And then I checked out the recent price reductions. Typically there are more price reductions than new listings. Many were short sales where the price had been reduced about 10%.
My question to sellers of short sales is why the price reduction? It should not be necessary - period.
Why are you not pricing better than the standard sales initially?
Two reasons why a short MUST BE DISCOUNTED...
- Uncertainty Risk for Buyer. Short sales may or may not be approved by the lender.
- Time. Why wait for six months or longer?
If you are planning on selling as a short sale go ahead and price better than the standard sales...it is the only way especially in a declining market.
If you are in Viera, Rockledge or Merritt Island and a short sale is a consideration, call me directly at 321-693-3850 or email me to discuss the short sale process and some of your options.