Even with a great list price, we still need a buyer

Welcome! This blog tracks the real estate market in the Central Shenandoah Valley, featuring market data and analysis, an exploration of common buying and selling questions, and candid commentary on all things real estate.

If you are interested in discussing any of the topics on this blog, or the details of your specific real estate situation, call or e-mail me!

Newer Post

home

Older Post


Even with a great list price, we still need a buyer
By Scott Rogers • April 30, 2012 Filed In: market, selling
Some houses will sell quickly, even in a buyers market. As per the above article, these houses sell quickly because they are in under-supplied segments of the market. Other houses are in adequately-supplied or over-supplied segments of the market. Then, even with a great list price, a speedy sale is not at all guaranteed. A house can be reduced to what seems to be a reasonably good deal for buyers, but a buyer might still not jump.... if the floor plan isn't what they're looking for if the finishes and materials aren't what they're looking for if the location isn't what they're looking for Let's imagine a house with a market value of $300K. Initially listed at $309K, the seller was hoping a buyer would come along to negotiate a deal of $295K or $300K. It didn't happen. The seller then reduces the house t o$295K. Given assumed negotiating room, the house might now be purchased for $10K - $15K below market value. But if there isn't a buyer in the market looking for the seller's combination of floor plan, finishes and location (among other things), the house still might not sell. In some ways, the margin would have to be even greater to get one of the buyers currently in the market to jump. Perhaps a list price of $280K with an assumed potential purchase price of $270K-$275K might make a buyer look past what they really want as to floor plan, finishes or location. As a seller, listen carefully to buyer feedback. If you have a buyer who likes the floor plan, finishes and location, don't let them disappear based on price -- encourage them to MAKE AN OFFER. But if most buyers who come to see your home have feedback related to floor plan, finishes or location, don't assume that lowering the price by $10K or $15K is necessarily going to reel those would-be buyers back in. Receive updates from HarrisonburgHousingToday.com via e-mail: Enter your e-mail address: Recent Articles: Are $150K - $250K Detached Homes Available in the City of Harrisonburg? 5.5% Increase in Year Over Year Median Sales Price Housing Market Slows (but prices rise) in August 2017 New Developments Coming Soon? JMU purchases another property in Forest Hills Out of Date Foreclosure Data on Zillow Single Family City Homes Under $200K (even $300K) in Short Supply Enough Price Adjustments Will Eventually Overcome All Buyer Concerns Sellers Paying More and More of Buyer Closing Costs Harrisonburg Area High End Home Sales
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Sep 19, 2017 (unless otherwise noted).
Comments (0) or Subscribe
Close Comments Add A Comment: Name (required) E-mail (required, not published) Website Prove you're not a comment-spammer . . . Scott on Google+