Can pricing make a difference?
September 15, 2017 |
A few weeks ago I had a house that when I did the market analysis on it showed it could sell between $575,000 and $620,000. I recommended $599,900, but the seller wanted to go to $619,000.
In a monthly survey of activity in the town where this listing was, homes priced between $600,000 and $799,900 had 47 active listings, 12 pending, and 62 homes sold in the last year. That equated to 9.1 months of inventory to sell all the homes
available for sale with no new listings coming on the market.
Had they gone with the recommended pricing of $599,900 they would have been among 24 active listings, 12 pending sales, and 63 homes sold in the last twelve months and only have 4.6 months of inventory which would mean they were more likely to sell in
half the time.
They waited a month and a half to reduce the pricing and now they are waiting for someone to come along at the new pricing, whereas they would probably have been under contract if they had gone with the original suggested list price at the beginning of
Listen to your listing agent when they share information about the market and how that will affect your sale. If they don't have access to facts about the market, maybe you should consider a different Realtor to serve your needs.
If you have questions about this article or any other, please reach out to Tim Burroughs, Certified Residential Specialist, eXp Realty, LLC, 208-409-7653