Regardless of what you call it, proper pricing is the key to homes that are selling and homes that are sitting for month after month, frustrating Realtors and sellers. Back in the fall of 2005 I had started blogging about reaching the ceiling of value in our marketplace. I likened what was happening to a baseball runner getting caught between bases.
Well guess what? Here we are. I have seen agents and managers scurrying around this year trying out any gimmick they can think of in hopes of selling their listings. Builders and sellers are offering cars, trips and more in hopes of attracting buyers and sales. All of this to entice buyers who, according to most surveys, are primarily motivated by a home's price.
Statistics this past week of 11-20 to 11-27 provides additional proof. I checked the MidFlorida MLS and according to my research, 222 homes went under contract within the time period in Seminole and Orange County. 61% of those homes had at least 1 price reduction. Amazingly, of those homes that went under contract during the 1st 30 days of listing, 21% already had at least 1 price improvement. 84% of those homes on the market for over 90 days that received an accepted contract had at least 1 price reduction.
It is that simple. Not sure where your home should be priced? Call one of my top associates for a free market evaluation.
Related Florida real estate views:
Americans believe home prices will increase
National real estate market nowhere near the bottom?
Short sales offer clues to traditional home sellers
- Greg Staker Watson Realty Corp. 407-304-0255
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