I am not going to give my home away!

Somewhere between "I am not going to give my home away" and " this home is never going to sell", is the right price where the home does sell, even in this market.

What sellers and their real estate agents should know by now is that the sold price cannot be influenced by:

• What the seller needs to get
• What the seller paid for it
• Offerings of incentives, higher commissions or concessions
• Time

The sold price is only determined by:

• A buyers interest
• Continuous and aggressive pricing strategy

Buyer's interest is obtained by using a professional marketing and prospecting plan that has proven success in finding qualified buyers.

The continuous and aggressive pricing strategy centers on determining the real value of the home at the onset and not being distracted by forces that have no bearing on what a home should be listed for. The continuous effort is accomplished by watching the values of homes in a given area and instead of chasing down the market with regards to pricing, the agent and the seller will need to stay ahead of the market and counter any changes with reductions in price that are substantial and effective.

If a seller is unable to meet the criteria needed to sell then they should consider not listing their home for sale.

Contact me to find out where your homes falls in the continuum.

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

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

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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I am not going to give my home away!

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

This home “won’t last” is now at 612 days and counting

This Orlando home has been on the market for over 600 days according to the MLS. Maybe the agent means it won’t last 2 years? There is still time.

I would say if the listing lasts past the average days on market for the area, it should be mandatory that the listing agent clean up the marketing comments. In this case the agent pulled out all the stops, using the marketing phrases, dare to compare, make offer and ideal for first time homebuyer.

They did leave out “priced to sell”.

There’s the problem.

Related Florida real estate views:

I am not going to give my home away!

Why would anyone offer to buy a home at list price or above in this market?

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


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

What do banks know that home sellers do not?

Osceola MLS reports indicate that bank owned (REO) homes are selling at a higher percentage than non-bank owned homes.

When searching for homes that sold in May, I found that 73 of the homes that sold were listed as being bank owned. 73 out of a total inventory of 488 homes listed as being bank owned or approximately 14.9%. In comparison, 146 homes sold in May that were not bank owned. 146 homes out of 5916 non-bank owned property or 2.4%. 14% as compared to 2%

So what do banks know that traditional sellers do not? The simple truth that price is king. Banks understand that the current real estate market does not care how much was paid for the home originally, the bank understands the market does not care how much was owed on the home and the bank understands that the market will not make an exception simply because they would like it to.

A large percentage of traditional home sellers continue to adhere to magical thinking. This magical thinking to often receives support from the listing agent who should have never taken the listing to begin with or who should have been more aggressive with obtaining price reductions. Magical thinking gives the seller false hope that even when faced with the hard facts of supply and demand, they believe their home will beat the odds and a buyer will come along and agree to pay 20, 30 or 40% above market value for their home.

It is not going to happen, as the banks are painfully aware. Price your home correctly and it will sell. If you cannot afford to sell at today’s market value, wait. If you cannot wait then you will need to consider your options that may include short sale, restructuring of your mortgage or deed in lieu. Give me a call to discuss your specific situation.


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I am not going to give my home away!

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

Interviewing real estate agents

When a home owner interviews an agent they are considering using to sell their home, the home owner should be concerned with the professionalism of the agent and if the agent has a marketing plan that has proven results.

Interviewing an agent in today's market often means something totally different. This new interview process consists of finding out if the agent will list the home at the price the home owner desires regardless of what the comparable sales and the specific market area suggests the home will sell for.

Proudly we are not interviewing well on these calls.


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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.

Related Florida real estate views:

I am not going to give my home away!

Why would anyone offer to buy a home at list price or above in this market?

How can I make sure I am not paying too much for a home?

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

Why homeowners refuse to lower the price of their homes

Lack of motivation and lack of equity are major reasons homeowners refuse to lower the price of their home. If you do not need to sell, now is not the time to try for top pricing or testing the market. If you are unable to sell for what you owe, there might be options available to you.

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I am not going to give my home away!

Florida home prices increase by 26%

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

Pricing your home right from the beginning

Here is a perfect example of what this market is doing to those who do not price their home correctly at the beginning and then attempt to chase down the market.

• Agent suggested list price of $241,000
• Seller wanted and got the agent to list for $255,000.
• 4 months later agent was able to get seller to reduce to $245,000
• Seller turns down offers of $225,000 and $219,000
• Seller finally accepts an offer of $219,000 and the buyer's financing falls through.

After numerous price reductions the home is now listed for $165,000 with an offer anticipated today.


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Price reductions - Price improvements - Price correctly


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

Will it sell for a dollar?

Discussions in real estate office center on pricing these days. Agents can be heard exclaiming that they are not sure why the home they have listed is not selling. It is the lowest in the neighborhood, it is clean and shows well, the seller is offering incentives and the home has received the best marketing available and yet, no offers. The conclusion is there are not enough or no buyers. Which is correct, sort of.

There are not enough or no buyers for the home in question at that price. It isn’t that every buyer on the face of the planet has vanished; it is just that those buyers have a tremendous inventory to choose from.

If you truly believe there are no buyers, imagine for a moment that you changed the listing price and offered the home for sale for 1 dollar and see how many offers you receive. I know, that is unrealistic and crazy sounding but the point is at 1 dollar the home would attract a buyer or many buyers. The goal should now be for the seller and agent to determine how far above 1 dollar the home needs to be listed for in order to still receive interest and possible offers from buyers.

Pricing is huge in this market.


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

Will you be able to sell your home in 2008?

