Yesterday I had fun descibing godzilla real estate sellers and got an earful from some sensitive people…so today it’s the buyer’s turn.

So if you live in Liberty or Fairfield Township, Cincinnati or Norwood and you’re not sure if you’re a godzilla buyer- check out the questions below. 

If you answer yes to any -then you’re definitely on the godzilla scale.

1.  Are you currently working with multiple realtors as well as emailing requests for information to companies or other agents?

2.  Have you looked at more than 20 properties and still think there is something you are missing?

3.  Have you obtained a “pre-approval” from a lender- but not bothered to actually apply for a loan?

4.  Do you walk out of a property - because a bedroom is painted blue?

5.  Are you always late for appointments-or worse yet- a no show without calling?

6.  Do you walk through new construction models or open houses and forget to mention that you are working with an agent? (the problems with doing this could fill an entire book)

7.  Did you present an “incredibly” low purchase offer, ask for everything including the moon… and then get ticked off when your offer was rejected or countered?

“Buyers are Liars” has been a popular phrase in real estate for decades and it’s not because buyers actually lie (well most don’t lie)…..rather it describes a real estate buyer who insists on looking only at one type of house and in only certain neighborhoods…..and always end up buying a different style home in a different area.

Buyers need to be open to options and understand how real estate works- buyers who listen and then make informed decisions rarely appear on the godzilla list.

If you have decided to work with a realtor-find somebody you like and respect.  Need help- call or email.

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If you were going to buy a piece of real estate in West Chester, Fairfield or Cincinnati would you pay what the seller “thinks” it worth or fair value based on ”comps” of comparable properties?

Not sure -then you may be a real estate godzilla.

Today I am going to cover ”godzilla sellers”?  Take a few moments to review the list below and if answered yes to any of the questions…you’re probably on the godzilla scale.

1. Did you make a list of all the work done on the property with the price for each item-then add it all up?

2. Did you mentally add the total from question number 1 to the suggested list price?

3.  Did you insist the realtor look at comparable properties outside your subdivision in order to raise your asking price?

4. Did you compare your property to others which were significantly larger or sold a long time ago (more than 5 months)?

5.  In order to prove your pricing theory correct, did you put your property on the market for a higher price for a period of time?

6.  Have you been “for sale” for 60 days and only had a few “showings” and no offers?

7.  Did you to skip most of the items on the “to do” list -deciding not to spruce up, touch up or declutter?

8.  Do you want an Open House every week?

9.  Did you decide on the list price- because you need to net a certain dollar amount?

10. Do you think the previous 9 questions are not relevant to your property?

No seller focuses on becoming a “real estate godzilla” it happens as a result of a combination of circumstances. 

Best advice- find the realtor with the best marketing plan.  Once you have had a thorough discussion about comparable properties/ pricing- follow the agent’s recommendations for pricing, staging and open houses.  Godzilla properties linger on the market forever-often selling for way below value because pricing strategy was wrong from the get-go.

Still have questions- call or email.

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This morning’s newspaper is reporting on the slowing real estate market.

Buyers and sellers need to look at areas or neighborhoods in order to assess how to accurately price the real estate.

Fairfield Ohio real estate sales have been affected by the “slump” however the number closings is only down by 2 from August 2007 (8/1-8/24) 2007 to August 2008.  16 closings versus 14 closings.  The average closing price was $163,663 in August of 2007 vs. $162,697 in August 2008.

Ten years of information aboutFairfield single family home sales:

As you can see the “average” sales price is dropping, however with the new Federal Housing Tax Credit incentive and the increase in FHA (Federal Housing Authority) mortgage limits- more buyers are circling our area looking to purchase.

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 There are a lot of people still asking questions about the newly legislated First Time Home-Buyer Tax Credit program.  For details about the program click here.

Remember, the program is an income tax “credit” and does not reduce the amount of money needed to purchase your home.

If you still have questions-call or email.

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I was all set to do a detailed analysis of days on market in the MLS (Multiple Listing Service)versus real days on market- only to be pleasantly surprised.

For those who don’t know, days on market is only tallied for the current listing period….so if I list my home for 180 days and relist it again for another 89 days before it sells- the MLS total is 89 days not the actual 269 days.

So I did some random checking in the Fairfield, West Chester, Fairfield Twp and Beckett Ridge areas and, while there are some relists- the number of “repeats” has dropped.

Bottom line- if you are selling and you haven’t received an offer and have minimal traffic looking at your single family home- you need to adjust the price.

Data on Single Family Active Listings from Greater Cincinnati Multiple Listing Service

If you need details about your specific subdivision or neighborhood- call or email.

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