HomeFinders Weekend - June 1-3, 2012

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WEEKEND

From the KCM Blog

May 23, 2012 - This is a post we originally ran this time last year by Ken H. Johnson, Ph.D. — Florida International University (FIU) and Editor of the Journal of Housing Research as our guest blogger. To view other research from FIU, visit http://realestate.fi u.edu/. - The KCM Crew The Research.

Are there any negative effects from changing the listing price of a property? This question haunts Brokers/Agents as well as sellers of property every day. At present, there does not seem to be a consensus answer to this question within the professional real estate community. Fortunately, this question was scientifi cally investigated by John R. Knight. Unfortunately, few know the results of Professor Knight’s research.

In Knight, the impact of changing a property’s listing price is investigated. Additionally, the types of property that are most likely to experience a price change are also estimated. The fi ndings from this research indicate that, on average, properties which experience a listing price change take longer to sell and suffer a price discount greater than similar properties. Furthermore, bigger price changes are found to experience even longer marketing times and greater price discounts. Finally, as for which properties are most likely to experience a price change, Knight fi nds that the greater the initial markup; the higher the likelihood that any given property will experience a listing price change. Implications for Practice Sellers as well as Brokers/Agents should therefore be aware of the critical necessity of getting the price correct from the start. Sellers wanting to over list will ultimately take longer to sell and will sell their property for less, on average, according to Knight. Brokers/Agents’ desire to take a listing and get the price right later will ultimately lead to their working harder according to Knight, and they are not doing their sellers any favors. Thus, an initial and detailed analysis of the proper price is much more critical than many originally thought.

Interestingly, I have found in my own research that the direction (up or down) of the listing price change does not matter. A listing price increase and decrease both lead to similar results found in Knight’s work – longer marketing times and lower prices. Therefore, get the price right from the beginning. It is best for all.

Endnotes[1] Knight, John, R. (2002). Listing Price, Time on Market, and Ultimate Selling Price: Causes and Effects of Listing Price Changes. Real Estate Economics. 30:2, 213-237.

Realtor’s Corner

Harmful Effects fromChanging the Listing Price?

WEEK OF JUNE 2ND

~ Buying or selling...together w

~ Buying or selling...together we can unlock your dreams! ~

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[email protected]

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679-7004

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Sharon Moreland

670-0075

Office: 662-3491fax: 664-3897

R E A L E S TAT E

Bringing Buyers & Sellers TogetherTracy FranklinBroker Associate

670-1165

Connect to tracyfranklinrealestate.com • 662-4772 • 1201 N. Wenatchee Ave.This Ofice independently Owned & Operated

Lela [email protected]

Honesty, Integrity and 18 years of Experience

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My Real Estate business is going to the dogs! (and cats too)

Windermere Real Estate/NCW

I donate a portion of my commissions to theWenatchee Valley Humane Society.

Jerry Paine509-860-7696 • ncwrealestate.comCall me for all your real estate needs.

Melissa Kiser509.668.8800

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Over 21 Years of Real Estate expertise partnered

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Rebecca Hackworth 509-421-2007 (Direct) 509-662-2100 (Offi ce)[email protected]@century21.comCentury 21 Exclusively • 135 N. Mission, Wenatchee, WA 98801

1 S. Chelan St., Wenatchee • 509-888-8887

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679-0592Connect to johnlscott.com/wenatcheeoffi ce • 662-4772 • 1201 N. Wenatchee Ave.This Offi ce independently Owned & Operated

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Homefinder’sNorth Central Washington

WEEKENDWEEK OF JUNE 2ND

Saturday Open Homes$355,000 421 S. Lyle Open Sat. 1-2:30Charming country setting on 1/2 acre. 3 beds, 2 baths, 3 car garage, RV parking and SHOP. Deck with mountain views, rural setting yet close. Directions: 3rd St., past Costco, to 4th and across Kentucky, right just past Clovis to S. Lyle.Laura Mounter Real Estate & Co. Jason O�Daffer 206-240-3298

Wenatchee

$169,900 1032 Washington St. Open Sun. 1-3 Premier One Properties Jeannie King 679-5150

$179,500 115 Quail Run Blvd. Open Sun. 1-2:30 Debra White Real Estate Group Tana Wood 433-0091

$185,000 1914 Mulberry Lane Open Sun. 12-23 bedroom, 2 bath rambler. Family room off the kitchen. Fenced back yard with big deck. Needs a few cosmeticupdates, but overall in good shape. Excellent neighborhood, close to Rotary Park. Directions: Western to Mulberry Lane. Windermere Real Estate/NCW Cindy Seyster 670-6466

$254,500 17 Sunburst Lane Open Sun. 11:15-12:45 Laura Mounter Real Estate & Co. Jan Widener 670-2444

$292,000 701 Woodward Open Sun. 1-31/2 3+ / ! y! 5 Century 21 Exclusively Annette Johnson 630-6107

$314,500 406 S. Elliot Open Sun. 2-4 Century 21 .Exclusively Betsy Loomis 669-6464

