Are there overpriced homes for sale in Wayne & Pike County? You betcha.
Homes & property for sale in Northeast PA around Lake Wallenpaupack can be $20,000 to $50,000 higher than what recent comparable properties sold for.
This is probably one of the reasons why our average DOM (days on market) ranges from 6 months to 2 or more years.
Frustrating for real estate agents is giving a reasonable list price based on MLS data – only to have the seller listen to another agent who, in essence, has said “Sure, we can get $250,000 for your $189,000 home! That other agent was LOW-BALLING for a quick sale!” (ridiculous, by the way. If your home is worth $250K, then I’m going to list it for $250K – it’s in my best interest as well as yours to sell it at fair market value!)
Meanwhile, the home sits until it expires…and probably ’til it expires again. Now, the seller is annoyed with the entire process, and buyers wonder what’s wrong with this house that’s been on the market for so long.
Is it the seller’s fault, or the agent’s? BOTH! The agents should not be taking overpriced listings! The sellers need to face reality!
Sellers need to understand how The Market works. The Market doesn’t care about your emotional ties – it’s not concerned that you “custom designed” the deck; The Market does not care that the bush in your yard is a $5,000 botanical wonder from Korea. These are nice things, BUT The Market only cares about facts: the state of the economy, mortgage rates, and what homes similar to yours, in your neighborhood, have recently sold for.
If your home lacks a basement, has no garage, offers 1.5 baths & 3 bedrooms, please do not expect to sell it for the same price as homes with full finished basements, 3 baths, 4 bedrooms, & 2-car garages. It just ain’t happenin’.
What about starting out high, “just to see” what happens? It’s worth a shot, right? Wrong.
When your home is priced in a certain range, buyers in that range have certain expectations – by overpricing your home, it will under-deliver. Furthermore, overpricing puts it out of reach of the buyers who actually WOULD buy it.
By the time your price meets reality, the price reduction(s) and many days on the market effectively state to buyers: “There’s something wrong with this house; it won’t sell and needs to be reduced.”
The best time to price your home right is in the beginning. Nothing generates more interest than a brand new listing. How serious are you about selling? How soon do you want to sell? Price it right to begin with.
How do you know what’s “right?” Demand statistics – recent comps of sold properties. What’s on the market now? What has expired? What’s under contract? Look for days on the market and price reductions. Don’t just accept a salesperson stating off the cuff “Sure, this home is worth $____ . ” Ask for data to back up their claims.
Here are two success stories. Two homes, two different communities. Two smart agents, and two smart sellers. They priced their homes right – and I brought buyers, and we had both homes under contract in two weeks or less.
Were the homes under-priced? No, they were not (in fact, one appraised at practically the same price as the accepted offer.) They were priced at the value that buyers were willing to pay….fair market value.
If you’re ready to sell your home, I’ll shoot straight and tell it like it is. Contact me to find out more about my marketing plan and what Weichert Realtors Paupack Group does to get your home properly priced…and sold.
Karen E. Rice is a real estate agent working in Pike & Wayne County of Northeastern PA in the Pocono Mountains. Lake Wallenpaupack is one of Pennsylvania’s most popular destinations for vacations, retirement, and purchasing a home.