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Wallenpaupack Real Estate Market - My Take...

By
Real Estate Agent with Keller Williams Real Estate RS301772

As a REALTOR working in the Lake Wallenpaupack area of Northeast PA, I have been asked the same question numerous times: "So, how's The Market?"

My first reaction is to say "It really depends!" And it does.

From what I have observed - a home that is in good condition, and is reasonably priced for the condition that it is in - will usually sell. If it's in good condition, and priced according to what The Market tells us, and it still hasn't sold, maybe you need to reevaluate the marketing plan.

WEICHERT, REALTORS - Paupack Group recently put a Lake Wallenpaupack home under contract within days of putting it on the market - it was the right price, and a savvy buyer pounced on it (he saw our beautiful yellow sign...). Another one of our office listings recently went under contract after a flurry of activity - because it was priced right.

What many people don't understand about these "national reports" put out by the media, is that real estate is local. What The Market is doing in Detroit, Duluth, Cincinnati, or Hackensack is completely irrelevant to what is going on in Lake Wallenpaupack.

When sellers list at market value -prices that The Market will support - a home is so much more likely to sell in a timely fashion. Listing "high" with the idea of coming down will result in finding higher end buyers who are looking for more amenities and features than your home may have, and you end up missing the boat - as the typical buyers for your home are not looking in a higher price bracket.

Reducing your price later will leave your home still on the market and buyers either assuming there is something wrong with the home, or they may think you're desperate now and will take an even lower offer. Pricing it right the first time will make it more likely to sell for market value.

I do encourage my buyers to look at homes slightly out of their declared price range, simply because they CAN always "make an offer..." but not all buyers are willing to do that.

Interesting tidbit: I noticed that during the last 8 months - the average sold price of homes around Lake Wallenpaupack (in both Pike County and Wayne County) was around $18,000 below list price. And a great deal of listings expire.

Hmm.

If you're planning on selling your Lake Wallenpaupack home, and are interested in finding what The Market says your home is probably worth, I'll be happy to help.

 



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Karen E. Rice is a real estate agent working in Pike & Wayne County of Northeastern PA in the Poconos. Lake Wallenpaupack is one of Pennsylvania's most popular destinations for vacations, retirement, and purchasing a home.




Lake Wallenpaupack Real Estate Market © 2007 by Karen E. Rice. All rights reserved.

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Homes For Sale & Local Info for Pike County, Wayne County, & Lake Wallenpaupack in Northeast PA.

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Karen Rice (that's me!) lists & sells in Tanglwood, Wallenpaupack Lake Estates, Hideout, Indian Rocks, Masthope, Fawn Lake, Tink Wig, Woodland Hills, Walker Lake, Hemlock Farms, & more in Pike & Wayne County.

Comments (4)

Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro
Karen-  Great information!!  You are right what a home is worth is what other homes in the neighborhood are selling for! If the home is priced over market and even does get a contract chances are good it won't appraise.
Aug 22, 2007 09:26 AM
Thesa Chambers
West + Main - Bend, OR
Principal Broker - Licensed in Oregon
I was asked just today about the market in Sunriver - my answer - it is the perfect time to buy... summer is almost over (I still wonder where it went) and prices have come down.... sellers do not want to go into winter with their home on the market... write it up - you will be glad you did.
Aug 22, 2007 06:24 PM
Paula Henry
Home to Indy Team @ HomeSmart Realty Group - Avon, IN
Realtor - Indianapolis Real Estate - 317-605-4174
Karen - Excellent points - all real estate is local and the news media wants to lump all markets together. Buyers really need to get out and see what they have been missing in the market.
Aug 24, 2007 02:43 PM
Karen Rice Keller Williams Real Est
Keller Williams Real Estate - Hawley, PA
Northeast PA & Lake Wallenpaupack Home Sales

Marchel - thank you for your support and back up!  :)  You are right - and if a home does not appraise, then the deal may  just go south.

Thesa - it is a good time to buy.  Here, however, some sellers here are more than willing to sit on their property till next season!  They're not "desperate" or facing foreclosure as the media indicates!

Paula - thanks for the comment.  It is frustrating when the media paints everything with a broad brush.  Not all markets are the same!  I shocked a fellow with our local real estate prices - he was surprised that they were a bit higher than the ones where he was from.  Oy!  Supply and demand, buddy!  Everyone wants to come to Pike County PA - there's a reason it's the fastest growing county in the entire Northeast USA.  And if the demand is high, the prices are going to reflect the demand.  

Aug 25, 2007 01:43 AM