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Good article. I would suggest that the conclusion is a bit general and overly simplistic in this market.
He writes:
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Buyers don't perceive value if the home gets no showings. The price must come down substantially.
The price is in the ballpark if the home gets a few showings but no second looks. Sellers should still lower the price.
The home is priced right if it's getting steady showings and repeat visitors. Expect an offer.
In a more "normal" market I would agree... but I've seen homes in our area that are priced right and are still getting no showings. There's still too much inventory.
Yes, I agree with Fishermark, there is still too much inventory. We have our house priced below all comps in our neighborhood and have had decent amount of showings but no offer. We have "chased down the market" but who hasn't? When we listed it 8 months ago we had higher comps in the neighborhood to price our house against. We have had no offers and people that have looked at our house have "loved" it but bought elsewhere. There are just too many choices for buyers right now, and even if the price is right, if you have one little stain on your carpet and the house down the road is priced the same and has no stain, they pick that one! We are competing against new construction too. Even tho ours is only 3 years old, people would rather brand new...
If it were this simple I would slash my price and I would be joining my husband already in our new state with my 2 little kids.
Good article. I would suggest that the conclusion is a bit general and overly simplistic in this market.
He writes:
In a more "normal" market I would agree... but I've seen homes in our area that are priced right and are still getting no showings. There's still too much inventory.
Having said that... it is getting better.
If they are priced right they get showings. It's simple. No showing=overpriced. Showing, No offers=drop 3-5% in price.
Yes, I agree with Fishermark, there is still too much inventory. We have our house priced below all comps in our neighborhood and have had decent amount of showings but no offer. We have "chased down the market" but who hasn't? When we listed it 8 months ago we had higher comps in the neighborhood to price our house against. We have had no offers and people that have looked at our house have "loved" it but bought elsewhere. There are just too many choices for buyers right now, and even if the price is right, if you have one little stain on your carpet and the house down the road is priced the same and has no stain, they pick that one! We are competing against new construction too. Even tho ours is only 3 years old, people would rather brand new...
If it were this simple I would slash my price and I would be joining my husband already in our new state with my 2 little kids.
Drop your price, so that your house looks better than the house with a few stains on the carpet if you really want it sold. We took an 80K loss on our house so that we could be in one state as a family after my husband took another job. To me it was worth it. We could have held on forever hoping for a smaller loss or trying to break even. You can take small reductions on your price and be in competition with the rest of the homes that are reducing too. Or take one big jump which shows your motivation. If you are getting lots of showing and no offers, big clue that your home is nice, but overpriced.
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