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: Home Buyers and Sellers Often Have Very Different Perspectives When Negotiating Repairs After A Home Inspection Should You Round Your Bedroom Count Up Or Down? How To Remove Cigarette Smoke Odors From A House Will You Take Your House Off The Market Over The Winter? Housing Inventory Levels Plummet in December How Much Are You Willing To Compromise To Live In The Neighborhood Of Your Dreams? How To Find Multi Family Properties To Purchase In and Around Harrisonburg I Would Like To Sell But Cannot Find Anything To Buy Detached Homes in the City of Harrisonburg Under $200K Are Harder To Find Will City, County Buy the Denton Building in Downtown Harrisonburg To Expand Courts, Judicial Offices?
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 Dec 08, 2019 (unless otherwise noted).
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