Another eposide of My First Sale this one was in Alexandra Virginia. Of course everything I start watching this show now I'm expecting to share the pain of the home owner as they fail to sell there home.
In this case the home owner was selling an apartment condo with 1 bedroom, 1.5 bathrooms, plus it had an extra loft and 1 parking spot.
The home owner had purchased the condominium several years before for 220,000 and still owned 197,000 on it. In addition she had put about 12,000 in upgrades into the unite including some nice hardwood.
What made this sale interesting is that the home seller was looking to take the profits from there home sale and invest it in a new business with her sister. The spin on this was that the new business was in fact a non profit agency.
The home owner initially wanted to list her condo for $350,000 but her REALTOR® got the listing price down to $325,000 and even then that seemed too high for the market in my opinion.
Well after 60 days on the market and only 5 showing they had there first open house followed by a price reduction to $319,900 (The REALTOR® wanted a 10k reduction).
The price reduction seemed to get more buyers into the unit and an offer came in at $300,000 less 8,000 in closing costs. The counter was $319,000 and 5,000 in closing. The buyers countered back at 310,000 less 8k. Personally I think that this was a decent price to jump at. However the home seller declined this offer and decided to wait.
After all of this the wild card comes into play and as we learn that the new non profit business was able to obtain a large money grant from the government. Thus there was no longer any need to sell the condominium so it was pulled off the market!
Showing posts with label First Sale. Show all posts
Showing posts with label First Sale. Show all posts
Thursday, 22 December 2011
Tuesday, 25 October 2011
My First Sale - Moving to Colorado
Every time I see this show start I know that I'm going to be watching an American families pain and this show was no exception.
The show sets us up with a couple having 4 months to move to Colorado from DC for work and they need to sell their apartment condo. Now the apartment condo is 2 bedrooms, 1.5 bathrooms and looks great and has a lot of upgrades. However, it's on the first floor facing a busy road, this setup worked great for the current owners due to their dog, but it's not going to work for a lot of buyers!
The other thing we learn is that the current owner purchased the home for $410,000 and surprisingly for an American only owes $299,000 on his mortgage.
Now the biggest problem for this seller is that he is starting off with competition in his building. One unit is $450,000 on the top floor and has 2 bedrooms and 2 full bathrooms. While the other is a 1 bedroom unit on the same floor and priced at $350,000 a rather large range.
This home seller goes to market at the $440,000 price point and the pain begins.
After having the house on the market for about 2 months the $450,000 condo drops to $425,000 forcing our home sellers to drop there price and then another similar unit comes on the market $25,000 below our new price!!!
My First Sale is like watching a train wreck in slow motion!
The show sets us up with a couple having 4 months to move to Colorado from DC for work and they need to sell their apartment condo. Now the apartment condo is 2 bedrooms, 1.5 bathrooms and looks great and has a lot of upgrades. However, it's on the first floor facing a busy road, this setup worked great for the current owners due to their dog, but it's not going to work for a lot of buyers!
The other thing we learn is that the current owner purchased the home for $410,000 and surprisingly for an American only owes $299,000 on his mortgage.
Now the biggest problem for this seller is that he is starting off with competition in his building. One unit is $450,000 on the top floor and has 2 bedrooms and 2 full bathrooms. While the other is a 1 bedroom unit on the same floor and priced at $350,000 a rather large range.
This home seller goes to market at the $440,000 price point and the pain begins.
After having the house on the market for about 2 months the $450,000 condo drops to $425,000 forcing our home sellers to drop there price and then another similar unit comes on the market $25,000 below our new price!!!
My First Sale is like watching a train wreck in slow motion!
Tuesday, 13 September 2011
My First Sale in Texas
As I said in my prior post I watched My First Sale last night and I enjoyed watching this first show of the new season on HGTV.
In this eposide we had a man who had gone through a divorce trying to sell his home. It seems that it had purchased it for $205,000 some years ago and currently owed $200,000 on the mortgage. He certainly wasn't paying down the mortgage very aggressively was he.
In any event after about 60 days on the market it was able to sell the house for $215,000 but in the mean time the back told him that he now owed $209,000 on the house. So after factoring in all of his moving costs he was going to need to come up with $9,000 to sell his home.
Well the REALTOR in order to make this deal happen and because she felt really bad for her client told him that she was waving her fee and got the buyers agent to reduce the amount that they would be paid as well. This meant that he only needed to bring $1,000 to the closing.
So Good news for him.
Unfortantely, the deal fell apart on home inspection, from what we saw on the show it was a bunch of minor items that any home would have but the buyer decided to walk away.
At the end of the show we have the home owner moving out because the bank foreclosed!
