What do you think is more damaging to the sale of your home, correct pricing or 'days on market?' The answer is both, and they play off each other. The last few years have seen a significant increase in the pricing of homes in the Bluffton and Hilton Head Island areas. It is tempting as a Seller to “shoot for the moon” when putting your house on the market to sell but Buyers are just too smart these days. Listing your home with outrageous pricing slows down the sale if the market cannot support a Seller’s aggressive pricing. As a Seller, if the feedback you are receiving is that your home is overpriced, make the adjustment immediately and move ahead. Some Sellers are set and determined to start high and test the market which is fine as long as they pivot quickly once they assess feedback. We understand that no one wants to leave money on the table but market data does not lie. As a Seller, discuss where you should be priced with your Realtor, and base the price on solid data and market numbers to get your home priced correctly. Additionally, don’t inch down in price slowly as this equates to slowly pulling off a bandaid, delaying the process. We suggest pulling the trigger, adjusting to the pricing that aligns with the market and getting back on track as soon as possible. Purchasers are too smart and there is just too much public information to price without using market data. Buyers are not going to overpay in a stabilizing market. If reliable feedback says you are priced too high, make the appropriate adjustment as quickly as possible to get your home sold.
Days on market means everything! As Realtors we often have Purchasers reach out about a house and before they mention pricing they ask, “Why has this house been on the market so long?” They want to know, “What is wrong with it?” Purchasers always assume a house that has sat on the market must have an issue and often they will pass it up or pay under market. Buyers understand if a house is new to the market and does not match market trends. If a Buyer likes an overpriced house, they will still view it as viable and offer a price they feel matches market value. As a Seller, you are much better off listing your house correctly out of the gate and getting it sold in a timely fashion. Buyers will pay more if a house is new to the market. It is considered fresh meat, and there is a thrill that if they don’t jump on it they will lose the opportunity. A house that has sat on the market appears tired and used. Timing matters!
A down arrow which is an indication that a home on the market has adjusted in price is much more appealing to a Buyer than one that has sat on the market for a period of time. A down arrow can be easily explained as a Seller mispriced their home or tested the market, made the adjustment quickly, and is now ready to sell. This makes sense to Buyers.
Perception and perspective mean a lot when buying and selling homes. Things are not always as they seem. Data speaks volumes and facts tell the real story. When working with a Realtor it is important to look at history, comparables, and current trends. Buyers will not be fooled. Be smart when you consider selling your home and set yourself up for the best success by understanding the process and the market. There is a definitely risk in starting too high with selling your home as it can circle back and actually bring in a lower offer if pricing is not adjusted quickly. Get your ducks in a row before putting your house on the market so you can command top dollar which isn’t always being the highest-priced home in the neighborhood.
Written by Allison Cobb
The author assumes no responsibility or liability for any errors or emissions in the content of this blog. The information provided on is an “as is” basis with no guarantee of completeness, accuracy, usefulness, or timeliness.
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