Helping Buyers Sort Through All the Inventory: 2 Bedroom Bungalows in South City

Dawn Griffin Posted by
Investment Spotlight, St. Louis Oct 2011

Today (October 3, 2011) there are over 45 Active listings in the 63116 zip code for 2 bedroom homes priced between 75-100K. For a first time home buyer, this can be extremely overwhelming. In an effort to help my clients save time, we start by sorting online with a personalized MLS portal. The portal allows my clients to view ALL the inventory in their price range and stated area that matches their criteria. From the original list they can save or reject specific properties and keep on eye on certain homes to see when they go under contract or if their price is reduced.

Looking at 45 homes is a possibility but really isn’t reasonable. Ten is a much more manageable number to view. Viewing 10 homes will take about 3.5 hours so could be accomplished in the morning or afternoon. But to get from 45-10 will take a some strategic “eliminating”

My goal is to eliminate 35 of these options and bring the ten best options to the forefront. Part of my job as a buyer’s agent to keep my clients focused and help them save time. Who wants to spend an entire Saturday looking at houses that just won’t be a fit.

This particular client wants a brick home, so we can eliminate all house with siding. She would prefer a pitched roof to a flat roof and hardwood floors are a must. By using this simple criteria we can reduce the 45 original options to 21

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21 is still too many. A garage was not a “must have” but it was a preference. By eliminating homes that did not have at least one covered garage space, I was able to reduce the number of possibilities to 15.

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That is still too many to look at in one afternoon. One suggestion would be to consider square footage. But I really don’t trust the tax records. It is often just wrong but even if it is technically correct it might not accurately the true sense of the space. This is why you will often see “0” as the recorded square footage in the MLS. The incorrect number has been deleted. House with “0” or smaller square footage need to be viewed. Space is tricky and places that measure “small” can feel plenty big. Space is something that needs to experienced.

CDOM stands for Continuous Days On Market. In my opinion this is an indication of price or condition. Average days on market for this batch of homes is 173. The highest is 599. The least is 31. If time is of the essence, we really want to see the newer properties first. If a house has been on the market for almost two years, what are the chances it is going to fly off the shelves before my client and I get a chance to schedule a second tour. For our first tour, I really want to choose the best possible house or at least those that I think will actually be fit. A property that is priced well and in good condition is likely to sell quickly. So we want to make sure to get into those first. Choosing all the properties that have been on for less 150 days brings that total down to 9.

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Of those 9 here are the three highlights

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4159 Quincy: $77,500. CDOM 68.

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4031 Bamberger: $81,900. CDOM 31

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4259 Gertrude: $99,900. CDOM 149

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