Real estate agents would be wise to pick short sales over long sales.

Long sales would describe homes listed for sale that are priced considerably higher than market conditions would indicate are possible to obtain. Long sales are generally created when a seller makes an error in their opinion of value and finds an agent who is willing to go along with the error. This list contains a few of the errors that help create long sales.

• Sellers wish to test the market
• Sellers need to realize a certain amount of profit
• Seller is in no hurry to sell
• Agent does not know the market
• Agent wants a listing, any listing
• Agent and seller believe that magical thinking will help sell an overpriced home

A home that is on the market as a long sale has less chance of selling than its counterpart, the short sale. Long sales will languish on the market for months where a short sale will be viewed as an opportunity to buy a home at or below market value and attract multiple buyers. Long sales tend to have no real motivating factors except the motivation of price. Short sales will typically have numerous motivating factors including the desire of the homeowner to reduce credit damage and the desire of the lender to reduce financial loss.

When given the choice between listing an unmotivated over priced home or a home with a short sale contingency, agents will find that short sales may be the better choice.

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- Greg Staker - Watson Realty Corp. - 407-304-0255

Smart home sellers listen to what the market is telling them.

One of our agents received a price reduction on a property recently. This home has been on the market for several months with the seller refusing to lower the price.

Finally an offer came in considerably lower than seller has the property listed for. The seller responded with a counter offer also lower than their current list price.

Unfortunately the deal did not come together but our agent took advantage of the situation by suggesting to the seller that since they were willing to sell for less as indicated by their counter offer to the buyer, perhaps now would be a good time to reduce their price.

The market will always determine the price. This seller now understands that and made the necessary change.

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- Greg Staker - Watson Realty Corp. - 407-304-0255

2.5 million dollars in price reductions

That is the goal for our office in the month of April. 2.5 million dollars in total volume.

It is time to be aggressive with pricing if there is going to be any chance of a home selling in these current conditions. Keeping this goal in the minds of the agents and sellers throughout April should help.

2.5 million is a hefty goal for us to achieve. In February we totaled 1.4 million and in March 1.7 million dollars volume of price reductions.

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- Greg Staker - Watson Realty Corp. - 407-304-0255

Price your home below others in your area

This video offers insight to those who need to sell in this market. Past home values and what you may want for your home will not be determining factors for what your home may sell for now.

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- Greg Staker - Watson Realty Corp. - 407-304-0255

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denial: a defense mechanism that denies painful thoughts


Here are my favorite responses from agents who have homes on the market for several months that have not received a price adjustment.

"It is the lowest priced home in the neighborhood."

Yes, an it will be the lowest priced expired listing in the neighborhood too. Lowest price means nothing in today's market.

"The agents who showed the home say it is priced right."

Agent feedback means nothing. What did the buyer say? If buyers say it is priced right, it would be sold.

"They need to get this much out of it."

Guess what, they probably are not going to sell it then. A seller's need to sell at price not justified by the market has no impact on a buyer making an offer.

"It is priced right but the yard is to small or it has no garage or an airport is being built next door, or the carpet needs cleaned."

Always something that just keeps the house from selling. You can bag up all of those reasons and simply say, it is priced to high. If it had a garage or a yard or a pool or..or...or... then it would be worth what you are asking. But it doesn't so guess what? Priced to high.

Price reductions - Price improvements - Price correctly

Regardless of what you call it, proper pricing is the key to homes that are selling and homes that are sitting for month after month, frustrating Realtors and sellers. Back in the fall of 2005 I had started blogging about reaching the ceiling of value in our marketplace. I likened what was happening to a baseball runner getting caught between bases.

Well guess what? Here we are. I have seen agents and managers scurrying around this year trying out any gimmick they can think of in hopes of selling their listings. Builders and sellers are offering cars, trips and more in hopes of attracting buyers and sales. All of this to entice buyers who, according to most surveys, are primarily motivated by a home's price.

Statistics this past week of 11-20 to 11-27 provides additional proof. I checked the MidFlorida MLS and according to my research, 222 homes went under contract within the time period in Seminole and Orange County. 61% of those homes had at least 1 price reduction. Amazingly, of those homes that went under contract during the 1st 30 days of listing, 21% already had at least 1 price improvement. 84% of those homes on the market for over 90 days that received an accepted contract had at least 1 price reduction.

It is that simple. Not sure where your home should be priced? Call one of my top associates for a free market evaluation.


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- Greg Staker Watson Realty Corp. 407-304-0255

Price adjusting equals sales

The Florida real estate market continues to be exciting. Here in the Maitland office, which covers all of Central Florida including the Orlando, Lake Mary, Winter Park and Longwood areas, January proved to be an exciting time. Over 14 million dollars in written business! Our associates understand the value of staying on top of their listings and providing the best marketing strategies. As the listing inventory continues to rise, recognizing the right time to adjust pricing is a valuable key to success.

Homes are still selling. The average days on the market still appear to be in line with the end of last year. Proper pricing is evident in statistics pulled from the multiple listing service. When looking at homes in Orange and Seminole County that have went under contract from January 1st till the 6th of February, records indicate that 67% of those homes that received a contract within 60 days of list, had at least 1 price reduction. Sellers and Realtors who address pricing after the 1st 30 days, increase their chances of receiving an acceptable offer while those who don't tackle this issue continue to remain unsold. The time to look at price adjusting is not after the home has sat on the market after 90-120 or more days.

The market is constantly changing. An associate of Watson Realty knows how to assist the sellers during these changes. One way is to suggest price improvements. Rest assured that we will always look for ways to make sure our customers reach their ultimate goals.


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- Greg Staker Watson Realty Corp. 407-304-0255

Orlando has homes for sale

Latest numbers indicate over 10,000 properties are available in and around this area. Buyers now have the ability to compare and shop around a bit more than they did last year. Average days on the market is still around 37, so this would indicate a home priced correctly will still move quickly.

Key of the month is price reductions IF needed. Don't let the Orlando area home sit with no offers or activity. The "testing" the market with higher prices is a thing of the past now. The cma is correct unlike last year when it was anyone's guess what values were doing.

So is all hope lost? Heavens no. Those of us at Watson Realty are prepared for all markets. It is business as usual for the Maitland associates. Our group can offer the home seller professional, knowledgeable and sound advice with the best in marketing programs developed over decades with successful results.

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- Greg Staker Watson Realty Corp. 407-304-0255