Jan
11
I know Sellers are out there looking for a magical solution to why their home hasn’t sold but it’s really not as complicated as it seems. There are only two reasons homes don’t sell, it’s either marketing or it’s price. It may seem that there are a lot of reasons that are not related to marketing or price but they really are. Take the following reasons and I can relate them to price:
There aren’t as many buyers = Price
It’s a slower time of year = Price
We don’t want a lot of open houses = Marketing
We don’t want a lockbox = Marketing
No one has even made an offer = Price
It won’t help to chase the market = Price
The bottom line is that if your home is priced appropriately for the market (not underpriced) it will sell. Homes in our area are averaging roughly 93% to 96% of sales price depending on the particular market. See the following graphs for a list of sales vs. list price over the last year:
Carmel
Pebble Beach
Monterey
So this is what you have to consider, if your home is being properly marketed and you are within at least a 4% to 6% range (in the Monterey Peninsula area) of what the actual sales price will be then you will be getting more showings, which will lead to more offers, which will lead to your getting the highest possible price. Think of a price adjustment as a way of widening your market to build the offers and eventually the price upward.
Look for more to come about what is comprehensive marketing vs. throwing money down the drain.