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More San Francisco Homes Are Selling?

According to The Wall St. Journal, more homes in California are selling.

“California’s housing-market slump showed hints of improvement in March, with sales of existing single-family homes increasing 64% from the prior-year period and median home prices rising month-to-month for the first time since August 2007, according to a trade group report.”

Does this mean more homes in San Francisco are selling too? More on that later.

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Continue ReadingMore San Francisco Homes Are Selling?

Urgency, not Desperation! The shorter the open house, the better.

Home selling tip:

Create URGENCY, not DESPERATION.

Over the past few years as the San Francisco real estate market has slowed, I noticed that some of my competitors began to host longer and longer open houses.

First, there were Saturday open houses in addition to Sunday. Next, the times went from 2-4pm to 1-4pm and then, to 1-5pm. I’ve even seen a 12-6pm announcement!

With all due respect to my fellow real estate professionals, I have to object to this trend.

Sure, at first glance, it may seem like a good idea to have more access to a property that’s for sale. A buyer or anyone who is in the neighborhood can go by all day, anytime they want.

What’s my problem, you ask?

Buyer urgency, or lack thereof, is my problem.

In today’s slower real estate market, as listing agents and home sellers, we have to create a sense of urgency for the home buyers. Folks are slow to act these days. They think houses will be around next week, next month, and probably at a lower price.

The longer the open house, the less likely you are to have a crowd of people touring the home together.

Crowded open houses lead to more urgency b/c it gives the perception that the house is in high demand.

Buyers need to feel that there are compelling reasons to act. Competition and the comfort of knowing that others want what you want helps to create logical reasons to act…and act right away lest someone else get their new home!

The industry standard is Sunday 2-4pm. Let’s keep it that way! For that matter, I’d rather host even shorter open houses! (more…)

Continue ReadingUrgency, not Desperation! The shorter the open house, the better.