head_left_image

Cream of the Crop, Bottom Feeder or Somewhere In Between????

 

Cream of the Crop, Bottom Feeder or Somewhere In Between?

floating houseWhy do some houses sell while others seem to forever linger in the sea of inventory?  Well, it seems there are several different levels to this sea of inventory in Indianapolis and buyers are either skimming off the cream or diving deep under and feeding on the bottom!   --  Everything in between is invisible!

Levels of the Inventory Sea!

Cream of the Crop...  Offer the most features, best price, best location, most updates, best finishes, best condition -- You get the idea!  They float along the top, waiting for buyers to quickly gobble them up!

Always the Bridesmaid, Never the Bride...  Priced "About Right", consistently in buyers "Top 3", quite a few showings -- but never invited to "the big dance!"

Close, but No Cigar...  Somewhat over priced, buyers "like" the home but there are always better options for the same price -- consistent showings

Mr. Cellophane...  Looks like all the others on the market -- nothing to set it apart, overpriced, occasional showings -- lingering in the sea of inventory!

Not a Contender...  Substantially overpriced, lots of other options at better price, condition, location, etc. --few to no showings -- drowning!

Food for the Bottom Feeders...  Priced well below market to reflect condition and circumstances -- Bank Owned (REO), Short Sales, "As Is", HUD's.  Lots of activity here -- but different buyers!

The sad part is that seller's lingering in the middle seem to have the opinion that given enough time, they too will rise to the top.  It just isn't so!   No amount of time will cause a property to float upward.  To rise to the top -- a seller must either adjust the price or improve the condition/amenities.  As new listings come on the market, the great ones will jump right to the top, ensuring the "stale" listings remain submerged where they will eventually expire without selling!

On the other hand, if an owner must sell, but isn't able to make the adjustments necessary to float to the top, they will begin a steady decent to the bottom where they will eventually end up as a short sale or Bank Owned property.guy floating on water

So what's the big secret?   How does a property become the "cream of the crop" in the Indianapolis housing market?  Know the competition! -- then either provide "more" for the same priceas the competition (more size, more amenities, etc) OR provide the "same" (size, amenities, location etc) for "less price". 

Then, relax... and enjoy the ride!


 

 

Originally posted by Steve and Tonda Hoagland on ActiveRain Blog 10/13/2010

 

 

Unless otherwise noted, blogs are authored by Tonda or Steve Hoagland

 

 

Comment balloon 2 commentsTonda & Steve Hoagland • October 13 2010 04:34PM
Cream of the Crop, Bottom Feeder or Somewhere In Between????
share
Cream of the Crop, Bottom Feeder or Somewhere In Between? Why do some houses sell while others seem to forever linger in the sea of inventory? Well, it seems there are several different levels to this sea of inventory in… more
Considering Moving up to a New Home in Indianapolis? It's Time to…
share
Considering Moving up to a New Home in Indianapolis? It's Time to Take the Plunge! It's a fantastic time to consider moving up! In fact we're surprised more people aren't taking advantage of this "perfect storm" for move-up buyers… more
Help! I Think I Might Be Ready to Buy a House! -- What's the First…
share
Help! I Think I Might Be Ready to Buy a House! -- What's the First Step? So you've either recently decided to purchase a home in Greenwood -- or are at least considering the possibility. You'll be joining the ranks of hundreds of… more
The Trails at Woodfield in Greenwood Indiana - presented by The…
share
The Trails at Woodfield in Greenwood IN - presented by The Hoagland Group Welcome to The Trails at Woodfield This is a lovely Greenwood neighborhood comprised of newer homes originally introduced by Davis Homes. Westport… more
More options for the underwater homeowner: FHA Short Refinance to…
share
Fellow ActiveRain Blogger Anna "Banana" Kruchten shares great information and another option for 'underwater' homeowners. More options for the underwater homeowner: FHA Short Refinance to homeowners Owe more on your home than it's… more
A caution to REO purchasers. The addenda always control the agreement.
share
The addenda that comes along with the purchase of a bank owned/short sale/foreclosure property are very important and should be read in detail. They can overide the Purchase Agreement on many items, including inspections, who's responsible for de… more
Are Closing Costs Tax Deductible????
share
Are Closing Costs Tax Deductible???? We frequently hear this question as we're working with buyers to find the "perfect place" in Indianapolis. Of course we aren't tax accountants (thank goodness! ), and therefore not allowed to… more
Guaranteed Buyouts Cost Sellers $$$$$
share
Guarant eed Buyouts Cost Sellers $$$$ One of our former clients in sent us an email today. They are considering building a new home in Indianapolis and want to find a Realtor or builder who is willing to offer a… more
10 Questions You and Your Buyers Must Ask Before Purchasing A…
share
There are additional things to consider when purchasing a condo vs a single family home. This article by a fellow ActiveRain agent in MA highlights some of the more important topics to consider. Buying a condominium unit can be more involved than… more
Homes for sale in Center Grove - Your Neighborhood Market Watch 3/31…
share
Your Center Grove Neighborhood Market Report March/April 2010 - published 3/31/2010 Compliments of Steve & Tonda Hoagland - The Hoagland Group at Keller Williams The number one question we receive from our friends and neighbors is… more