There probably has not been a tougher time to be a seller here in the Phoenix real estate market. We’ve had slow markets in the past but the current market doesn’t really equate. Homes are selling at a brisk pace, assuming the owner of the home is a bank and the list price is at or below comparable sales.
It’s an uneven playing field, made even more so by the reality that many buyers won’t look at a home unless it’s bank owned – I can’t tell you how many requests I receive that specificially ask for bank owned homes and my bank owned website now receives nearly as many visits a day as this site.
When sending properties back, I always include all that’s on the market; why not forward information on an owner-occupied home if the price and amenities are compable to the bank owneds? But again, that’s not possible when folks are setting up their own searches only for bank owned properties.
There’s little a seller can do to attract the attention of the latter. If a buyer or his agent is limiting his search to exclude non-bank owneds then we’re simply hooped, as my friends in Alberta would say.
What sellers need to focus on is attracting the attention of those who might be looking for something that doesn’t need the added work and expense required of most bank owned homes. And the only way to do that is price.
Buyers equivocate. They will live without the Corian countertops if they can save a few thousand dollars. Same goes for upgraded tile and stainless steel appliances. By the time the bank owned they’re looking at is upgraded to the same level, they could end up spending as much or more than on a non-bank owned but it’s the perceived value that gets them interested, a perception that doesn’t fade until long after the last trip to the Home Depot is completed.
Marketing absolutely helps … the more websites on which a home is advertised and the more photos likely to keep a buyers’ interest rather than causing them to say no … but at the end of the day, the bulk of my marketing work as a listing agent is to get a good price on the home. Without it, there’s almost no marketing plan in the world that will help.
And just in case you think price isn’t more important than marketing, consider this. The marketing efforts on most bank owned homes is negligible at best. And yet those are the homes whose sales constitute almost 70 percent of the Phoenix real estate market.[tags]Phoenix real estate[/tags]