As we move further into the new year, there have been a number of interesting developments in our Indian River County real estate market.
For one thing, price reductions have become increasingly common. With 151 reductions this week and 159 last week, the numbers speak for themselves. In such a small market, this is a big deal.
As a seasoned professional, the underlying cause of these reductions is clear to me: Sellers are pricing their homes way too high. Today’s buyers are market savvy. They have access to information that will tell them if a listing’s price is fair or not, and they won’t settle for less.
This is part of the reason having an experienced real estate professional working on your behalf is so important. Your agent should be happy to provide you with a custom market analysis, which will use local real estate data to determine how you should price your home.
Overpricing will inevitably cause your home to sit on the market, which means that even after you make a reduction, buyers may still be hesitant to make an offer. When buyers see that a home has been on the market for a long time, they may believe there’s something wrong with it.
Don’t let this happen to you. Price your home correctly from the start so that you can take advantage of today’s real estate market.
If you have any other questions, would like more information, or are curious about what your home is worth, feel free to give me a call or send me an email. I look forward to hearing from you soon.
