We`ve been discussing on several blogs the essence of “Pricing a home to sell". As the market has changed so has the marketing and listing of a home. Today overpricing a home won`t accomplish anything except keeping the home on the market for a very long time!
Case in point:
Two months ago we had a buyer make an offer on a home located in Oklawaha, Florida. The home is situated on an a small lake and the seller was asking $245,000. The Comps in the area didn`t justify the price and we made what we thought was a very reasonable offer based on the recent sales in the area. Our offer of $192,000 was indeed rejected and the seller refused to counter.
We spoke to the buyer and told him that we should notify the seller to keep our offer and if anything changes, contact us. The home was listed on the market for almost 9 months which as many of you know the longer a home remains on the market the harder it becomes to sell it!
I kept an eye on the listing each week and noticed on Monday that the seller decided to lower their price to $224,900. I was convinced that the seller was finally “motivated to sell". I called the buyer and asked if they were still interested in the home, and they responded with a resounding YES!
This time I explained to our buyer that our offer needs to be bumped up a few points. After careful deliberation the buyers instructed me to offer $210,000. The offer was submitted to the other agent and the seller accepted the offer within 5 hours! The agent explained to me that the seller remembered what we mentioned to them 60 days ago, in regards to “How the market has changed" and it`s all about price, he realized that of he didn`t do something soon, his home would just remain on the market with no hope of selling and that wasn`t an option.
More and more we`re seeing this happen, it appears that many sellers are finally seeing the light!
florida list for less realty, inc.