Monday, August 30, 2010
Door County Property Values Decline
I've found a great article from the Door County Advocate that talks numbers about the property values in Door County. It explains how the local government will use these numbers to determine property taxes and what is to be expected. You can visit the article by clicking here.
Wednesday, August 25, 2010
Overpricing
Now more than ever, correct pricing sells properties!
I know you’ve heard it before, but I cannot stress the importance of pricing your property correctly! Here are some common results of overpricing…..
• Less “Eyes” on Your Listing. Savvy Buyers research the current market even before working with an agent. Many search available listings on-line and will set a price range to limit the listing they review. If your property is priced outside of their range, even by a few thousand dollars, it may not be on the Buyer’s radar. After researching on their own, most serious Buyers hire a Buyer’s Agent to them help them finalize their search. Most agents know their market and know when a property is overpriced. Because of the current supply of properties on the market, the agent will want to focus on properties that are priced right for their client.
• No Showings. Agents who work with Buyers will know the listing prices of comparable properties. If they feel your property is overpriced, they will be inclined not to show your property to their clients for fear of wasting their time.
• Helping Your Competition. This is a biggy…Overpricing your property can actually help your competition sell. Your property’s higher price will make your competition look like a steal. Astute selling agents for other properties will use the price gap as a selling point for their listing.
• Market Stagnation. By pricing high, you run the risk of being on the market for a long, long time. The longer it sits on the market, the more likely it will become stigmatized as an “overpriced” listing in the real estate community. Once this happens, it is hard, even with a price reduction to restore interest.
Remember, YOUR FIRST IMPRESSION IS A LASTING IMPRESSION!
• Tough Negotiations. Anyone who has worked with me knows that negotiating deals is one of my best abilities. A high listing price can be a warning flag that Buyers use during the negotiation process. Buyers will assume that you are either:
A) not well informed on the market,
B) not highly motivated,
C) have a need for money, or
D) are creating bargaining room.
With these assumptions, Buyers are likely to make low offers to find out how low you will go.
• Appraisal Problems. Let’s say you are lucky enough to find a Buyer willing to pay your high price, you then run the risk of the property not appraising. The appraiser will use sales data of comparable properties to justify your sales price. If there are not recent sales that justify the price, your property will not appraise out. Most Buyers finance a portion of their purchase, but many cash Buyers today are requiring appraisals of properties in their Offers to assure them of market value.
I work the Door County real estate market 24/7 and talk with Buyers and Sellers every day. Real estate values have declined and it can be hard to face the facts. There is a smaller pool of motivated Buyers and these motivated Buyers tend to be educated on the market. Without the assumption of value appreciation, few Buyers are willing to gamble and overpay for a property.
I want to thank, David C. Brenton of REMAX Select REALTORS in Greenwood, IN for providing the above information to me.
I know you’ve heard it before, but I cannot stress the importance of pricing your property correctly! Here are some common results of overpricing…..
• Less “Eyes” on Your Listing. Savvy Buyers research the current market even before working with an agent. Many search available listings on-line and will set a price range to limit the listing they review. If your property is priced outside of their range, even by a few thousand dollars, it may not be on the Buyer’s radar. After researching on their own, most serious Buyers hire a Buyer’s Agent to them help them finalize their search. Most agents know their market and know when a property is overpriced. Because of the current supply of properties on the market, the agent will want to focus on properties that are priced right for their client.
• No Showings. Agents who work with Buyers will know the listing prices of comparable properties. If they feel your property is overpriced, they will be inclined not to show your property to their clients for fear of wasting their time.
• Helping Your Competition. This is a biggy…Overpricing your property can actually help your competition sell. Your property’s higher price will make your competition look like a steal. Astute selling agents for other properties will use the price gap as a selling point for their listing.
• Market Stagnation. By pricing high, you run the risk of being on the market for a long, long time. The longer it sits on the market, the more likely it will become stigmatized as an “overpriced” listing in the real estate community. Once this happens, it is hard, even with a price reduction to restore interest.
