I originally wrote this article for my ActiveRain real estate blog in 2008. It bears repeating, considering the current real estate market in Northeast PA; there are lots of homes for sale. Which ones make it to the dance? (The “closing dance” that is?)
There are currently (as of July 29, 2012) more than 2,700 active listings of homes for sale in the
Pike/Wayne MLS. Every day, more homes come on the market.
On average, homes are on the market at least 200 days; some are on the market over a year. In the past 30 days, fewer than 150 homes have actually sold (that is, gone to settlement, not just “under contract.”) Out of 2,000+ homes for sale, less than 150 have sold? That’s a lot of competition for only a few closings!
Sounds grim. Guess what homes are being invited to the prom (settlement)?
Unlike prom dates, looks aren’t everything and buyers understand that. Homes that are priced right – priced for the current real estate market - are the ones that are most attractive and get (settlement) dates.
Sellers living in La-La Land, vainly trying to recapture the glory days of the past “Seller’s Market” with out-of-touch prices, are wallflowers…lots of days on the market…no invitation to the prom.
Generally five things sell a house:
- The Price (This is key. Buyers assume sellers who overprice their homes are not motivated.)
- The Location (You can’t change your location; if the location is not so great, see #1.)
- The Condition (The condition determines the price; don’t price a home on potential, but on actual condition. Even the ugliest homes sell if priced right.)
- Supply & Demand (When lots of homes are for sale, you must be as competitive as possible; be the most attractive/shiny penny for #1 and #3.)
- The Marketing (A good real estate agent does more than the 3 P’s of Placing it on the MLS, Putting up a sign, and PRAYING!)
However, all the creative marketing in the world isn’t going to sell a home that is overpriced. That home is not gonna be asked to the prom, and will lose the chance to be the queen on settlement day. Buyers filter out overpriced homes and choose to look at ones that seem to be “priced right.”
Are you REALLY ready to sell your Wayne or Pike County PA home? Contact me for a price analysis and I’ll show you what the current price trend is for homes like yours in your neighborhood. If you’d like to just keep track of the Wallenpaupack / Honesdale / Milford area real estate market and know what’s going on in your community/development, I can keep you apprised of that via email alerts.
Credit where Due:
I’d like to thank my wonderful mentor and friend, Judy Rodonski, for the catchy phrase that inspired this post. One of the best days of my life was when she welcomed me to the team at Weichert Realtors Paupack Group, something I’ll always be thankful for.
This savvy lady has taught me so much about real estate – I don’t know what I’d do without her. Thanks Judy, for all of your unselfish support, advice, gentle reprimands, and most importantly, your friendship. You are truly the BEST!