Holding on your home price in this tough real estate market
Published On: August 10, 2011 Posted by: TownsRealty
Some sellers are unwilling to lower their home’s price to reflect the current real estate market which is contributing to high inventories.
Some of the sellers are keeping their prices high and waiting for the market to change, which is causing home sales to continue to slump.
The median price for single-family homes in Orlando dropped 14 percent in August 2011 compared to August 2010, and the number of homes sold dropped 7 percent in August 2011 compared to August 2010. Home, condo and town homes sales have dropped more than 60% percent since its peak in 2006 in the Orlando area.
This current real estate market is a price driven market. If you want to sell your home you got to price your home better than the other ones so you are competitively priced. By not lowering the price, sellers have their homes stay on the market or their home’s price has to be reduced several times and a buyer often never comes forward. The first month of the home being on the market is critical as there are so many homes for sale and pricing the home right the first time is a major factor.
Some sellers feel that if they price the home according to the current real estate prices they are giving it away especially if they invested money in renovating it. Sellers have to realize that they cannot get the same price they could have gotten a few years ago when houses prices were at their peak.
Selling their home can take an emotional toll on sellers as they have invested feelings and a lot of hard work to make the home their little nest.
If you need to sell your home you need to put aside your feelings as a homeowner and look at your home with the eyes of a prospective buyer. It is a hard thing to do but very important if you needs to sell your home.