6 reasons your home isn’t selling
Here’s a link to an article on MSN describing possibilities why your home isn’t selling.
Summary of reasons:
1. Home is overpriced
2. Home doesn’t show well
3. You’re in a bad location
4. You have a lousy listing agent
5. You’re battling competition or market conditions
6. You have ineffective marketing
Read the article here
The latest issue of People magazine has an article about mortgage fraud that’s happening in some areas. The way it works is that someone comes in and buys a piece of property and then immediately (sometimes in the same day) will relist it and sell it to an accomplice for WAY more than it’s worth. They pay off an appraiser to justify the high price, get the loan, split the money, and bug out. The problem (apart from the mortgage company having a piece of property worth a fraction of what they loaned on it) is that the property taxes go up for the neighbors.
One way to avoid this is to check what sales have gone on around a home you plan to purchase. Use my home sold lookup report (available here) which will show all properties recorded at the County. If a real estate agent provides you a sold report, they will probably only give you ones that were reported to the MLS. These don’t include For Sale By Owners, Private Sales, Foreclosures, etc. If you see an excessive amount of sales that should raise a red flag and prompt you to ask some questions.
Do Listing Agents find Buyers or do other Realtors bring the Buyers??
A local Realtor (by mistake I believe) attached their marketing “plan of action” to an mass email sent to other agents. What was interesting that the plan weighed heavily on efforts to find the Buyer themselves (using their huge database of Buyers) and little to how they advertised the home other than putting up a yard sign and putting the home on the MLS.
I decided to do some reports to see how many homes were sold by the Listing Agent in 2005 to-date. Some homes are “exclusive listings” which means they don’t offer the home on the MLS for other agents to sell. I didn’t go through the reports to subtract the exclusive listings so the percentages below are probably much lower.
Homes sold in 2005 over $700K:
Pismo Beach- 18 of 77 homes sold by Listing Agent (23%)
Arroyo Grande – 15 of 124 homes (12%)
Nipomo – 10 of 58 homes (17%)
San Luis Obispo – 26 of 135 homes (19%)
Morro Bay – 8 of 44 homes (18%)
Paso Robles – 4 of 31 homes (13%)
I picked up the Santa Maria Times today and there was a front page article about an upcoming rocket launch at Vandenberg. Living in the South County, we have great views of these launches. If you want to find out when launches are scheduled go to this webite.
Home and Condo Sold Statistics Updated
I’ve updated the stats for residential homes and condos for each city. Go to the Slo County Homes.com home page and choose a city name (the cities listed on the bubblegum alley photo as the background).
For example, here’s the updated San Luis Obispo Real Estate page.
More shopping in the area
Along with the new Costco in SLO, there is a Big 5 Sporting Goods in the works in Pismo Beach (next to Ross) and a Kohl being built in Santa Maria. Side note: The gas price in Santa Maria looks like it’s about 10 cents less than SLO and the South County. If you go shopping in Santa Maria and fill up your tank there, you’ll help pay for the trip to Santa Maria with the per gallon savings.
Central Coast MLS Statistics for September 2005 (Residential homes)
New Listings – 863
Price Changes – 786
Back on Market – 209
Contingent – 92
Pending – 542
Sold – 513