Wednesday, January 20, 2010

The Importance of Pricing Correctly

For this weekend of open houses, I got two of my sellers to do some price adjusting. I am getting few phone calls or e-mails for these properties and I felt it was needed to push buyers a bit, to show buyers that the sellers are negotiable.

We remain pretty lucky in New York City, and in Brooklyn, in particular. The market has remained relatively active and properties sell in reasonable time frames if they are priced appropriately. One of my colleagues told me she sold a studio in a week in Park Slope-I was not surprised as the pricing was thoughtful and there is not much in the lower price range in the Slope. I heard a story at my gym that a friend of one of the regulars is buying a house on the Gulf Coast of Florida for $270,000 that had been valued in the $700,000's at its peak. New York City and Brooklyn has had some minor price adjustments but that is all.

Selling real estate is not rocket-science. If you have a good broker, with a good firm and a big web presence, someone who is willing to share listings, you will sell the property. Good photographs are key as well. But pricing is key. Buyers must want to feel there is value and they will respond. Brooklyn, in particular is a place where there is a lot of value-more space compared to Manhattan, great neighborhood amenities and many neighborhoods with excellent public transportation. Wish me luck this weekend.

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