The Bainbridge real estate market seems to have hit a wall. 226 homes are on the market, some of them available for months. Why? Hint: it isn't the location!
Five Pricing Pitfalls
When it's time to sell your home, it's very easy to be snared in the overpricing trap. After all, you want top price for your home, don't you? And we all know that prices have risen dramatically in recent years. Given that, it's logical that the asking price you set could be higher than "fair market value." Unfortunately, you probably won't realize it's too high until much later.
Here are just a few of the disappointments you'll be facing with an overpriced house:
Responses to your ads will probably be slow, since the public recognizes overpricing. Remember, people buy by comparison. Some prospects who are attracted may be the wrong ones. They will be attracted because they're looking for a home priced the same as yours – but with MORE features. Very few buyers will even make an offer on an overpriced home. The reason? Even if you accept their lower offer, they aren't getting a bargain since the final price is probably no less than "fair market value." Your home will help buyers make a favorable decision on other homes that are priced fairly. Do you really want to be the example that drives people elsewhere? If you do find a buyer at your price, their mortgage application could be rejected because of a low appraisal; the house simply doesn't meet the standards that the price indicates.
This all sounds rather bleak, so what can you do to solve the pricing issue? Work with an experienced professional who knows the market in your neighborhood. Take advantage of the research and advice your real estate agent can offer, and you'll be on your way to setting the right price for your home
1 comment:
I think one of the reasons home sales are down on Bainbridge Island, as well as other areas in Kitsap county is that the buyers from other major states are not selling their homes. People still want to move here, we have a beautiful environment and the county taxes on homes are not dropping. The home prices that we see now will soon be rising again and it won't be a surprise to any of us.
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