Let’s play the pricing game!!

 

 Hello fellow Rainers. Let's play a little pricing game today. As most of you know my market Poinciana Fl is really struggling right now. Properties are just not selling. In fact, for the month of September we had 31 closings out of 1,625 listings. Proper pricing is critical. So as a listing Broker I must get the price right from day one if I want to have any chance at all of getting the property sold. Even then, it wont be easy.

So here's my situation. I'm meeting with a Seller on Saturday to place his home on the market. This particular Seller has been reading my ActiveRain blog for several months so is pretty much agreeable to whatever I came up with.

His house is a 3/2 with an in ground pool was built in 1989 and has 1255 sq ft of living space. The condition is very good and it's pretty much your normal Poinciana Fl property.

I did a little preliminary research today and came up with this:

There are 13 similar homes on the market. Priced as follows:

  1. $112,000 with 1268 sq ft built in 1985 DOM 291
  2. $138,500 with 1329 sq ft built in 1990 DOM 376
  3. $159,900 with 1227 sq ft built in 1995 DOM 47
  4. $179,900 with 1170 sq ft built in 1989 DOM 183
  5. $195,000 with 1329 sq ft built in 1989 DOM 146
  6. $199,900 with 1070 sq ft built in 1998 DOM 133
  7. $199,900 with 1376 sq ft built in 2004 DOM 4
  8. $204,900 with 1255 sq ft built in 1989 DOM 212
  9. $214,900 with 1256 sq ft built in 1995 DOM 40
  10. $217,000 with 1266 sq ft built in 1990 DOM 63
  11. $225,000 with 1186 sq ft built in 1990 DOM 225
  12. $229,000 with 1159 sq ft built in 1991 DOM 164
  13. $244,995 with 1186 sq ft built in 1990 DOM 9

That's quite the price spread wouldn't say? All of these are within a mile or two of each other and are very similar.

There is also one pending listing:

  1. $144,900 with 1329 sq built in 1990 DOM 180

And there have been 3 sales in the last 7 months:

  1. Price $224,990 sold $220,000 on 8/03/07 1278 sq ft built 1984 DOM 73
  2. Price $149,900 sold $158,000 on 7/05/07 1100 sq ft built 1986 DOM 209
  3. Price $180,000 sold $183,050 on 3/21/07 1248 sq ft built 1984 DOM 104

All of these homes are very similar and no adjustments are necessary.

OK, so my question is, what the heck am I supposed to do with this information? Where do I need to price this house to get it sold? Will you help me?

All content copyright © 2007 – Broker Bryant Real Estate Ramblings

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