From Greed to Need ~ How Much Market Time Can You Honestly Afford?

By
Real Estate Agent with Florida Supreme Realty SL514814

If your home has been languishing on the market for a while it's time to revise your pricing strategy. Some owners have all the time in the World however that's not always good for your bank account.

The adage that time is money has never been more applicable than to real estate. Oh, how I wish its liquid state was more easily attained. Whether you view your home as an asset or liability there is a right time to consider lowering your price? It occurred the moment you listed your property for sale. Granted you may have the luxury of time for the market to catch up to your valuation but many Sellers don't. There is no magic in determining the correct price, it depends on YOU.

As an investor who constantly surveys the inventory it's easy to see when an overpriced or overtly valued property hits the scene. With average market times diminishing by the day a home which reaches 90 days on market becomes one to watch. Your area statistics will vary although the idea is consistent. Attention is focused far away now and a reduction in price won't likely get it sold.

Lopping off tens of thousands of dollars at prescribed intervals is not appetizing either. Inventory is a consideration however it's the cream of the crop that's seeing the action. A video interpretation is shown below.

 

If you're not competing you're losing the battle and I recommend to never allow yourself near that fight.

Have an excellent Memorial Day Weekend!

 

Posted by

Need to discuss your Real Estate wants?     I'm here to listen!      239-961-2724 

Our Solar System

          Serving Northern Palm Beach County and Southern Martin County along the Treasure Coast & Beyond

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Tags:
investment
property values
patience
choices
liquidity
pricing strategy
market time
dollars and sense
luxury of time
cost of delay

Spam prevention
Show All Comments
Ambassador
687,396
John DL Arendsen
CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS - Leucadia, CA
Crest Backyard Homes "ADU" dealer & Contractor

Boy  did this one ever catch my attention. We actually have a property that started at 9.9m, then down 100k and then another 100k. We know what the problem is and it's not just price.

It's all about spending another 3.5m to remodel and re present the product. Check out 2711 Ocean Blvd, Corona Del Mar, CA and you'll see what I mean. Any suggestions?

May 26, 2016 11:59 AM #1
Ambassador
4,259,227
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Kevin- as I've said before, a house on the market is like stale bread the longer it sits there. 

May 26, 2016 12:59 PM #2
Rainmaker
4,922,612
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Kevin,

Oh so true, and your words are perfect.  I hope that your clients are listening.  A

May 26, 2016 02:13 PM #3
Ambassador
881,732
Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

I received a referral the other day through ActiveRain. It was for the Agent's son who has a house to sell. After discussing a very solid list price, he asked if we could push it and overprice it $10K or so and see what the market would bear. I didn't respond (and would never have agreed to it). Finally the other Agent said, "Good grief, I sound like a Seller. I'll never ask the question again." We laughed, but overpricing is such a deal killer.

May 26, 2016 02:40 PM #4
Ambassador
1,770,555
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

This can end up to be a sad story Kevin. Over priced or not property prepared has its consequences.

May 26, 2016 02:57 PM #5
Rainmaker
4,798,831
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Kevin.  It gets tough with a listing that ends up missing its arms and legs!

May 26, 2016 09:35 PM #6
Ambassador
2,358,965
Robert Vegas Bob Swetz
Las Vegas, NV

Hello Kevin ...

Very true and for some homes on the market for a long period of time might mean something? And it's not always about the price, location? Color? Lay out? Age and so much more!

May 31, 2016 03:56 AM #7
Rainmaker
1,680,239
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Good morning Kevin J. May , Some Sellers won't budge on their overpriced home, then the DOM becomes a negative facture, as Buyers wonder why it won't sell.

Jun 01, 2016 01:47 AM #8
Rainmaker
1,506,571
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Exactly. Those who are motivated to sell now ~ know that overpricing their home will cost them money. Hoping and dreaming does not really bring closings in RE. 

Jun 29, 2016 04:46 PM #9
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,051,399

Kevin J. May

Serving the Treasure & Paradise Coasts of Florida
Have Questions? Answers are My Business!
*
*
*
*