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When the real estate market slows down, and there are more sellers than buyers, homeowners can no longer dictate to the market what price their home will command.
It doesn’t matter how much you paid for your home, or how much money you have in it after improvemennts, or how much you need to net after the sale. The market determines the price, period!
If the figure that a homeowner is asking is way above market price then there will be little if any showings and no offers. As the asking price approaches market value, showings will increase as will the probability of an offer. However, the offers will be less than full price and show a trend.
If your home is priced close to market value you will have even more showings and an offer sooner. You can even price the property lower than the market and it will still show it’s influence with more than one offer and the sales price will be bid up to where the market is.
It drives me crazy that people seem to forget simple econ 101 when it comes to selling their home - and insist on making irrational decisions when setting an asking price.
What do you think? Am I full of it or am I just saying what needs to be said to an unrealistic public?
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Wonderful 4 bedroom, 2.5 bath home in Riverfront in Mount Holly is now for sale. The neighborhood features a community park on Lake Wylie, a neighborhood pool, clubhouse, and tennis courts, and is located just minutes from I-85.
Hardwood floors are featured in the front hall, powder room, and family room. Granite counters highlight the kitchen, which also has a prep island and a large pantry. The gas fireplace in the family room has a deep media niche above, and is flanked by windows overlooking the back yard.
All bedrooms are upstairs and very large. The 4th bedroom could also become a bonus room, measuring 19′ x 13′. Accessed from the back yard, the crawl space is tall enough to stand up in, with amazing amounts of storage space!
More information, photos, and a virtual tour of this home on Riverfront Parkway can be found on our website.
