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


Just Sold


Under Contract

2600 Sixth Ave, Unit 908

Bankers Hill

2 Bd + Opt RM | 2 BA | 2,625 SF

Represented Seller


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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Noel Wheeler

REALTOR

619-890-2877

DRE#01373389

© 2020 Noel Wheeler

Website by Coast & Metro

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Noel Wheeler 

REALTOR® | DRE#01373389

Compass | DRE#01527365

619-890-2877​

noel@noelwheeler.com 

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number [01527365]. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.