Document text
3 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Home News Latest Stories Emergency services, March 7 Willow Wind students raise money for water Motorist who died Thursday was local craftsman Famed 'Star Trek' producer Harve Bennett dies in Medford Jacksonville plans to buy more Lost Creek Lake water Crime, Courts and Emergency Services Emergency services, March 7 Emergency services, March 6 Arkansas man arrested for robbery in Medford Convicted rapist gets life without parole Learn to protect yourself in free class on identity theft Politics and Elections Ex-Merkley aide chosen as Oregon secretary of state Ashland: Budget increase, swimming pool funding discussion on council agenda Judge upholds Phoenix's moratorium on medical marijuana dispensaries Ballots on Jackson County marijuana tax go out Friday Brown's inauguration brings hope to local lawmakers Education Willow Wind students raise money for water District considers options to keep school tracks open, safe Ashland School District learns why its anti-bullying rating was low Ashland district rethinks transfer approval process MSD to save taxpayers nearly $10.5 million by refinancing Environment Catastrophic wildfires expected in Southern Oregon this summer The new normal under climate change? Lost Creek Lake algae bloom subsides Lost Creek Lake logjam could become hazard for boaters Made in the Shade State News Federal judge orders speedier Klamath wildlife refuge management plan Former Josephine County students sue school district over alleged abuse Ex-Merkley aide chosen as Oregon secretary of state Eastern Oregon dig uncovers ancient stone tool Team tracks new baby orca Nation - World Obituaries Brenda Lynn McMillan Shirley Jeannette Kopp Lucille J. McGinnis Ramona G. (Austin) Fletcher Death Notices Weather Photo Galleries Since You Asked Videos Web Cams Mail Tribune 100 Shareable Bank of America is predicting a massive Tesla collapse Mars One attracts science fiction geeks and people who hate society This $1 million Mercedes is like an armored private jet for the road Sports Latest Stories Saxons end Panthers’ season Heading North Spartans cruise to playoff victory Colorado stuns No. 8 Oregon State Four Raiders in semis at NAIAs Varsity 541 College Sports Colorado stuns No. 8 Oregon State Four Raiders in semis at NAIAs SOU’s Maguin advances to 400-meter final Break time comes at worst time for Oregon No. 5 Arizona steamrolls Cal, 99-60 Pro Sports Spartans cruise to playoff victory Morgan's goal sparks 3-0 U.S. win Holmes keeps lead, McIlroy loses cool Blazers likely to look to Afflalo in Matthews' absence Blazers downs Mavericks but lose guard Matthews Community Sports Business Latest Stories Business briefs: March 7 Blog: A Few of Our Favorite Places New construction prices jump 18.2 percent in Jackson County CEO Rieder leaving Erickson March 31 Harry & David announces new president Real Estate News Business briefs: March 7 New construction prices jump 18.2 percent in Jackson County People In Business People in Business: Feb. 28 People in Business People in Business Transportation CEO Rieder leaving Erickson March 31 Lodging gains bode well for travel industries Medford airport flies past January record Agriculture Harry & David announces new president Warm winter has fruit growers poised for action Briefcase: Business briefs for Feb. 21 Opinion Latest Letters to the Editor, March 7 Philip Maddocks: Homeland Security is prepared to let its protection of Congress run out after this week Matthew T. Mangino: Pennsylvania officials battle over possibility of rare execution Our View: Cheers and Jeers Letters to the Editor, March 6 Editorials Our View: Cheers and Jeers Our View: Take it slow on legal marijuana Our View: Small climate steps add up to big ones Our View: Drawing back the curtain on government Other Views: Brown's list of challenges is lengthy Letters to the Editor Letters to the Editor, March 7 Letters to the Editor, March 6 Letters to the Editor, March 5 Letters to the Editor, March 4 Letters to the Editor, March 3 Columns Philip Maddocks: Homeland Security is prepared to let its protection of Congress run out after this week Matthew T. Mangino: Pennsylvania officials battle over possibility of rare execution Michael Gerson: Negotiating from weakness George Will: Stopping the IRS Dana Milbank: Netanyahu's fighting words Guest Opinions GUEST OPINION: Police, community