The Price is Right / The Real Estate Corner By Kitty Barran

There is an ever-popular TV a job offer in Sheboygan and needs sits idle when she’s ready to go. game show that has transcended to move in 90 days. She decides Her best bet is to have a heart-to- generations of contestants – The that although she hasn’t made any heart with her realtor, set a price Price is Right . From old-school improvements to it since she that will sell quickly and allows Bob Barker fans to newly hooked bought it, the market must have her to start fresh without worrying Drew Carey junkies, we all love to appreciated in five years. She about a property left behind. guess the price of the myriad items heard a news story a year or so ago Mrs. Seller C? Ding-ding-ding! on the show. that said 6% was the average Her home might not have the most Real estate is a little like playing annual increase in home values so amenities or be the most updated The Price is Right . Whether you’re she prices her home 30% above of our three properties, but she is a buyer, seller or curious observer, what she paid five years ago. the most realistic about its market you probably have a price in mind And our final contestant, Mrs. value. Her house will likely be the for any property you see on the Seller C, come on down! You are first of the three to sell and she’ll market. If we’re buying we think the next contestant on The Price is be playing Candy Land with her that price should be as low as Right. Mrs. Seller C has a 3 grandkids in no time. possible. If we’re selling, we think bedroom, 2 bath home with a it should be as high as possible. carport and plenty of room for a How close are you to the “right” pool. She’s lived in the home for Today’s Fabulous price? Let’s play the game and 15 years. Her home and yard are Grand Prize ~ Sold! find out. clean and tidy, but need updating. None of the above contestants Most games have a timer and a Mrs. Seller C recently retired and will exactly match your situation, loud, annoying buzzer when you wants to move to Atlanta to be but chances are good you are one lose and a bright and cheery “ding- closer to her grandchildren. She’s of the nearly 100 owners who have ding-ding” when you win. You, done a lot of her own research and a house on the market in Coral the reader, are sitting in the studio worked with her realtor to Ridge today. audience. establish a price. She knows what Of the 61 homes that sold in Now imagine your friendly similar homes to hers have sold for Coral Ridge in the last 12 months, neighborhood Realtor (come on – in the past six months and she the average time a house spent on you know at least one!) with a knows that it’s a “buyers” market the market was 143 days. That can microphone and a radio voice… at the moment which means her be a long time if you have places house will languish if it’s priced to go and people to see. too high. Your property can be the Grand Let the Games Begin Who’s going to win? Time is Let’s welcome our first Prize ( Sold !) if you answer a few running out… simple questions – truthfully. contestant, Mr. Seller A! Mr. Seller A has a 3 bedroom, 2 bath • home with a 2 car garage and a And the Winner is… Have you done your homework pool. It’s a lovely home with a Mr. Seller A? (loud annoying and know what the market value of brand new kitchen and new baths. buzzer) No, he based his price on your home really is? (Hint: you Mr. Seller A had impact windows his needs without regard to what can let your Realtor do it for you – installed just last year. He bought the market – any given buyer – that’s what that commission pays the house in 2005 for no-money will pay for his property today. for.) • down and is upside down on his With this approach, Mr. A’s How quickly do you need to mortgage. He’s falling behind in property probably will go into sell? payments but says, “I can’t lose foreclosure and then he’ll • What are the consequences of money on this deal, so I need to definitely lose money. His best bet not selling by that time? sell my home for $$$.” If he is to get some sound financial doesn’t sell soon he’s facing advice – right now might not be By honestly answering these foreclosure. the best time to sell; or if he three questions and pricing your Next let’s give a big round of realistically prices the property home according to the market and applause for our next contestant, maybe he can cut his losses and not your needs or assumptions, Ms. Seller B! Ms. Seller B has a 4 move on. you may very well be today’s bedroom, 2 bath home with a pool Ms. Seller B? (loud annoying winner on The Price is Right. but no garage. The home is buzzer) No, she has based her immaculate because she’s never price on her unfounded Kitty Barran is a Realtor with home and it was completely assumptions about the market. If Keller Williams Realty remodeled before she bought it she’s in a hurry to move she will Professionals and a team member five years ago. She’s just accepted likely get frustrated as her house of Sandi, Son and Associates, specializing in Coral Ridge.