If You Want To Get It Sold - Drop the Price!
Lora's list of potential signs that your home is over priced reads like a page of real estate 101. Unless a seller has been living under a rock, they should know that things aren't where they used to be. Here in San Diego, CA. we have seen appreciation in some of our zip codes throughout our county but the law of supply and demand still apply. I have been asked by seller what I think their home is worth and I'll go through a CMA with them and arrive at what the market will support but at the end of the day a home is worth what a buyer is willing to pay. In our current market place I have seen very aggressively priced listings that don't get offers for weeks sometimes which makes me think that the consumer confidence we need isn't there yet. I just think that sellers have to truly ask themselves, do I really need to sell right now? Read on...
If You Want To Get It Sold - Drop the Price!
Has your home been languishing on the market, without any offers or even showings? Well that's a clear indication that you just might be overpriced. In this current market and economy price is still king and it's still the single most important determining factor in how quickly your home will sell.
How do you know if your home is overpriced? Here are 10 sure indications.
- You priced your home based on other homes currently for sale, instead of homes that actually sold.
- Despite the fact that we're in a declining market and prices are going down, you believe your home is the exception to the rule and is worth more.
- You priced your home to include the value of how much you spent on improvements to it.
- You based the price of your home on an old appraisal - old being older than 3 months.
- You think your home is unique and priced it accordingly even though it the same size, age, condition and location as other comparables.
- You believe that your home needs a special buyer and that special buyer that just falls in love with your home will be willing to pay any price (no matter how ridiculously high) to get it.
- You've had many showings but no offers.
- Your home has been on the market now for over a year without selling.
- Your original realtor wouldn't list the house at your inflated price, so you listed with someone else who would.
- You are getting no showings. OK, this should be #1. No one perceives value in your home at this current price.
Time to get real. The market has spoken. The market has rejected your home at this price. If you want to get it sold, DROP THE PRICE!
Flickr photo by Images_of_money
Lora "Leah" Stern - Your Rockland County, NY REALTOR of Choice - (914) 772-4528
Your Rockland County, NY Real Estate Specialist
(914) 772-4528 CELL
(845) 369-1938 DIRECT LINE
(845) 634-0400 OFFICE
(862) 345-2463 FAXIf I can assist you in any way with your real estate needs in Suffern, NY Rockland County or the surrounding areas, please feel free to contact me by phone at (914) 772-4528, email me at Leah.Stern@cbmoves.com or visit my website .
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