should work to prevent profiling Guest Opinion: Don't overregulate Oregon's hemp industry Guest Opinion: Predatory banking practices bilk citizens Guest Opinion: Is less education the answer? Guest Opinion: Bill would shore up legal aid funding Lifestyle Latest stories Community blog: Airy mousse rivals ease of pudding from a box Dr. Murray Feingold: Cognitive-behavioral therapy shown to help hoarders Dr. Jeff Hersh: Gallstones affect 25 percent of American women Barbara Presnell: How are you since your husband retired? Fishing Report: Friday, March 6 Food Community blog: Airy mousse rivals ease of pudding from a box Page Onorato: Please don’t take my Goo Goo Clusters away Season Stepp: Celebrate Pi Day with these tasty pie recipes Tammy Kelly: Bring back the potatoes Pantry pride Home and Garden Dear Monty: Home seller seeks to start bidding war Paul Rogers: Looking for signs of new life Home Help: Enhance your home-office experience Specialty painting adds wow to your walls Dear Monty: Home seller questions agent ethics Health Dr. Murray Feingold: Cognitive-behavioral therapy shown to help hoarders Dr. Jeff Hersh: Gallstones affect 25 percent of American women Health Watch: Get prepped for spring break HealthStyle: Marriage care and maintenance Community blog: How I Became Radical: The Power of Acceptance Hiking Biking Faith More religion events in the Rogue Valley Religion Briefs Religion briefs, Feb. 27 Religion briefs: Friday, Feb. 20 Religion News: Pope makes surprise shantytown visit Milestones and Achievements Engagement: Workman-Wright Anniversary: Hofer New arrivals: Sunday, Feb. 8 Columnist for a Day Rogue Healthy Aging Tempo Latest stories Ashland's First Friday Art Walk showcases new exhibits by regional artists Live Music in Local Clubs Darrin Wayne steps to the plate at Rising Stars Alice DiMicele plays the Unitarian Fellowship Southern Oregon University Wind Ensemble to present 'All American' Theater TMTO's 'Bye Bye Birdie' takes flight Brava! Opera presents classic Mozart and Poulenc Review: 'Fingersmith' a twisting thriller with love TMTO presents 'Bye Bye Birdie' 'Guys and Dolls' a sure bet for dazzling entertainment Music ZEPDRIX! at the Historic Ashland Armory The Bee Eaters play Headwaters Ladysmith Black Mambazo plays the Craterian Theater Live Music in Local Clubs Darrin Wayne steps to the plate at Rising Stars Community Events Ashland's First Friday Art Walk showcases new exhibits by regional artists Jesse Lawson and Joe Moxley host 'Barkeeper' Third Fridays showcases local artists Southern Oregon Rod and Custom Show Dining Sakura Japanese Sushi Restaurant opens in new location Restaurant Inspections: Sunday, March 1 Great Outdoor Grill offers healthful options Restaurant Inspections: Sunday, Feb. 22, 2015 Saigon Xich Lo Vietnamese cuisine Tempo Videos Classifieds Jobs Autos Real Estate FEATURED » Obits Blogs TV Listings Movie Listings Oregon Outdoors Oregon Healthy Living Magazines/Special Sections Business Services NEWS NOW Ex-Merkley aide chosen as Oregon secretary of state ... Famed 'Star Trek' producer Harve Bennett dies in Medford ... Jacksonville plans to buy more Lost Creek Lake water ... Ex-Merkley aide chosen as Oregon secretary of state ... Famed 'Star Trek' producer Harve Bennett dies in Medford ... Jacksonville plans to buy more Lost Creek Lake water ... Dear Monty: Home seller seeks to start bidding war By Richard Montgomery More Content Now MailTribune.com By Richard Montgomery More Content Now Posted Mar. 4, 2015 @ 12:01 am By Richard Montgomery More Content Now Posted Mar. 4, 2015 @ 12:01 am » Social News p bs:newslist StartDate="20121121" EndDate="p bs:datecalc Months="3"" DateSort="1" UseObjects="1" ObjectClass="81" Taxonomywords="2325,665" ExactTaxonomyMatch="1" Image="1" Count="4" --> Reader question: I am going to list my home. I am hoping to start a bidding war for my home to maximize the number of offers I receive. I want my broker to stipulate that we will start accepting bids five days after the house goes on the market, in order to get multiple bids on my home. My broker says they cannot do this, as MLS no longer allows it. Does this make sense to you? Have you heard about this change in the rules? Thank you. Jerry and Ann C. Monty’s answer: There are over 700 MLS systems operating in the U.S., and they are each independent and each with their set of rules. Call the MLS directly or ask your agent for