Even In A Strong Housing Market, Overpriced Listings Linger
Right now homes for sale in Pineville Louisiana are going under contract on average in 77 days. What does that mean for a home seller? Odds are you won't have a sign in your lawn too long. But let's see what happens when the property is priced above market value...
- Days on the market increase-- There are buyers ready to purchase RIGHT NOW. When a home hits the market there is normally a flurry of activity. Has your home been on the market ten days without a showing? Odds are your priced above the competition.
- Frustration creeps in-- Envy is one of the seven deadly sins for a reason. Want to see an angry seller? Let a new house hit the market and go under-contract right away. People will attempt to rationalize by saying, "they gave their house away" or "our home is much nicer than the one that sold".
- Showings will be few and far between--The occasional showing will still happen, but guess why? Agents are likely using your overpriced home to get their buyers to purchase one that is more in-line with the market. "Guys, either buy the reasonably priced home at 123 main, or we will have to pay more for this one". In real estate, nobody wants to be the wingman.
- Low-ball offers will pop up-- Believe it or not there are investors who watch days on market like a hawk. Let a house reach "X" number of days on market and they will offer, just to see if you bite. Think pennies on the dollar. And yes, occasionally sellers bite...
The best defense against this scenario is to price right from the start. Need more advice for selling your Alexandria/Pineville home? Click Alexandria La Real Estate or call (318) 613-1994 today!
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