This has been a really good year for people in the Real Estate business. Sales are up and everyone is happy...almost. I have noticed recently that there are certain areas where homes are not selling as well as their neighboring subdivisions. I wonder why?
In some cases whole neighborhoods are just over priced. I have watched one neighborhood in particular for a couple of years now and there are way more homes for sale that fail to sell than do sell. When I look at the comps in the neighborhood, I can see that the homes are overpriced. Why? I am not sure, but it could be that the neighborhood has only 2-3 big time agents listing most of the homes. Are these agents maintaining their hold on the neighborhood business by overpricing the listings?
A second neighborhood that I have watched is just a dead zone. There are around 15 homes for sale in the subdivision, most priced right as far as I can tell, and very few sales. It's a nice subdivision with homes priced from the mid $300's to over $500,000. I spoke to a listing agent who has a home listed there and she says no one is coming to see any of the homes listed in the neighborhood.
In this case I think it is just a temporary dead zone. The neighborhood is being overlooked by buyers for some reason. These homes need extra attention in their marketing to raise the level of visibility to prospective home buyers. I know that many of the homes will have open houses in the next 2 weeks, maybe this will help. Dead zones. Not where you want to be.
Comments(5)