Truths About Today's Steamboat Market That Every Home Seller Needs To Know
When it comes to listing your property, the right price matters. Competitive pricing generates the most activity from buyers and agents and sellers can expect a reasonable time to sell. However, a price that's too high can contribute to a longer stay on the market and, ultimately require a drop in price to compete with newer, well-priced listings. Properties taking a longer time to sell end up costing sellers more, with seller carrying costs, including taxes, maintenance, insurance, utilities, mortgage and cost of capital.
A house that’s priced at market value attracts the maximum amount of the market’s potential buyers. Raise that asking price slightly above market value and the percentage of potential buyers decreases substantially.
Buyers and sellers determine market value. The value of your property is determined by what a buyer will pay, and a seller will accept. There are very few buyers willing to pay more for a property than what it is worth, and in markets like Steamboat Springs, there are many savvy buyers.
This is because buyers base their pricing decisions on comparisons to the prices other properties have sold for in your area. Through my competitive market analysis, I'll help you find the pricing sweet spot for your property.
Buyers buy after “shopping around”. In their search for the best buy they are comparing your property to the others on the market
Sellers control the pricing and marketability of their homes but buyers control VALUE. A property is worth what the market (buyers) will pay.
If a property sits on the market for more than a few weeks it gets shop worn (stale... like an old donut). Price it right initially while it is fresh and buyer interest is at its peak.
Most properties must be sold three (3) times...
o First...to the real estate agents with the buyers. If they don’t see it as a decent value, they may not show it.
o Second... to the buyers. If they don’t see it as an attractive offering, they’ll look elsewhere.
o Third... to the lender who will make the loan and the lender’s appraiser. If this group doesn’t see the value... no loan.
What it means if...
No Showings: Agents don’t see your offering as worthy of showing to their buyers. Or, buyers themselves aren’t interested enough to look.
No Offers: Buyers don’t see enough value to even negotiate or try to buy.
Overpriced properties actually help well-priced properties sell.