Low Inventory Might Make Buyers Desperate But They Are Not Likely To Wildly Overpay

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Low Inventory Might Make Buyers Desperate But They Are Not Likely To Wildly Overpay
By Scott Rogers • September 26, 2019 Filed In: selling
Inventory levels are low in many price ranges. You have heard it for a while now -- buyers have very few choices under $200K, under $250K and under $300K. For example, in the City of Harrisonburg, here are current options for single family (detached) homes... (2) houses under $150K (3) houses between $150K and $200K (7) houses between $200K and $250K (8) houses between $250K and $300K But -- just because buyers have very few options, and are sometimes DESPERATE to find a house to buy -- that does not necessarily mean they will wildly overpay. So -- if you have a house that is reasonably valued at $220K -- we should not look at the lack of options between $200K and $250K and decide to list it for $249K. And if you have a house that is reasonably valued at $160K -- we should not look at the lack of options under $200K and decide to list it for $199K. Hopefully you get the point here -- just because buyers don't have very many options of houses to buy that does not mean that they will pay ANY PRICE for a house in an under supplied price range. Your home's asking price still needs to be grounded in the reality of what buyers have recently paid for similar houses. Receive updates from HarrisonburgHousingToday.com via e-mail: Enter your e-mail address: Recent Articles: How Should Vacant Land Be Developed In The City of Harrisonburg Six Story Mixed Use Building Proposed on 6.6 Acres on Reservoir Street Your Home Is Not Likely Worth The Purchase Price Plus The Cost Of Your Home Improvements This House Looks Good Online, But...Argh...Not Again!? Do Solar Panels Affect Home Values in Harrisonburg? Focus On What You Can Control When Making Sense Of Buyer Feedback Home Sales, Prices Continue To Rise in Harrisonburg, Rockingham County New Duplexes Being Built in McGaheysville, VA Spend How Much You Want To Spend On A Home, Not Necessarily How Much You Can Is October Too Late In The Year To List Your Home For Sale?
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 Oct 23, 2019 (unless otherwise noted).
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