This is What Happens When Your Overprice Your Home (Winnetka, Wilmette, Kenilworth, Glencoe and Northfield)

The importance of pricing your home properly has never been more critical.  I firmly believe that a home should never be overpriced, and at the present time we have too many houses to choose from. What better way to be overlooked, dismissed and even snickered at than overpricing when there are so many other options for buyers.  

Sellers are tempted to "test the market" and I say those days are over.  Testing the market will only test your patience, determination, and sanity.  There is no better way to lose tens or even hundreds of thousands of dollars than setting the price too high.  Buyers who can afford it at the high price will compare it unfavorably with other similarly priced homes, and buyers who could afford it if it were priced correctly, won't see it.  

As the price finally gets adjusted downward, two things have happened.  One is that the market may have dropped in the months it's been on the market, and all the potential buyers who could have bought it have moved on.  I just thought of a third thing:  "stale house syndrome."  Been on too long and everyone is wondering why.

So in the spirit of proving my point and educating you, the seller, here are some sobering statistics.

Winnetka

Range of Market Time:  1 - 10 days                  
Total Homes:  11
List Price to Sell Price Ratio:  81% to 100.19 %

Range of Market Time:  Over 365 - 1458 days
Total Homes:  16
List Price to Sell Price Ratio:  47% to 79%

Wilmette

Range of Market Time:  1-10 days
Total Homes:  21
List Price to Sell Price Ratio:  92% to 100%

Range of Market Time:  365 -  1466
Total Homes:  10
List Price to Sell Price Ratio:  49% to 86%


Glencoe

Range of Market Time:  1 - 10 days
Total Homes:  3
List Price to Sell Price Ratio:  91% to 96%

Range of Market Time:  365 - 1323 days
Total Homes:  10
List Price to Sell Price Ratio:  47% to 80%


Northfield

Range of Market Time:  1 - 10 days
Total Homes:  1
List Price to Sell Price Ratio:  100%

Range of Market Time:  365 to 838 days
Total Homes:  6
List Price to Sell Price Ratio:  15% to 80%  (15% was a foreclosed home)

Kenilworth

Range of Market Time:  1 - 10 days
Total Homes:  1
List Price to Sell Price Ratio:  99%

Range of Market Time:  365 to 753
Total Homes:  4
List Price to Sell Price Ratio:  62% to 81%

As you can see, when the days on market exceeded 365 days, the ratios dropped dramatically. Almost all the properly priced homes that sold within 10 days are (with one exception) in the 90th percentile.  But overprice your house, increase your market time dramatically, and eventually get numbers that average in the 40th to 70th percentile.  

We are talking about real money that is lost for sellers who insist on asking more than the comparables can support - and there are still many overpriced homes in the North Shore area.  Make sure you are represented by an experienced real estate professional who understands the real estate market in Winnetka, Wilmette, Kenilworth, Glencoe, and Northfield. 

Please call me for a free home appraisal and marketing brochure.