Remember, YOUR FIRST IMPRESSION IS A LASTING IMPRESSION!
• Tough Negotiations. Anyone who has worked with me knows that negotiating deals is one of my best abilities. A high listing price can be a warning flag that Buyers use during the negotiation process. Buyers will assume that you are either:
A) not well informed on the market,
B) not highly motivated,
C) have a need for money, or
D) are creating bargaining room.
With these assumptions, Buyers are likely to make low offers to find out how low you will go.
• Appraisal Problems. Let’s say you are lucky enough to find a Buyer willing to pay your high price, you then run the risk of the property not appraising. The appraiser will use sales data of comparable properties to justify your sales price. If there are not recent sales that justify the price, your property will not appraise out. Most Buyers finance a portion of their purchase, but many cash Buyers today are requiring appraisals of properties in their Offers to assure them of market value.
I work the Door County real estate market 24/7 and talk with Buyers and Sellers every day. Real estate values have declined and it can be hard to face the facts. There is a smaller pool of motivated Buyers and these motivated Buyers tend to be educated on the market. Without the assumption of value appreciation, few Buyers are willing to gamble and overpay for a property.
I want to thank, David C. Brenton of REMAX Select REALTORS in Greenwood, IN for providing the above information to me.
Door County Century
"Since its inception in 1980, the Door County Century has fast become one of the most popular rides in Wisconsin with an average of 2,000 participants each year. The ride is a recreational and social tour scheduled in early September -- a time when the crowds of summer have departed and the rush of the Fall color season has not yet begun.
The Door County Century has moved. This year's ride, September 12, 2010 will start and finish at the Door County Fairgrounds just north of Sturgeon Bay. This year's ride will feature a Finish Line Celebration with food, music and hearty "job well done" to all riders.
Door County is a bike pedaler's paradise. Scenic backroads blanket a peninsula with over 300 miles of shoreline and an endless array of gift shops, restaurants and lodging options.
Three routes of varying lengths provide options for cyclists of all ability levels. Routes of 30 miles, 50 miles, 70 miles and 100 miles (Century) bring the riders progressively further up the peninsula. Rest stops spaced along the route will provide food, refreshments and rest room facilities along with unforgettable views. All routes start and end at Door County Fairgrounds on the north side of Sturgeon Bay.
Experience the scenic beauty of Door County from the unfettered vantage point of a bicycle."
Monday, August 23, 2010
Second Quarter 2010 Statistics
The second quarter market statistics are out for 2010. Comparing Northern Door County sales prices occurring during the second quarter 2010 vs. 2009, 2010 shows the following: Residential Waterfront up 17%, Residential Inland down 4%, Waterfront Land up 115%, Inland Land down 1%, Commercial up 367%, Residential Condominium down 16%, and Hotel Condominium down 37%. For up to date market information, you can always visit my web site.
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Wisconsin Home Sales Up, Prices Stable in Second Quarter
by David Clark, Economist
by David Clark, Economist
MADISON, WI For the second straight quarter, Wisconsin has seen robust growth in existing home sales combined with stable median prices, according to data for the second quarter of 2010 released by the Wisconsin REALTORS Association (WRA). Visit the WRA web site to read the full report and find housing data for Door county.
Thursday, August 12, 2010
Connie's Video Blog
Today was the tall ships day at the canal. On display for the audience was large sailing vessels in action. Connie talks about the event in her latest video blog. Below are the pictures that are mentioned in the video:
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Monday, August 9, 2010
Julie's Park Café & Motel
Have you been to Julie’s Café this year, located right at the entrance to Peninsula State Park and right across the street from my office, Door County Realty, Inc.?Every time I go I have the veggie sandwich with the black bean salad. Usually these sandwiches are dry and boring, this one they serve is knock down delicious!!!!! Lots of other choices too and breakfast all day long too.
Try Julie’s the next time you’re in town, and all the best…………
Connie
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