The interest rates are as low as 4% and fixed for 30 years and has generated a lot of buyers in today market almost making most of the Northern Virginia area a “normal” market. This has lead to a lot of seller’s getting lots of showings but no offers. Is it possible to have 30 showings and no offers?……YES!
This is something that has been really hard for some sellers because they tend to get discouraged about their home not selling. If you’re not a seller that has an over-priced home, chances are you’ve had lots of showings but no solid offers! So you’re probably wondering “Why haven’t I gotten any offers yet?” This could be for various reasons, here are two of the most common reasons that I’ve heard from some of my buyers lately: Continue reading →
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With modern technology, real estate information is readily available and buyers are more educated and informed than ever before. The chances of you pricing your home high and selling it to an uneducated buyer are slim to none. Whether you plan to list your home or already have an overpriced listing, consider these dangers as you implement your marketing strategy:
PITFALL #1 – TIME: Historically, the first 30 days on market are the most critical for any home since it’s the greatest potential for new buyer traffic. Often seller’s think that if they start high they can always come down later. Even though the price can be brought down later, you’ve already lost on your best buyers during the 30 days. Another downside is the time the home sits on the market. From the buyer’s perspective, the length of time a home sits on the market can be a sign for red flags since it could mean a possible sign of unmotivated seller or just problems with the home itself.
PITFALL #2 – COMPETITION: An overpriced home not only sits on the market but also helps the competition. It is a cue to the buyers that they can get the same or similar home just down the street for a cheaper price. A buyer will choose a home with fewer amenities and less upgrades if there is a large price difference. Continue reading →
In the current real estate market, price remains a core factor in determining how quickly a home will sell. You are almost shooting yourself in the foot when you list it a high price. Here are some signs to determine if you home is overpriced:
Homes on the same street or subdivision are selling for a much lower prices.
You’ve factored cost of improvement into your sales price.
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