In this eposide we had a man who had gone through a divorce trying to sell his home. It seems that it had purchased it for $205,000 some years ago and currently owed $200,000 on the mortgage. He certainly wasn't paying down the mortgage very aggressively was he.
In any event after about 60 days on the market it was able to sell the house for $215,000 but in the mean time the back told him that he now owed $209,000 on the house. So after factoring in all of his moving costs he was going to need to come up with $9,000 to sell his home.
Well the REALTOR in order to make this deal happen and because she felt really bad for her client told him that she was waving her fee and got the buyers agent to reduce the amount that they would be paid as well. This meant that he only needed to bring $1,000 to the closing.
So Good news for him.
Unfortantely, the deal fell apart on home inspection, from what we saw on the show it was a bunch of minor items that any home would have but the buyer decided to walk away.
At the end of the show we have the home owner moving out because the bank foreclosed!
My First Sale Back on HGTV
My First Sale is back on HGTV. Or if it's been on, it's the first time I've seen it on HGTV in sometime. I caught two shows last night with home owners trying to sell there home.
This show although is seems to be the reverse of a normal home buying show is in fact probably significantly more difficult to produce, since unlike looking at 3 homes and buying 1 in a weekend, My First Sale shows must take months to actually film. Especially in the slow US economy.
This show although is seems to be the reverse of a normal home buying show is in fact probably significantly more difficult to produce, since unlike looking at 3 homes and buying 1 in a weekend, My First Sale shows must take months to actually film. Especially in the slow US economy.
Tuesday, 24 May 2011
My First Sale - Some Ugly Purple Carpet
My First Sale was on as well last night. This show was about selling a very nice home some in the Philidephia area.
In my opinion they did everything correct, the REALTOR gave them a lot of tips to get the house ready for sale, they priced the home mid range to other properties selling in the area and they seemed very flexible around showing times.
It seems that they ended up with a decent numbers of home buyering looking at this house. However, after 9 months on the market the home did not sell. This is the second time I've seen this show and both times the house has sat on the market not selling. You almost need to feel bad for the producers of My First Sale since they have clearly started to make this show at the wrong time it's probably taking far longer to create each eposide than they expected!
If I was going to critical of anything it would be the ugly purple carpet covering up the great hard wood floor. At the start of the show the real estate agent told the home owner to remove the purple carpet and show off the hard wood underneath. Well the home owner removed some of it from an upstairs bedroom and it looked great. However, it was decided that it was just too much work to remove it all from the stairs and main floor. That was a big mistake in my opinion, the real estate agent should have been on them to show the main floor hard wood. I think it would have helped a lot!
Until next time!
In my opinion they did everything correct, the REALTOR gave them a lot of tips to get the house ready for sale, they priced the home mid range to other properties selling in the area and they seemed very flexible around showing times.
It seems that they ended up with a decent numbers of home buyering looking at this house. However, after 9 months on the market the home did not sell. This is the second time I've seen this show and both times the house has sat on the market not selling. You almost need to feel bad for the producers of My First Sale since they have clearly started to make this show at the wrong time it's probably taking far longer to create each eposide than they expected!
If I was going to critical of anything it would be the ugly purple carpet covering up the great hard wood floor. At the start of the show the real estate agent told the home owner to remove the purple carpet and show off the hard wood underneath. Well the home owner removed some of it from an upstairs bedroom and it looked great. However, it was decided that it was just too much work to remove it all from the stairs and main floor. That was a big mistake in my opinion, the real estate agent should have been on them to show the main floor hard wood. I think it would have helped a lot!
Until next time!
Monday, 16 May 2011
My First Sale - Selling the Priciest House on the Block
I just finished watching an episode of My First Sale called Selling the Priciest House on the Block it was on HGTV. I found this show interesting since at one point the homer owners recruited a psychic to help these sell their home.
Personally I wasn't impressed with their agent to start with as they priced their home $10,000 over the compariable homes based on their agents suggestion. I didn't see any pressure from them to over price their home but that could have been editing of course.
In any event over the course of the show we watch the home owners slowly reduce their price until they are priced correct and then start to receive low ball offer. I am happy for them that they didn't have to sell, I could imagine the desperation of somebody needing to sell there home at any price.
In any event not a bad show to watch.
Personally I wasn't impressed with their agent to start with as they priced their home $10,000 over the compariable homes based on their agents suggestion. I didn't see any pressure from them to over price their home but that could have been editing of course.
In any event over the course of the show we watch the home owners slowly reduce their price until they are priced correct and then start to receive low ball offer. I am happy for them that they didn't have to sell, I could imagine the desperation of somebody needing to sell there home at any price.
In any event not a bad show to watch.
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