I was recently asked to provide information to a potential seller about what today’s buyer is willing to pay for homes in the Lake Forest area of Daphne, Alabama. I thought after my research that I would post this timely information as others may benefit from it, and it does apply to all areas and subdivisions in Baldwin County as well.
As you have probably noticed in your neighborhood, many nice homes are sitting on the market and are not selling. Why is that? Because buyers are not willing to pay top dollar in this market we are now in. You may be wondering what is selling, what buyers are looking for today, and what prices homes will bring.
Today, there are 139 homes for sale in the MLS in Lake Forest alone, with 9 of these pending. In addition, there are a few dozen for sale by owner homes in the subdivision. Many other homes have expired from the MLS without selling.
From these numbers, you can see that competition is very tough for sellers to attract the few buyers that are out there. What this translates to is that PRICE is what will sell a home in this market. The lowest priced homes for the size are selling, and buyers can afford to be choosey with so many to look at.
Pretty much the lowest price house, in the best shape is getting offers, while other very nice homes just sit on the market and aren’t getting any offers.
These statistics are sobering: In just over three months, only 16 homes out of over 180 homes up for sale have sold in Lake Forest in Daphne. If no other homes entered the market for sale, it would take THREE YEARS to reduce the inventory of available homes at this rate.
From this you can see that PRICE is indeed what it will take to sell a home today. So, if you are taking the approach of , "Let's price it high because we can always come down", you may just have three years to see if your idea will work to attract your buyer.
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