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: Rockingham County Considers Purchase of 27 Acres Between Barrington, Lakewood for Stormwater Management Purposes Sales Activity Was Slowing For Two Months But Has Picked Back Up Again Home Buyers In 2020 Are Locking In Ridiculously Low Mortgage Interest Rates This Could Be A Good Time To Sell A Townhouse Under $200K, Built Since 2000, In The City of Harrisonburg Renting or Buying A Home Within A 5 Year Time Horizon What To Expect For The Second Half Of The Year In Our Local Real Estate Market Contracts Shoot Skyward In June, Sort Of Like Fireworks Which Terms Are Usually Most Important To Home Sellers When Receiving Multiple Offers? Detached Homes Under $250K In The City of Harrisonburg Are A Hot Commodity Rockingham County Approves Stormwater Fee for Properties In Lake Shenandoah Watershed
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 Jul 14, 2020 (unless otherwise noted).
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