Do I need a good security system?
Everyone is busy, and most people who are successful enough to afford a second home purely for leisure, are working pretty hard to achieve such a level of financial success, and it takes up a pretty healthy chunk of their time. Owning a second home requires a certain level of maintenance, and that part of home ownership can be a drag.
Most don't seem to mind the lawn mowing and gardening (because on 2nd ave and 84th, on the 12th floor, there is very little lawn) but the other stuff, general house work, snow plowing, window washing etc. Who wants to spend their weekends doing that? And then there is the dreaded "freeze-up" where the heat shuts off in an unoccupied house, and a pipe bursts.
So with the help of a small team of eager currently unemployed entrepreneurs, we are in the process of starting Catskill Concierge, a full service concierge service in Sullivan County. It is in its infancy stage, but I would love to hear some feedback, and hopefully a few customers. I attached a link to the new website below.
http://www.catskillconcierge.com
Thursday, August 20, 2009
Fixer-Uppers Are Still Out There
It has been awhile since my last post. I went away for a bit, and have been pretty busy, just trying to catch up, and field daily new inquiries. It seems that there is plenty of interest, but still only at the "bargain level" for whatever price range. It appears people's perspectives are still being dictated by the media, and the news that this may be the bottom has got people poking their heads up out of their respective foxholes, but again only if it is a "deal".
However some sellers are responding, and I have had a few calls on things that appear to be just that...a deal. I went out an previewed two properties this week that I had calls on. Now I suppose a "deal" is in the eye of the beholder, but these two properties in particular caught my eye enough to write about here.
Neither are my listing, so the suspicious folk do not need to worry that I am plugging my inventory.
Click here for listings
The old boarding home is a pretty unique building. First of all, it is set on 78 private acres. Some of it is open pasture and a nice stream, (although a pretty major portion is on a hillside). It has its own private wooden bridge to get to the property, and most (if not all) of its originality remains. I also added a couple of my own shots below. This is one of those properties that make you feel like you are stepping back into the fifties. All the bedrooms are small, but there are 12. Hardwood floors are original, the barn is also original and huge.
However some sellers are responding, and I have had a few calls on things that appear to be just that...a deal. I went out an previewed two properties this week that I had calls on. Now I suppose a "deal" is in the eye of the beholder, but these two properties in particular caught my eye enough to write about here.
Neither are my listing, so the suspicious folk do not need to worry that I am plugging my inventory.
Click here for listings
The old boarding home is a pretty unique building. First of all, it is set on 78 private acres. Some of it is open pasture and a nice stream, (although a pretty major portion is on a hillside). It has its own private wooden bridge to get to the property, and most (if not all) of its originality remains. I also added a couple of my own shots below. This is one of those properties that make you feel like you are stepping back into the fifties. All the bedrooms are small, but there are 12. Hardwood floors are original, the barn is also original and huge.
Check out the player piano with all the scrolls. Every once in a while you get the hair on the back of your neck cool feeling about a property, (kind of like when you hear a song you really like for the first time.) and this one definitely has it.
It is a ton of work--many would consider it a money pit or a headache, but an original old 1850's boarding house on 78 acres with a stream under three hours from midtown for $319,000 to me is a "deal". I say this one is in contract by Oct. 1. Anyone want to take an over/under on that?
The other property is considerably less money, but has the same kind of old originality. It was the general store in Galilee, PA for years. This property is also pretty big (five bedrooms and a big space downstairs), and needs work. Most of the original building remains, although there were some hodge-podge renovations over the years. Portions of the tin ceilings have been destroyed, which is a real shame, but I think they can be salvaged. Also, there is little evidence of Home Depot around.
.
However, this is another property where you feel like you are stepping back in time. Many times I hear the complaints that old-school originality is tough to find, and often what was once vintage is now covered by cheap '70's paneling or foofy 80's textured wall paper. Here are two of examples where the right person can really get in there, roll up there sleeves, and turn either one of these into a truly spectacular properties.
Saturday, August 1, 2009
The Bait and Switch and the High Maintenance Seller
I got a phone call from a listing of mine that they no longer wish to retain my services as their listing agent. They want to terminate the agreement, and attempt to sell the house on their own.
