1-407-575-5392
Menu

Price your Home Correctly For The Local Market

NEXT
PREV
Mon, Jul 23, 2018 at 10:40AM

Price your Home Correctly For The Local Market
  • It's a seller's market, but that doesn't mean every house will sell at any price.
  • If a listing is overpriced and sits on the market for too long, it gets stale ( FACT ) 

High demand and low supply have made it a seller's market pretty much all over the country, and especially for lower-priced homes but things are changing.It does not mean every house will sell or sell quickly. Price is still important, especially as some markets begin to overheat.

The low number of listings has made the market more competitive, pushing prices higher at a fast clip. Nationally, prices are up about 7 percent from a year ago, and in the hottest markets they are up double digits. Still, a house can be overpriced, and today's savvy house hunters can smell an overpriced house a mile away.

If a listing is overpriced and sits on the market for too long, it gets stale. Potential buyers will see the time on market and click past your listing, often without even looking at it. That is why it is best to lower your asking price before your listing hits the stale stage.

It would be easy to say that all you need to do is price your house correctly and competitively in the first place, and then you won't have any problems, but there are several schools of thought on when to be competitive and when to test the market.

We don't believe in 'testing the market but if we enter the market that might be pushing the top of the range, we can easily gauge response within seven to 10 days , even then we still have clients who simply will not accept market values and wonder why a home sticks.

"It's almost a certainty that if we don't get an offer within that first 10-day period, then we've missed the mark ....... 

What sellers should do ?

When our sellers are finally considering a price cut despite our initial words of caution,we first research the neighborhood, right down to the ZIP code, to see how long it takes most homes to sell. Then look at homes that sold after a price cut.

From our research, we then calculate the average price reduction of pending sales in your ZIP code over the previous three to six months. Get a rough idea of how much you will have to lower your price and then  compare your rough final price with current listings in your market. We find the average of those homes and reduce your rough price by the list-to-price ratio to get a price that will beat the competition

Once a price is reduced, all listing websites will be able to see that, and some will send an alert to buyers. Real estate agents will also market a price reduction, both on the front-yard sign and the online listing.

While a price drop can bring in more buyers, it can also turn off some buyers who might have been on the fence, fearing that the home is not as desirable as they thought.

Wendy Morris Realty recommends that if you don't need to sell quickly, you might consider taking the home off the market for a few months and then relisting at a lower price.

Your listing will look like a new listing, and you will avoid the stigma of the price reduction....


Bookmark & Share



User Comments


Be the first to comment on this post below!


Popular tags on this blog

Al Capone | Bella Collina | Broker Associate Wendy Morris Realty | Celebrity Homes | Disney News | Drones | Foreclosure | For Sale Cannon EOS 7D Cameras Plus all the Lens | Hamilton Gardens Winter Garden Ryan Homes | How to Price your Home for Sale in Orlando Fl | Landlord | ORLANDO HOUSING MARKET REPORT - AUGUST 2018 | Orlando Market Reports | Orlando Penthouses | Orlando Real Estate Market report 2019 | Queen of Versailles Jacqueline Siegel | David Siegel Windermere Lake Butler Sound | STAR WARS GALAXY?S EDGE | Summerport Windermere Fl | Waterfront Homes Clermont | Wendy Morris | Wendy Morris Realty | Wendy Morris Realty Marketing | Wendy Morris Realty Ocala | Whitney Isles Windermere Home For Sale | Windermere Fl |


All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: | Stellar MLS (updated 10/18/199:05 AM)

Listing Search



Translate Tool

Featured Listings
Windermere Real Estate
$2,600,000
5 BED
6 BATH
Demanding attention as you approach, the effortlessly chic 11658 Vinci Drive is where sophistication and ease seamlessl... Read More
Clermont Real Estate
$715,000
4 BED
3.5 BATH
Florida Lakefront Living at its very best! This spacious home is on Lake Hattie, which is part of the Clermont Chain o... Read More
Winter Garden Real Estate
$749,900
5 BED
5 BATH
One or more photo(s) has been virtually staged. Luxury, Elegance, and Panoramic Lakefront Views await you in this Stun... Read More
Winter Park Real Estate
$329,000
2 BED
2 BATH
Situated in Lake Virginia Condo...on Lake Virginia!...Close to Park Ave downtown Winter Park. This charming unit is on t... Read More
Winter Park Real Estate
$5,500,000
6 BED
7.5 BATH
Luxurious Lakefront Living. Enjoy gorgeous sunsets on Lake Maitland from this luxury estate in Winter Park''s exclusive ... Read More
Contact Wendy Morris

407-575-5392

Wendy Morris LLC
DBA Wendy Morris Realty
Licensed in the State of Florida
BK 3146762
14832 Speer Lake Drive
Winter Garden, FL 34787

Your privacy is our utmost concern. We will never sell your personal information. Privacy Policy
©2011 -2019 windermerehomes.net - all rights reserved. | Site Map