For Home Sellers in Greater Taunton-Rehoboth MA
Home Sellers are still, yes still, conditioned to think that their house is really worth the high price, then wonder why the house didn't sell. Home Buyers shop up and they shop down... and they shop by monthly payment. In this real estate world, buyers are looking at properties by the highest price they can pay..i.e. 200-250k. They also have buyers agents who advise them on whether or not a property in the area is over prices, just right, or a hot buy. When a seller overprices their home, they will lose all the way around.
The other challenge and very real, appraisals are coming in below selling price. So in the very unlikely chance a buyer has to have your house. You get your price, and you've done the victory dance.. then in a few weeks, the appraiser comes out and prices $20,000 below what the buyer is going to pay. Appraisers are now using sold foreclosures listings as comparables.Now what do you do? Will the buyer walk.. most do. Nobody wants to buy a home that isn't worth what the price is.
In the areas I serve, Rehoboth, Taunton, Eastson and much of Bristol County MA, Yes, it could be the marketing, and also could be the price.
Folks, Taunton home values are declining, Rehoboth homes too.
Here are 2 examples of how homes are sold based on my own experience ( all things equal):
Seller 1:
A homeowner has a home valued at $230,000. The agent advised the homeowner to price it at $239,000. The seller decides to price at $259,000.. ( the seller thinks that they need "room" to "negotiate".) What happens? This house starts to languish on the market, no showings, no buyers.. Just sitting there. The house sits on the market for 6 months, then the price is reduced to $239,000. In the meantime, the market declines again. and the home's value is now $419k. The seller waits another 6 months. So now the house in in "Languishworld". The listing expires, and there isn't any equity left and the seller cannot move.
Seller 2: (best opportunity to get the home sold)
This homeowner has a house valued at $230,000. The agent advised the homeowner to list at 219,000. The homeowner has 30 potential buyers through the home in the first 7 days. That same week, 6 offers come in, and what happens..bidding wars !(yes even in a buyers market)
The home sells for $235,000 in less than 45 days to close AND the seller gets a great deal on the dream house in Florida!
Of course every situation is different. The above example was based on "all things being equal".
Thank you for reading my blog.
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