As a REALTOR working in the Lake Wallenpaupack area of Northeast PA, I have been asked the same question numerous times: “So, how’s The Market?”
My first reaction is to say “It really depends!” And it does.
From what I have observed – a home that is in good condition, and is reasonably priced for the condition that it is in – will usually sell. If it’s in good condition, and priced according to what The Market tells us, and it still hasn’t sold, maybe you need to reevaluate the marketing plan.
WEICHERT, REALTORS – Paupack Group recently put a Lake Wallenpaupack home under contract within days of putting it on the market – it was the right price, and a savvy buyer pounced on it (he saw our beautiful yellow sign…). Another one of our office listings recently went under contract after a flurry of activity – because it was priced right.
What many people don’t understand about these “national reports” put out by the media, is that real estate is local. What The Market is doing in Detroit, Duluth, Cincinnati, or Hackensack is completely irrelevant to what is going on in Lake Wallenpaupack.
When sellers list at market value -prices that The Market will support – a home is so much more likely to sell in a timely fashion. Listing “high” with the idea of coming down will result in finding higher end buyers who are looking for more amenities and features than your home may have, and you end up missing the boat – as the typical buyers for your home are not looking in a higher price bracket.
Reducing your price later will leave your home still on the market and buyers either assuming there is something wrong with the home, or they may think you’re desperate now and will take an even lower offer. Pricing it right the first time will make it more likely to sell for market value.
I do encourage my buyers to look at homes slightly out of their declared price range, simply because they CAN always “make an offer…” but not all buyers are willing to do that.
Interesting tidbit: I noticed that during the last 8 months – the average sold price of homes around Lake Wallenpaupack (in both Pike County and Wayne County) was around $18,000 below list price. And a great deal of listings expire.
If you’re planning on selling your Lake Wallenpaupack home, and are interested in finding what The Market says your home is probably worth, I’ll be happy to help.