New York Times Feature Article

213496 Resource 178435 178982 178982 1222653979945 1222657793774 Controlled Getting Inventive to Seduce Home Buyers?

Home sellers are in a price war and a beauty contest at the same time

“If you need a gimmick to get me in, there is something wrong with [the home].”  That’s the assessment of one New York real estate broker about special events some other brokers are throwing to try to sell properties in the “down” market (well, not really down) in New York City. All of this is reported in this weekend in The New York Times in an article entitled: <a title="Read the whole article" href="http://www.nytimes.com/2008/09/28/realestate/28cov.html?src=linkedin" target="_blank">Getting Inventive to Seduce Buyers</a>. Why do we care in the Flagstaff real estate market?Because this weekend, a bunch of Flagstaff real estate agents, with the financial help of one of the title companies, staged an elaborate and showy series of open houses to create a tour in the Southeast Region of Flagstaff. Why get the title companies involved? As a broker quoted in the New York Times article says, "“It’s got to be a free co-sponsored thing. We’re not paying for this.” Why not? Because real estate agents know open houses don’t work. WE KNOW IT! The statistics from the National Association of Realtors® prove this to us every year. The paucity of open house ads in the <a title="Flagstaff's local paper" href="http://azdailysun.com/" target="_blank">Arizona Daily Sun</a> (Flagstaff’s local paper) proves it. You can believe that brokers would be spending money on print ads IF THEY WORKED!According to the article, another New York broker had an open house with 500 people coming through, and not one interested buyer. They came for the food and the featured entertainment. (A spectacular view of tree-lighting at the holidays). Why do real estate agents have these open houses?Because they are afraid to have an honest conversation with their seller clients about what does work. Price reductions! Real estate markets have become very efficient with the advent of the internet. Most buyers start looking for homes using the internet and end up connecting with a Realtor® who uses the internet to help them find the right home. With the huge number of homes on the market, serious buyers will not go to see them all. How do they narrow the search? Price.Of course, if they get into the home and it stinks (literally) they won’t buy it. Buyers are likely to see 7-8 homes before making a decision. Those 7-8 will be roughly comparable in price. The choice will then be made on appearance. That’s why staging is extremely important in this market. Almost (but not quite) as important as price.<a title="Full article" href="http://www.nytimes.com/2008/09/28/realestate/28cov.html?pagewanted=2&src=linkedin" target="_blank">Hall F. Willkie, president of Brown Harris Stevens, essentially agreed, saying that slow markets called more for price cuts than showmanship. “I’ve never been to an event that sold a property,” he said. “If it’s overpriced, an event is not going to sell it.”</a>  I agree.What can your real estate agent do for you:  (1) Understand the market and explain it in a way that gets you to the right price. (2) Create a smashing online presentation of your home. (3) Work with as many buyers as humanly possible to get the market moving again. (4) Be honest with you about what will sell your home. (5) Not waste precious time at open houses.For professional and effective real estate advice in Flagstaff, AZ, contact <a title="Flagstaff real estate agents" href="http://bestflagstaffhomes.com/" target="_blank">Team Heitland at RE/MAX Peak Properties.</a> 9 application/xml Flagstaff home buyers Flagstaff listing agents Flagstaff open houses Flagstaff real estate agents Flagstaff sellers incentives for home sales open houses pricing homes for sale New York Times Feature Article Nerve-racking times for real estate brokers http://www.nytimes.com/2008/09/28/realestate/28cov.html?pagewanted=2&src=linkedin false Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322; .NET CLR 2.0.50727; .NET CLR 3.0.04506.30; .NET CLR 3.0.04506.648) 127.0.0.1 127.0.0.1 aheitland 24.121.32.9 false true false false true 178975 false false true false false false true 178435 blog blogsite/BestFlagstaffHomes/web