This morning, I came across an article from Trulia which included an interactive map about real estate price reductions required to sell in this market. There is an amazing amount of data you can derive from this map. Click around and you'll see. The numbers will shock you!
What was most striking to me is that my sales numbers are MUCH better than the average. How in the world do nearly half of all homes sold in our area require TWO price reductions? Why is it that the AVERAGE price reduction is 10%? Why would any Realtor® allow their clients to be on the market incorrectly?
My philosophy is that you do it right the first time. It may be painful to hear that your home is worth less than you think, but it's far better to know that up front than to have a Realtor cater to your false hope. The most likely result is to have your home sit on the market for months longer than is needed to and for it to sell at a lower price than if it had been priced correctly in the first place.
I hear horror stories all day long. But, I am proud to say, they are from other Realtors and people not working with me. I tell it straight. Look at the interactive map and tell me that many others can say the same...
- JUST ABOVE MARKET PRICING brings more attention and potential bidding competition to your home. The first 25 days are critical to selling. By my personal stats, almost all homes should have found their buyer withing this timeframe. After the first month, homes on the market start to go stale.
- "TOO HIGH" PRICING brings an average of 75 days of frustration to South Florida homeowners, at which point they make their first price reduction. Even with the price reduction, the listing is mostly a "been there, rejected that" proposition. By now, sellers are frustrated and usually angry with their Realtor. And why not? Time has been wasted and progress halted.