{"id":12369,"date":"2012-02-02T11:41:13","date_gmt":"2012-02-02T16:41:13","guid":{"rendered":"http:\/\/athomeshuntsville.com\/realestate\/?p=12369"},"modified":"2012-02-02T11:41:13","modified_gmt":"2012-02-02T16:41:13","slug":"overpricing-your-home-will-get-you-less-money","status":"publish","type":"post","link":"https:\/\/athomeshuntsville.com\/realestate\/2012\/02\/02\/overpricing-your-home-will-get-you-less-money\/","title":{"rendered":"Overpricing Your Home Will Get You Less – I can prove it!"},"content":{"rendered":"

As most of my readers know by now, I\u2019m a numbers gal. I am consumed with market statistics.\u00a0 I have been for 15 years.\u00a0 I know for a fact that to represent my Huntsville<\/strong> home-buyers and sellers to the best of my ability, I must know my market.<\/p>\n

I know that overpricing will ultimately lead a seller to sell their home for LESS.\u00a0 It really isn\u2019t a secret, but it is probably the most \u201chead knocking\u201d conversation that I (and Realtors<\/strong> that DO know the market) have with potential sellers.<\/p>\n

When I sit down with a potential seller to interview each other, I know 2 things …how I can market the home and what the market will bear in asking price.\u00a0 I have NO idea what it will truly sell for.\u00a0 The only person that does know is our potential buyers.\u00a0 They own the market in the majority of price ranges right now.<\/p>\n

Overpricing – Costs You Time and Money<\/h3>\n
\n\t\"\"<\/a>\n\t

Overpricing Cost You - Click to Enlarge<\/p>\n<\/div>\n

As the market sits now, maybe this isn\u2019t the best time to sell …if you have a choice, now is a good time to sit still, unless you are moving up in price.<\/p>\n

If moving up, you may take a loss on your sale, you should potentially gain more on your purchase.\u00a0 I do consider that a win-win for the long haul.<\/p>\n

So, here are the dirty, ugly facts of overpricing your home. \u00a0 To drive my point home, I pulled all homes sold in Madison Country for 12 months, (6\/30\/10 to 6\/30\/11).\u00a0 I also used the most active price ranges, from $100,000 to $400,000. \u00a0 What the data shows was quite shocking, even for me, a seasoned professional.<\/p>\n

The numbers are:<\/p>\n

ORIGINAL list price to final sale price: 91.64%.\u00a0 This figure shows the original list price to what the home eventually sold for.\u00a0 The final listing price to sale price: 97.52%.<\/p><\/blockquote>\n

Buyers Set Market Value in Buyer’s Market<\/h3>\n

What these numbers show is this…the longer a home sits on the market, the more price reductions are needed as illustrated in the graphic above<\/a>.\u00a0 Remember, only a buyer determines that at the moment.<\/p>\n

A home is only worth what a buyer is\u00a0 willing to pay for it, period. \u00a0 It doesn\u2019t matter what a home appraised for, any recent improvements, or if you paid \u201cX\u201d and must have \u201cY\u201d nor does it matter that the sellers have refinanced.\u00a0 What matters is that a buyer feels it is worth \u201cX\u201d $$$$.\u00a0 No discussion here …this is the truth.\u00a0 It\u2019s ugly out there for sellers.\u00a0 Period. \u00a0 My buyers are thrilled.\u00a0 My sellers are not.<\/p>\n

If you are considering selling your home, here are the MOST important things you must consider before listing.<\/p>\n

    \n
  1. What is the absorption rate<\/a> in your price range\/area?<\/li>\n
  2. What do recent comparable\u2019s say your home is worth?\u00a0 In this market we MUST consider active listings as well as expired and solds.<\/li>\n<\/ol>\n

    – Elizabeth<\/p>\n

     <\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    As most of my readers know by now, I\u2019m a numbers gal. I am consumed with market statistics.\u00a0 I have been for 15 years.\u00a0 I know for a fact that to represent my Huntsville home-buyers and sellers to the best of my ability, I must know my market. I know that overpricing will ultimately lead […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[37],"tags":[92,95,97],"_links":{"self":[{"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/posts\/12369"}],"collection":[{"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/comments?post=12369"}],"version-history":[{"count":0,"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/posts\/12369\/revisions"}],"wp:attachment":[{"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/media?parent=12369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/categories?post=12369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/athomeshuntsville.com\/realestate\/wp-json\/wp\/v2\/tags?post=12369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}