Lake Lanier Sellers Testing the Market & it is NOT Working!

By
Real Estate Appraiser with Lanier Appraisal Service CR004373

Lake Lanier Realtors Attention Please....I ran some numbers because I was operating on observations, but wanted to back them up with Real Stats. The Results were shocking. Moral of the story is DO not let the Sellers "Test the Market" It is not working!

Run, don't walk away from sellers who will not listen and price their homes to SELL. Please Read STATS Below and pass them along to your Sellers!

If you need further reinforcement, consider a Pre-Listing Appraisal.

Hall & Forsyth Counties: For Lake homes with Dock permits (not including platform or Community Docks) there are 82 homes with days on the market over 90 up to 180 days. That is almost 35% of all lake homes on the market in these counties during this time frame.

There are 126 Homes on the market 60 days to 180 Days. That is 57.8% of all homes on market during this time frame.

Those homes on the market over 180 days, lets just assume they are over priced! Now for the Shocking numbers:

A Whopping 60% of Lake Home listings over 60 days have been REDUCED in price. OUCH!

1. The homes over 1 million Over 60 days to 180 days: 71% have been reduced in price

2. Homes from $700,000 to 1 Million same time period: 45% have been reduced in price.

3. Homes from $500,000 to $700,000 same time period: 53% have been reduced in price.

4. Homes from $300,000 to $500,000 same time period: 65% have been reduced in price.

 

So the very high and the very low prices are getting reduced more often but these percentages are disturbing.

 

THIS IS PROOF positive that the Sellers are over pricing their homes and Realtors are taking them on which costs you precious time and money....In Many cases the listing changed hands so you lose out big time to the next Realtor in line who will get the listing at a price that is Reasonable after you did all the work up front. Not Good!

Numbers do not lie, so consider your options and take on Sellers that will be serious about selling and not waste your good time on Sellers "testing" the market".

Thanks for stopping by...

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Topic:
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Georgia Hall County
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Rainmaker
1,315,185
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Wise words...in a secondary home market, though, sellers often do want to list higher than market will bear, just because they see a slow recovery.

Jul 09, 2015 06:25 AM #1
Rainmaker
109,478
Mary Thompson
Lanier Appraisal Service - Flowery Branch, GA
Lake Lanier Appraiser in North Georgia

Many of these higher priced homes are not secondary ones, but even for those that are, if they want to price it high only to sit on it until the market "catches up" to their price why list it? Have them wait until the market catches up to the number they feel they must have. It will save Realtors and everyone else alot of precious time and aggrevation with inventory out there that will not sell because it is priced over the market. 

Jul 09, 2015 06:30 AM #2
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Rainmaker
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Mary Thompson

Lake Lanier Appraiser in North Georgia
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