Many home owners who decided to sell their Florida home in 2007 were met with frustration, uncertainty and in the majority of cases, no success. Even those who are persistent and have kept their home on the market through the year are finding the For Sale sign is gathering cob webs faster than they are collecting potential buyers.

Can a home owner expect more of the same in the first part of 2008? It will depend on their personal situation.

An amazing fact overlooked when considering the Seminole and Orange County real estate market in 2007 is that 20% of the homes (2923 out of 14,294) that sold in 2007 received an offer within *30 days of being placed on the market.

So what gives? What secrets do these agents and home owners know that a home owner in 2008 should know?

The fact of the matter is, there are no secrets to be revealed. In order to have an opportunity to sell your home in 2008 as quickly as those sellers did in 2007 requires a personal decision on the part of the home owner, and real estate agent, to present the very best home available. How can you make sure your home is the very best home available in your area in 2008?

Correct pricing – Make sure your home is listed at a price that makes it impossible for a buyer to find a home similar to yours for less money. Monitor your price weekly, keep an eye on the latest sales in your area; the latest homes put up for sale; and those homes that failed to sell.

Staging and enhancement – Clean it, move it, get rid of it, fix it or replace it. Whatever “it” is, if it can keep your home from showing its very best, do something about it.

Hire a top marketing real estate professional - Follow their expert guidance. This is not your grandmother’s real estate business anymore. Today we also have the Internet as a marketing tool. Make sure the real estate professional you hire is equally comfortable with how to market your home to online buyers as well as marketing your home to those buyers who may be looking in the Sunday morning paper.

That pretty well sums it up. These have proven to be the core 3 decisions a seller makes that will determine if their home sells or not. Those sellers who make sure they have the very best marketing coupled with their home being priced according to condition, location and improvement should be able to confidently expect it to sell in 2008.



* As reported in the Mid Florida MLS ADOM statistics

Realtors lost in denial

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.

Florida Realtors who test the market may receive a failing grade.

Realtors who agree to test the market and list a home over it's real market value, may be making an unwise decison. This becomes increasingly true as conditions continue the same in this current Florida real estate market.

In the past an associate may have had the option to add a few dollars to the suggested sales price to appease a seller without too much concern about affecting the potential sale.

This liberty does not exist today. The current market is not forgiving. Homeowners who list their homes higher than the market suggests risk reducing the already limited numbers of buyers who may be interested in their home. Buyers today are offered more choices than ever before and, more than likely, they will have purchased a well priced home long before the agent and seller realize their error and start reducing the price.

The continuous increase of homes being offered for sale, with the number of homes sold decreasing, is an indication of at least 2 points. First, a large group of sellers have yet to recognize that the days of incredible appreciation have ended and secondly, a large section of real estate professionals have never experienced this type of market and are clueless as to how to properly advise their customer base.

Lack of experience and training have real estate agents confused as they arrive at their listing appointments with real data that clearly indicates that the home has not appreciated since the owner purchased it within the last few years and in some extreme cases, may now be worth even less then the owner paid. They hate to walk away from a listing so they give in to magical thinking and take the listing at a price that they know they can never get for the seller.

This type of testing will only lead to frustration and undue stress to both seller and Realtor.

Those agents who are confident of their abilities will walk away from a potential listing that has no chance of selling at the seller's desired price, devoting their time and energy instead to those sellers who value their knowledge and professionalism.

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Will it sell for a dollar?

- 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

If you think you are selling your home too cheaply, just say no

(I wrote this back in 2005 as a result of some slanted media reports.)

One of the network news programs this Friday had a segment that suggested Realtors may not be interested in getting their sellers the maximum price for their property if it means just waiting for a better offer. The inference is that Realtors want the seller to accept an offer on the table, rather than wait for a better one. They even used a survey that indicates Realtors in a certain geographic area sold their personal property for 3%+ more than the average consumer.

Here is my suggestion to anyone who feels they are being pushed by a high pressured realtor who is seeking a fast commission check at your expense. Just say no.

Just say no at the initial listing interview appointment or at any later time, if you get the sense the realtor is more concerned about their check than your interests. Contact the realtor's broker if the feeling persists.

Just say no if they call you and say "we have a verbal offer", which very often are just fishing attempts to see where your bottom line might be. Make them put all offers in writing.

Just say no when an offer is presented and the estimated net proceeds are less than you are comfortable with. Ask your realtor if your listing price is correct and if not, why has it changed? If it is correct, then counter back at a price that is more acceptable to you or reject the low offers outright.

It really falls into the hands of the seller to decide their bottom line. That would seem to be the main reason Realtors showed a higher sales price (3% +/- ) as mentioned earlier. They, as sellers, waited or just said no to lower offers. Are their Realtors in this business that have a house payment due or some other pressing financial matter who are focused primarily on their own need to get paid over the seller's bottom line? To think not would be short sighted. As a seller you have the final say, use it. Just say no

They did have a Realtor on the program who made the point that often the seller is satisfied with the numbers and against the suggestions of their realtor, they accept the 1st offer that comes or one that is lower than may be obtainable with more time. This is true. Each seller's motivation is different. A realtor's job in part is to present the offers as they are delivered, explain the contingencies and provide a written net proceeds report for the seller to use in making their informed decision. A seller may ask for suggestions, but should never let their realtor make the decision for them.

In conclusion, a seller can go a long way to ensuring they sell their property for the best price possible by simply making sure they have hired a true professional who shows by their actions and words that they value the seller as a treasured customer. Spend some time interviewing Realtors as you would any professional service provider you may need. After you have chosen a realtor, the final decision rests with you. Do not be afraid to say no.


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