The Inside Scoop on Overpriced Listings
We are halfway through October and it finally feels like Fall in San Diego! Read on for your monthly market update, and discover lifestyle tips and tricks curated just for you!
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A house is not just a building with rooms; it is a home where so many memories are made. It is where a baby takes its first steps, proposals are made, and numerous celebrations and family gatherings occur. A home is where life transpires. In pricing a home for sale, many sellers have difficultly removing this emotion from the equation. This can be a monumental mistake when it comes to maximizing sales price and reducing marketing time. The chart below illustrates how accurate pricing (no price reduction) resulted in achieving 99.1% of the initial list price, versus 88.2% after a 5%+ price reduction.
In addition, listings without price reductions averaged 16 days on the market, versus 89 days for those reduced by 5% or more.
What sellers need to remember is that buyers will stretch on price to buy the home of their dreams, but they have limits. Setting a realistic price at the onset of marketing, based on the last relevant sale - not emotion, will result in more favorable results. The longer a home sits on the market, the lower the ultimate sales price will be.
Source: Steven Thomas - Reports on Housing
2 Bd + Opt RM | 2 BA | 2,625 SF
Listing to Sale Stats:
Over 4,500 online views.
3 in-person showings to qualified buyers.
Under contract in 28 days - 43% faster than the expected market time for comparable properties.
Closed one week early.
Thank you to our clients for trusting us in the sale of your home to help reach your real estate goals!
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