When is The Price Right? Ambitious Listing Prices Can Put Homes Out of The Game, When Do You Re-Evaluate?
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Yes, our market is very, very hot, but it seems that, in the frenzy to capitalize on our scorching market, some sellers are pricing themselves out of a possible sale.
Take this home in Lakewood for instance. This Spanish-style recent build at 6516 Vanderbilt Ave. is a very pretty home, with tons of room and a good layout that makes sense for a family.
When this four-bedroom, four-and-a-half-bath home went on the market 40 days ago, it was priced at $924,999. Considering that this home doesn’t have a pool and has a lot of features you can find in just about any home its age, I can’t say I would see someone paying that much for it. It’s beautiful, yes, but overpriced. Since then it’s dropped $50K to $875,000.
Another home in East Dallas, 8366 Forest Hills Blvd., is a four-bedroom, three-bath traditional with almost 4,000 square feet that has been remodeled with contemporary flair. It’s in Forest Hills — just a few hundred yards from White Rock Lake. It has a pool and a half-acre lot, and there are several mature trees in the large backyard. It was originally priced at $925,000 and has since dropped to $879,000 after being on the market 11 days.
So here’s my question: Of course you want to get top-dollar for your home, but if you price it too high, you’re going to turn off lots of potential buyers. When is a good time to re-evaluate your pricing strategy?
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Isn't it about $50,000 minimum now to add a pool?
Isn't it about $50,000 minimum now to add a pool?
I am so glad you did this article….There has been a lot of "optimistic" pricing of late!
I am so glad you did this article….There has been a lot of "optimistic" pricing of late!
In this market, in Lakewood especially, after 10 showings with no offers, it's time to reposition.
Each home and MLS area is different… but I once heard if you have 10 showings and no offers, you are 5% overpriced, and if you have 20 showings and no offers, you are 10% overpriced. That's maybe a little too much of a generalization, but thinking along those lines would definitely help sellers understand their position in the marketplace.
In this market, in Lakewood especially, after 10 showings with no offers, it's time to reposition.
Each home and MLS area is different… but I once heard if you have 10 showings and no offers, you are 5% overpriced, and if you have 20 showings and no offers, you are 10% overpriced. That's maybe a little too much of a generalization, but thinking along those lines would definitely help sellers understand their position in the marketplace.