Monday, September 24, 2007

What makes a home pending?

What is pending? Its when a home is under contract and not closed yet..... There are 51 homes currently pending in the city of Tracy. What made these homes go pending? Each of these homes has at least attract a buyer who is interested in purchasing the home. Is there anything these sellers have in common? When reviewing the homes, overall they are all in above average condition and below average price.

Some homes have great comments in the marketing section which help the home stand out.

For a complete list of all pending homes
click here.


I am very interested in what YOU think about the data, anything I missed?

A few observations:
1) Average home pending on the market today in Tracy is:




4 bedrooms
2.5 baths
1,963 sq.ft
$419,473 is the average price of a
home pending today in Tracy.
55 days on the market

2)
"BUILDER MAY PURCHASE YOUR CLIENTS HOME OUTRIGHT TO AVOID CONTINGENT SALE DOUBTS"


On a new home, this would be great motivation for a move up buyer. Now you can only really do this if you were a builder. But you could offer something similar. Say if you were a move up/down buyer wanted to buy a bigger/smaller home in the same market. You could offer on the MLS to do a trade up/down with another buyer who is looking for the opposite.

3) There is another home with a great list of upgrades with in ground pool and spa. Instead of the home being the first MLS picture you see you look at the pool, which is a nice trick for showing off a beautiful pool.

4). Plenty of marketing remarks with all caps with lots of SHOUTING!!!!!!!!(shouting about something only works if you have something to truly shout about, there are a lot of shouting comments on overpriced homes too:

PRICE INCLUDES NEW APPLIANCES, TOUCH UP PAINT & CLEANING
SUPER SUPER BEST BUY! VERY MOTIVATED SELLER!
4 BEDROOMS AND 2 BATHS FOR THIS PRICE, UNBELIEVABLE!
SUPER DEAL!
CUTE HOME AND READY TO MOVE IN!
REDUCED!!!
FORECLOSURE PROPERTY READY TO BE SOLD.


5) Six listings that are pending only have one photo available.

6) Two of the pending homes are condos.

7) Five homes went pending in less then 10 days on the market and five homes took over 95 days to go pending.

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