$338,900 2017 Center Court Open Sun. 12-2 Coldwell Banker LaVigne Linda Bondo 860-2398

$349,900 2106 Sutton Place Open Sun. 12-1:30 Premier One Properties Kay Stevens 421-4915

Wenatchee

$465,000 2017 Broadhurst Pl. Open Sun. 1-2:30 Laura Mounter Real Estate & Co. Cindy Smith 664-6278

$727,500 900 Golden Crest Dr. Open Sun. 2-3:30 Premier One Properties Kay Stevens 421-4915

Sunnyslope$260,000 281 Lilly Lane Open Sun. 12:30-2 Laura Mounter Real Estate & Co. Norma Jessup 670-8340

East Wenatchee

$129,075 1405 Grant Road Open Sun. 12-1:303 bedroom, 1 bath home on corner lot. Detached one cargarage. Directions: North side of Grant Road. Century 21 Exclusively RJ Wallis 670-2007

$165,000 558 Canyon Drive Open Sun. 1-3 John L. Scott Wenatchee Jackie Gabaldo 860-4456

$170,000 531 Nahalee Open Sun. 1-3 Premier One Properties Mae Hamilton 630-1104

$184,900 1217 N. Ashland Ave. Open Sun. 1-3This home includes 1872 sq. ft,, 3 beds, 2.25 baths with apotential 4th bed in the basement. Enjoy your in ground pool, large fenced back yard with a detached 2 car garage, plenty of parking space. Directions: Sunset Hwy, right on 13th, right on AshlandPremier One Properties Tom Kriskovic 669-3201

$239,900 322 S. Mary Lane Open Sun. 1:30-3 Laura Mounter Real Estate & Co. Kandi Wilson 433-1225

$239,900 343 N. Newark Ave. Open Sun. 12:30-3 Premier One Properties Steve Bishop 679-7004

East Wenatchee

$239,950 1441 Copper Loop Open Sun. 12-3Open Saturday 12-4 and Sunday 12-3. Tour our model home 3 bedroom rambler. Stop by and lets talk about a pre-sale. Ramblers, Tri-Level, 2 Story. Timberwood Homes Wenatchee�s Premier Builder. Directions: SE 4th Street to KansasWindermere Real Estate/NCW Julie Jessup 670-6637

$249,900 346 N. Newton Ave. Open Sun. 12:30-3Spacious Great Room, large windows, lots of light! Granite kitchen counter tops, formal dining room. Exclusive Master.Enjoy serenity and a mountain view, 3 bed, 2 bath. Large fenced lot. Directions: Grant Rd., left on Nevada, right on 3rd, left on Newton.Premier One Properties Steve Bishop 679-7004

$254,900 2395 Fancher Field Rd. Open Sun. 1-31st time open! In-ground pool. Home boasts 1940 sq. ft., 3 bed, 2.5 bath. Bayed Living, Dining and Nook, Kitchen with island.Curbing and concrete RV parking pad. Hot tub. Directions:Eastmont to Fancher Field Rd., thru stop sign, house on right. Premier One Properties Rich Rimbach 670-5843

$258,900 103 27th St. NE Open Sun. 11:30-1So easy to like...Master on main, views of the Cascades,updated kitchen. Irrigation canal creates calm, quiet views,waterfall and patio + RV parking! Directions: North on Baker, left on 27th. Century 21 Exclusively Betsy Loomis 669-6464

$259,950 1500 Country Club Dr. Open Sun. 12-2 Windermere Real Estate/NCW Tim Seyster 669-5786

$265,700 1971 SE 4th St. Open Sun. 1-3 Coldwell Banker LaVigne Debbie Chase 630-0235

$269,900 2178 Blackstone Court Open Sun. 1-32012 4 bed, 2.5 bath home in newer development. Cus-tom cabinets, granite counter tops and hardwoods adorn thecustom kitchen. Master features 2 closets with built-ins.Directions: North on Baker, right on 21st, left on Blackstone Ct. Century 21 Exclusively Gene Palmquist 393-9820

$275,000 1730 County Club Dr. Open Sun. 12-2 Windermere Real Estate/NCW Jolly Seyster 670-2500

$299,000 1931 NW Cascade Open Sun. 2:30-4Perfect opportunity for home business, day care or ?Quality built one owner home, plenty of space for kids to ride dirt bikes, 30 x 40 shop/ RV garage for dad. Directions: North on Sunset Hwy, left on 19th NW, right on NW Cascade.Laura Mounter Real Estate & Co. Norma Jessup 670-8340

East Wenatchee

$319,000 2304 Fancher Blvd. Open Sun. 2-4 Premier One Properties Jeff Benson 630-6859

$349,000 191 N Lyle Open Sun. 2-3:30Immaculate rambler 3 bed, 2 bath, additional guest quarters. Lots of privacy, large back deck, irrigation water, 3 car garage. Directions: Grant Road, North on Lyle.Century 21 Exclusively RJ Wallis 670-2007

$350,000 661 Briarwood Terrace Open Sun. 12-2 Premier One Properties Jeff Benson 630-6859

