The Home Pricing Conundrum: Increasing Traffic At The Expense Of Reasonable Offers


The Home Pricing Conundrum: Increasing Traffic At The Expense Of Reasonable Offers
By Scott Rogers • August 25, 2009
As a seller, which would you rather have? Steady traffic (people looking at your home), with several offers to purchase, but very little room to negotiate. Intermittent traffic (people looking at your home), with the hope of a single future offer which you wil likelyl be able to negotiate successfully. This is a very realistic trade off in pricing in the current market in Harrisonburg and Rockingham County. In summary, we've seen the following over the past three years: a significant decrease in the number of home sales an insignificant change in median prices a significant increase in the number of homes for sale. As a result, a Seller is often faced with the scenario above. To put some numbers to it --- let's suppose that properties comparable to your home have been selling for $160k. You could either price your house between $160k and $165k and have little traffic, but room to negotiate, OR price your house between $150k and $155k, and have increased traffic, but very little room to negotiate. The problem, of course, is that if you price the home lower, you'll see an increase in traffic --- but any prospective buyers making an offer on your home will still want to negotiate down on price. Best case scenario -- they realize that it's a deal even at asking price, and eventually agree to a selling price very close to list price. Worst case scenario -- they remain insistent that they should be able to negotiate more in the current market, and ignore the deal they are thus passing up based on other recent sales. What do you think? How would you price your home? Related: Pricing Competitively, But With Room To Negotiate Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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