I am not in a hurry to sell my Myrtle Beach home! This is a common phrase in real estate that is heard when working with sellers. The sellers want to sell their home, but don’t want to give it away. Also, sellers normally have a particular price in mind that they want their home to sell for.
What most sellers do not realize though, is when prices in real estate are declining and a high amount of inventory of homes available for sale in Myrtle Beach, SC, pricing your home properly from the beginning is crucial. What happens many times is a seller decides to list their home a few thousand dollars higher than market value to “See What Happens” and after a few months of no activity on their property we discuss improving the price. At the time they decide to reduce, they drop it to the price we had discussed when listing the home. Unfortunately in the last 6 weeks prices have dropped again.
Let me give an example. Say you have a beautiful 2 BR/2BA golf course condo in Myrtle Beach that you wish to sell. You contact me, as your Myrtle Beach Real Estate Agent to assist in selling the condo. I check the comparables for the area and share that the comps for units similar to your unit are selling around $145,000 to $150,000. Since you are a seller not in a hurry to sell and don’t want to just give it away, you decide to list the home for $159,900 to just see what might happen. As your real estate agent, I share that this is not going to help sell your home quicker, but agree to list your home at that price with a mutual understanding made that if your home does not sell in the first 60 days we will adjust the price at that time to be in line with the current market.
After 60 days, we haven’t had any offers yet, so as we originally agreed I call to reduce the price to which you want to change the price to $149,900 and be in line with what the market had said when we met originally. Only problem is that price was for 60 days ago. During that time, 3 more listings have come on the market as well as there have been two more sales making the market range now $138,000 to $143,000.
Do you see the pattern? Even though the seller is making improvements on the price of their property, they are still not getting in front of the market curve on price. Unfortunately, until they get in front of the curve, the likelihood of their home selling is slim. The sad part is a price that could have been set correctly in the beginning is going to cost more the seller more money in the long run. Not only has the home decreased in value more than the original range, but there have also been many more months of mortgage payments made, utility bills, and other various expenses.
So remember, when listing your home for sale in Myrtle Beach, are you in front of the curve always behind?
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