We’re going to finish the week out with another series of letters on obtaining a price reduction.  Here’s letter number two (one in yesterday’s blog post) and come back tomorrow and Friday for the other two letters.

Date

Name

Address

City, ST Zip

Name:

It has been 45 days since you reduced the price on your property.  Your price reduction did generate an increase in activity, but unfortunately it was not enough to procure an offer on your property.  Many owners of the properties in the multiple listing service reduced their properties, which resulted in the following sales for May:

1. 1313 Snowden: reduced from 232,900 to 222,000; Sold for $217,000
2. 3722 E. 7th Street: reduced from 250,500 to 248,000; Sold for $246,000
3. 513 Adams Street: reduced from 179,000 to 169,000; Sold for $167,000
4. 1340 Linden: reduced from 230,000 to 220,000; Sold for $218,000
5. 321 Artesia Blvd.: reduced from 218,000 to 189,000; Sold for $180,000
6. 1313 E. 1st Street: reduced from 218,500 to 215,000; Sold for $212,500
7. 928 Redondo Avenue: reduced from 239,000 to 229,000; Sold for $227,000
8. 1818 Eucalyptus Avenue: reduced from 125,000 to 112,500; Sold for $110,500
9. 3918 Juniper Avenue: reduced from 209,000 to 199,000; Sold for $195,000

We would like to add your property to this list of sold properties.  In order to do so, we need you to lower the price.  In today’s market, correct pricing determines 95% of all sales.

As an update to our last letter, the following are the current market statistics as reported to the (your area) Board of REALTORS® for the Month of May:

1. Fact:           6432 properties are currently listed for all the buyers
2. Fact:           147 houses went into escrow in May.
3. Fact:           51 condos went into escrow in May.
4. Fact:           22 income properties went into escrow in May.

As you will notice, the reported sales are better than in January (January pending sales: Res=138, condo=10, income=3), but there are also now more choices (listings) on the market for the perspective buyer.  Therefore, the percentage of the properties actually selling is less. This means that price becomes even more important.

The enclosed information gives you the important facts about the market and your competition.  We want you to make the right decision regarding the price of your property and we will help with that decision however we can! We will be calling you this week to discuss this information and the included price reduction form.

Sincerely,

Walter Sanford

Sanford Systems

Enclosure: Price Reduction Form

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