The Uxbridge Real Estate Market In Review - #5 In A Series - Overpricing A Home Can Be Costly

The Uxbridge Real Estate Market In Review - #5 In A Series

Overpricing A Home Can Be Costly - Statistics and The Sale Of Your Home.

A Consumer Asks

..... How can these statistics help me sell my home?

The short answer of course is they can't, but what they can do is help you determine how aggressive you want to be in the pricing of your home to help you achieve your sales goal.

Most consumers want to sell their home in the shortest time possible, with the least amount of inconvenience and of course at the best price possible. Knowing what has happened recently in the marketplace and pricing accordingly will help you in this regard.

Overpricing A Home Can Be Costly

In the marketing of a home the first few weeks can be crucial to the sale. Pricing a home to high will result in low or no offers in those all too critical first few weeks. When this happens the property often becomes stale with fewer and fewer people looking at it.

At this point many reduce the asking price in order to attract attention again. Unfortunately it may take several reductions to generate the interest of a potential buyer, a buyer who will likely offer considerably less than the seller might have received had the property been priced right in the beginning.

For example if you had put your Uxbridge Home on the market in September of last year you would certainly want to be a "lot" more aggressive in your pricing than September this year (2012). In 2011 both new and active listings were trending higher while sales were trending lower decreasing your chances of a sale. (see Graphs Below)

With the average number of sales for Uxbridge hovering around 30/month you had a less than 20% chance of selling your home in September 2011. If it were over priced your chances were almost non existent.

Having the information found in the third Graph below and pricing accordingly would have increased your chances of selling in September 2012.

 2011 Third Quarter Uxbridge Real Estate Market Trends

 2012 Third Quarter Uxbridge Real Estate Market Trends

2011 Uxbridge Real Estate Market Activity and Trends

Understanding the Statistics

Real Estate Statistics are what they are - - -

A historical look at a cross section of the real estate market.

They do not necessarily reflect what is happening in your area, your neighbourhood or on your street. They can be misleading if the number of properties for sale or sold in a given time frame is small.

For example in Uxbridge there are an average of 30 sales reported each month, if one or two of them were in the upper end ( over 1.5 million) then the average could be skewed upward. Conversely if a few properties in the lower end ($170,000) were to sell with out any high end sales the averages would be skewed lower. You can see the effects of this by looking at the average sale price for homes in Uxbridge over time

Understanding the Statistics

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The Real Estate Market Is Local
and sometimes hyper-Local

The best way to determine the Value of Your Home is a Comparative Market Analysis. To discuss today's local Uxbridge Real Estate Market Conditions, the current value of your home or the marketing of your Home please give me a Call or Text me