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Over Priced Real Estate

Posted by Sherry Rioux on October 8, 2015

Some days, home sellers love me and other days they don’t. With all the talk about our booming real estate market, lots of people think their homes are worth more than they really are and sometimes, they are worth more than what the owner thinks.

The market in our area is as strong as I’ve ever seen in in over two money house. money home illustration designdecades but that doesn’t mean every house will sell at any price. The reality is that less than half the properties listed for sale in South Georgian Bay will sell during their listing period.

The good news is that when a home is priced right, it has a very strong chance of selling quickly for top dollar. Of course a Seller can ask whatever price they wish and often list with the person who tells them the highest price or, they try to go it alone at an even higher price. That’s risky business because, if it is too high and sits on the market for too long, chances are that they won’t even get a fair market value offer at all and may have to end up selling below what they could have gotten to begin with.

Looking at what is listed for sale to arrive at a price has no bearing on value. I could ask a million bucks for my house but it doesn’t mean that it will sell for that. Sadly, I can guarantee mine wouldn’t. Value is based on recent comparable sales and that is what the bank will look at too. So will real estate salespeople who are bringing potential buyers to the house.

It can be confusing and there is a skill to establishing an asking price that will help you sell for the most amount of money in the least amount of time without leaving a single dollar on the table. If you need help in selling your home or in buying a home in Southern Georgian Bay for fair market value, I’m always ready to help.

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