Now please understand this post is not about me defending my abilities as a listing agent, and defining their actions as impulsive and unwise, but rather the interesting situation as a whole for a real estate broker.
The listing agreement reads that should a prospective seller break the agreement before the expiration date, the agent is due financial consideration for advertising and services rendered. I know some brokers who hold clients to this, but I don't. If you are unhappy or just wish to move on, God bless. No hard feelings. The last thing I want is someone who feels trapped by my services. I do spend money on advertising, but rarely on one listing. It is more of a marketing approach as a whole.
Anyway, Mr. and Mrs. X want out. So be it. Their home was shown nine times in five months. Nine ready able and willing buyers who chose not to buy this particular home. The feedback? House too small 1,300 sq. feet. Bedrooms too small. Too close to the highway. Although urged, they were not willing to drop the price any further. (We did have three price reductions.) Again not blaming them. They are a very nice couple, who really would like to sell. I feel bad that I was not able to help them sell their home. I spent quite a bit of time with them, going over numbers, changing and moving signs, almost daily phone calls. It was a lot of work, for it to turn out to be nothing.
Or was it nothing? (This is where I finally get to my point.) Two couples that I showed Mr. and Mrs. X's house too, have made offers through me on other houses. One is within a half a mile, and has already signed contracts, and should close in the next few weeks. Without having that listing, and having the opportunity to market it, I would not have meet either couple or made either sale. Is it the bait and switch? I had the bait, and it did turn into a switch, so I suppose in the most basic form it was.
Now we all know that the illegal form is when the bait is non existent and is advertised purely as a lure. I just think it is interesting when you take a look at it, how well such a scheme can work.
There are a few Realtors in the area who leave listings on their websites long after they have either sold, or gone off the market. "Oh I'm sorry, that house just went into contract. But do tell, what type of home are you looking for?"
I do believe that Mr. and Mrs. X were a bit impulsive deciding to have a go at it on their own ( and if they list with another broker, so be it.) Nine showings in five months is pretty good for times like these. You can lead a horse to water...
Did I fail? I failed Mr. and Mrs. X, but I did not fail my business, or the two buyers who found homes.
Now please understand this post is not about me defending my abilities as a listing agent, and defining their actions as impulsive and unwise, but rather the interesting situation as a whole for a real estate broker.
The listing agreement reads that should a prospective seller break the agreement before the expiration date, the agent is due financial consideration for advertising and services rendered. I know some brokers who hold clients to this, but I don't. If you are unhappy or just wish to move on, God bless. No hard feelings. The last thing I want is someone who feels trapped by my services. I do spend money on advertising, but rarely on one listing. It is more of a marketing approach as a whole.
Anyway, Mr. and Mrs. X want out. So be it. Their home was shown nine times in five months. Nine ready able and willing buyers who chose not to buy this particular home. The feedback? House too small 1,300 sq. feet. Bedrooms too small. Too close to the highway. Although urged, they were not willing to drop the price any further. (We did have three price reductions.) Again not blaming them. They are a very nice couple, who really would like to sell. I feel bad that I was not able to help them sell their home. I spent quite a bit of time with them, going over numbers, changing and moving signs, almost daily phone calls. It was a lot of work, for it to turn out to be nothing.
Or was it nothing? (This is where I finally get to my point.) Two couples that I showed Mr. and Mrs. X's house too, have made offers through me on other houses. One is within a half a mile, and has already signed contracts, and should close in the next few weeks. Without having that listing, and having the opportunity to market it, I would not have meet either couple or made either sale. Is it the bait and switch? I had the bait, and it did turn into a switch, so I suppose in the most basic form it was.
Now we all know that the illegal form is when the bait is non existent and is advertised purely as a lure. I just think it is interesting when you take a look at it, how well such a scheme can work.
There are a few Realtors in the area who leave listings on their websites long after they have either sold, or gone off the market. "Oh I'm sorry, that house just went into contract. But do tell, what type of home are you looking for?"
I do believe that Mr. and Mrs. X were a bit impulsive deciding to have a go at it on their own ( and if they list with another broker, so be it.) Nine showings in five months is pretty good for times like these. You can lead a horse to water...
Did I fail? I failed Mr. and Mrs. X, but I did not fail my business, or the two buyers who found homes.
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