The Dangers of Overpricing Your Property
Posted by PollyAnna Snyder on
I recently came across a property that hit my price range in my email from the listing agent. It had been priced at $800,000 and now was down to $675,000. I had already purchased a parcel to build a home, but in retrospect, this would have been perfect for what we wanted to do with the property. I let the listing agent know that loved the property, regretted missing it and that I would love to help market it, even though it was listed outside of our office. We need more inventory as a majority of what we had to market was now pending or sold.
Pricing is not a black and white process. If you had 3 different appraisals, you would get 3 different appraised values. If you speak to 3 Realtors, you will get 3 different prices. A lot of times sellers price…
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The U.S. Median home listing price recently hit a historic high of $300,000 according to realtor.com’s March housing data. That’s up 7 % from last March. Despite a slowing housing market, prices in a number of metros are still increasing, many at lower rates than a year ago. “This is the first time we’ve seen that number hit the $300,000 point nationally,” explained Danielle Hale, chief economist at realtor.com. With the spring buying season kick-off, Hale expects “steady price growth to continue in 2019, with the exception of areas like San Jose.”
The Cambridge native’s four-bedroom, four-and-a-half-bathroom Greek Revival plantation in Riceboro, Georgia (about 35 miles south of Savannah), has an asking price of $8.9 million, according to the listing from Engel & Vöelkers. The 6,000-square-foot home is set on 87 acres and is known as “The Big House.”
Engel & Völkers
