I was reading the paper and learned that St. Louis has the best tasting drinking water in the country. Wow! Now that is really something to boast about.
But on the real side, buyers and sellers in St. Louis are being misled by all the media hype that the market has slowed and home prices are lower than they were this time last year. Now it is true that homes are languishing on the market but it has nothing to do with B, C, D etc Lenders closing up shop. What is affecting the St. Louis market is the OVERPRICED house. Sellers are not being made aware by their agent or are not willing to follow the advice of their agent that only well PRICED homes are the homes that are selling in less than 30 days at near asking price. What do I mean by a well priced home? I mean a home that is priced within the range of what other comparable properties in the same area, around the same size and with nearly the same amenities are selling for. The time for overpricing your home and thinking that buyers will come has passed. Why? Because interest rates have climbed from what they were two years ago when you could challenge the market in your pricing and still get a buyer. In addition the abundance of overpriced listings on the market gives the home buyer a larger selection to choose from and they are more willing to offer a low price on homes they feel are not in line with what the market offers.
As a sellers agent I want to make the potential home seller aware that although you control the condition of the home and set the price it is the HOMEBUYER that sets the MARKET Value or what the house will sell for. You may honestly feel that your home is worth what you are asking but if the home buyer doesn't see it that way your home will not sell. If you want your home to sell PRICE it right from the start. Don't think well we can start here and always come down. You are shooting yourself in the foot with this type of thinking and loosing valuable marketing time and money. You see a house is only fresh for a short period (about 3-4 weeks) before it becomes stale or shopworn and the home buyer as well as their agent thinks there must be something wrong with this house since its been on the market this long and want to start low balling you with their offers or requesting a lot of concessions from you the seller. With a well PRICED home you don't have to pay someone to buy it.
Now you may wonder where is a good starting point in pricing you home. In today's market 3-5% below the average sale price in your area will more than likely insure a quick sell. Check with your real estate professional.
I hope that potential sellers find this information beneificial in the planning of selling their home and when your ready to sell don't go with the agent that will tell you what you want to hear causing you to loose valuable marketing time and money. Hire the agent that will tell you the turth and back it up with supporting facts.
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