There were two homes that stood out. One was located in Medfield and the other in Walpole. They appear to be good value for price homes and in seemingly great condition. Both were under $400,000 and both are being sold by owners without the aid of a broker.
It seems like generating interest is their issue and a good agent should be able to take care of that for them through their relationships with other agents in town and knowing the market.
That being said, one recurring issue I see is when homeowners overestimate the true current value of their home and not being realistic when it comes to comparisons.
Nearly a year ago I knew of a selling owner interviewing three agents. One came in 20% higher than the other two. The agent sold that number to the owner (in real estate terms it's called "buying a listing") and got it knowing it was an unrealistic number. I don't need to say it's still on the market (185 days) but now at considerably less. It's an example of chasing the market down until it comes to a point where a buyer finally feels it presents a good value. That home was overpriced and has stayed on the market longer than necessary. A home must present value to buyers in order to develop interest.
This is only one example of why the inventories continue to climb. Days on market is a good indication of sellers’ current pricing not meeting buyer’s expectations of value. Value is what this is all about.
Sellers, go to open houses prior to putting your home on the market. It will give you a baseline of of who and what values you vs. competitors offer. It may help so you don’t become another overpriced seller whose house stays on the market far too long.
Remember regardless of what you paid for a home or what money you invested, sellers and their agents don’t determine prices…buyers do. A property is only worth what someone is willing to pay for it
No comments:
Post a Comment