documentation that a seller cannot delay entertaining proposals for five days. Here are some thoughts for you to consider before taking action. Be optimistic It is very common for home sellers to envision when their home hits the market buyers will be knocking people over to buy it. Some sellers can be optimistic because they have actual market statistics that suggest there will be multiple bidders on a home. In employing tactics that are likely to produce results, ask your agent to gather more information about the market in which your home competes. Most MLS groups divide into physical territories with boundaries and each area has a name or a number. You are interested only in your sub-market and your price range. Listings and sales in sub-markets is an example of history repeating itself in real estate. When thinking of the coming 180 days your home may be on the market, look back to last year’s activity for an indicator of what may happen this year. Do your research Your goal is to project the “sales rate” of homes similar to yours in the coming months. The more sales and listing data the more dependable the calculation. Remember to search only your price range and sub-market. Here are the questions to ask your agent, the answers to which can be found in the MLS. How many homes are currently for sale? How many homes were for sale last year at this point? From this point forward last year, how many new listings came up the next six months? By assuming this year will be similar, we can expect “X” number of new listings in the next six months. Adding the current inventory to the predicted new listings, one can predict the total competing inventory. Applying this same logic to sold and closed numbers, we can also predict the number of sold and closed homes in the coming six months. For example, assume 80 similar homes on or coming onto the market, and 20 homes sold last year in the coming six months. This information suggests that 20 homes will sell this year in the coming six months. With 80 homes for sale and 20 projected to sell, the projected sales rate will be four sales per month, a twenty-five percent sales rate. Remember that markets are cyclical, and there is no guarantee history will repeat itself, but this is better than a “gut feeling.” Delaying entertaining of offers may not work with a twenty-five percent sales rate. There are simply too many homes from which to choose. So, how could we attract more buyers? The way some lenders do it today after the foreclosure glut between 2008 and 2012 is to reduce the price of the home to attract attention. The idea is to be the first house to sell or create a bidding war. This strategy will work in hot markets because listing inventory is low. The chances of it working in a market with a twenty-five percent sales rate are small because as the price rises during competition, competing homes begin to look more attractive. Now decide Consider taking the extra time to understand the marketplace. Agents talking with other agents may hear the market is going crazy, but different agents will say the market is relatively normal. The actual numbers are the only evidence that is concrete. All else is anecdotal. If you are in a “hot market” (seventy percent sales rate), you will not have to try to control what happens, the market will do it for you. If you are not in a ‘hot market” you will not be able to influence the market except with low price. Richard Montgomery gives no-nonsense real estate advice to readers’ most pressing questions. He is a real estate industry veteran who has championed industry reform for over a quarter century. Send him questions at DearMonty.com. By Richard Montgomery More Content Now MailTribune.com By Richard Montgomery More Content Now Posted Mar. 4, 2015 @ 12:01 am » Comment or view comments /* $( document ).ready(function() { // Jquery mobile is trying to style the button and leaving a blank gry button on top of a white button $("#viafouracoms .vf-comment-controls li.vf-right").html(' Submit '); });*/ » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Your privacy is important, read our privacy policy. © Copyright 2015 Local Media Group, Inc. All Rights Reserved. Privacy Policy | Terms of Service | Local Media Group Publications Original content available for non-commercial use under a Creative Commons license, except where noted. MailTribune.com | P.O. Box 1108, Medford, OR 97501