$369,000 110 S. Meadowbrook Lane Open Sun. 11:30-1 Laura Mounter Real Estate & Co. Kandi Wilson 433-1225

$509,000 189 Red Fern Road Open Sun. 1-3Great Price! This 5000 sq. ft. home has just been reduced by $20,000. Great living spaces with 5 bedrooms, large lot, huge garage. Directions: Easy Street to E. Peters to Burch Mtn. to Red Fern. Century 21 Exclusively Lee Hilderand 669-7601

Cashmere

$167,900 5885 Pioneer Dr. Open Sun. 1-3 NCW Realty Patti Davis 670-4690

$449,950 50 McGhee Lane Open Sun. 1:30-3THE BEST IN COUNTRY LIVING! CUSTOM 3,290 sq. ft. home on 9.08 ACRES with garage, 40�x60� SHOP. Vaulted ceilings, Prowwindows, gourmet kitchen, wrap around deck. Views! Views! Views! Directions: 4.2 miles up Nahaham Canyon, left on McGhee.Laura Mounter Real Estate & Co. Jan Widener 670-2444

Entiat

$174,900 14601 Pearl Ct. Open Sun. 12-2 Century 21 Exclusively Harold Jones 699-1214

$179,000 14605 Pearl Ct. Open Sun. 12-2 Century 21 Exclusively Karen Boghokian 860-9052

June 2 & 3, 2012

For additional information on these Open Houses visit:www.ncwaropenhouses.com

CANCELLED

OPEN HOUSES

135 N. Mission Wenatchee, WA • 509-662-2100

See Our Open Houses andother Fine Listings at

www.century21exclusively.com

Windermere Real Estate / NCW

662-7184 • 1-800-841-0055www.windermerewenatchee.com

$392,500 ....... NAHAHUM CANYON 20 ACRES, LOG HOME. 5 miles from Cashmere on paved county road. 2,800 square foot scribed log home with 2009 kitchen and baths. 3 bedrooms, 3 baths, barn, cross fencing, views & privacy. MLS# 698289 Kathy Emerick, 509-421-5934

$350,000 ...................WENATCHEE Price Reduced! Northwest contemporary, captivating views, immaculate, cathedral ceilings, 2 fireplaces, Master Suite + 4 bedrooms, 2 baths, stainless appliances, formal dining & nook, covered deck, private back yard. MLS# 697175 Iris Cole 679-1511

$279,900 ...................... SUN COVE Great Vacation or Second Home! 3 bedrooms, 2.5 baths, 2,475 sq ft, Columbia River access, new appliances, awesome views, wrap around deck. Years of family fun or great investment property! MLS# 698318 Jamie Wallace 670-3305

$275,000 .....................PESHASTIN Charming country home! Large lot, 3,068 sq ft, 3 bedrooms, 2.5 baths, master suite with sitting room. Open floor plan, vaulted ceilings, natural light, mountain views, beautiful deck, and spacious shop. MLS# 698331 Geordie Romer 679-8958

$159,900 ...................WENATCHEE 1920’s Charm & Personality! 2 bedrooms+ 3rd non conforming bedroom, 1.5 baths, private backyard, alley access, storage galore, easy yard, friendly neighborhood, sprinklers, updated appliances & more. MLS# 698350 Christie Kay 630-8289

www.premierone.biz925 Fifth St., Wenatchee • 662-3491

200 ROLLING HILLS LANE—WENATCHEE

This is a beautiful home with room for everything! 4 bd. 3.5 bath with a HUGE shop and Bonus living space that is wired and plumbed for a 2nd full kitchen. Kitchen has granite countertops with beautiful slate floor. Opens to eating area and nice size family room. Formal Dining room and Living room. Shop and additional living space have separate heat pump. This is a must see! $399,900, Please Contact GARY MULLEN @ 679-4132 For more information. MLS# 697642

215 PEAR LANE – WENATCHEE

Well maintained 3br, 1.75 bath rambler with separate living, dining and family rooms. Vaulted ceilings, fireplace and updated baths. Beautiful .28 acre lot with irrigation water, shade trees and a large patio for entertaining. 100 yr siding and double pane vinyl windows make this house an economical choice! Large RV parking area in front and possibly room for a detached shop! $247,000. Please contact PAUL MARES @ 670-2119 for more information. MLS# 698094

3647 BURCHVALE – SUNNYSLOPE

A rural neighborhood with good folks next door. Come home to peace and quiet and a peek-a-boo view of the Enchantments. Three bedrooms, 2 1/2 baths, a comfortable family room with gas fireplace and you’ll enjoy the formal sitting room as well. Formal dining room and beautiful master bedroom. $299,900. Please contact STEVE SCHWIND @ 421-1150 for more information. MLS# 697845

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$179,900Laurie Carlson509-393-9010

Coldwell Banker LaVigne

368 Whitebirch Place, WenatcheeVery nicely remodeled home on tree lined street.

Two bedroom/1 bath rambler with attached garage on professionally landscaped fl at lot!

OPEN SUN. 13 PM