My Listings

Tuesday, June 1, 2010

Overpricing in a Depreciating Market

Ever wonder why some homes sell in just a matter of weeks even in this market, while other languish on the market for months, slowly lowering their price every month or so, the stress of selling wearing on them more and more each day?

The answer is simple, yet often the hardest thing for sellers to grasp.... It's PRICE

Upgrades, views, location, Golf Course, you name it, they just don't matter as much as they used to in this market. The home buyer of today absolutely does not want to over pay for a home in this market, and that all comes down to (Price per Sq Ft)

Homes priced properly for current market conditions are selling, while those that we see sitting on the market for an extended period of time almost always started higher than market value. Then by the time they have adjusted down to where they should have started to begin with, their listing is old and stale, and even worse, the market has continued to drop and now they have to lower their price even further than before to get a sale. So in essence, they lost money, the extra time it took to sell, and added all of the stress having your home on the market can bring for nothing.

Remember. While current market value may not make you want to stand up and dance, you may look back in only a few short months and be wishing you could still get that price!

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