I have seen sellers do it. I am working with some buyers who are doing it right now. What is it? Its not choosing the market.
The current Brevard County Florida residential real estate market favors sellers. And when sellers know they have the advantage the challenge is to be realistic but not overly optimistic.
What happens if a seller prices too high? I have heard it referred to
as trying to sell a home at tomorrow's value (or more like next year).
If a home is priced for next year in an escalating market then it will just sit. The listing may eventually expire.
And even if a listing does not expire what does the excessive days on the market mean to buyers (and their agents)? It could mean the seller does not want to sell or that there is a problem with the property. Read more about what excessive days on the market means here.
Sometimes it is the buyers who are chasing a deal that will not be there in the near future. In a market where prices are rising the chances of a home being sold for below value is pretty slim.
Buyers need to understand that homes on the market are usually priced based on condition, location, competition. If the competition is priced up and climbing that is where most sellers will be as well. And in the near future, in a market with rising prices, the competition will be a little higher in three or six months or next year.
And what about interest rates? Interest rates that rise will either decrease purchase power or increase mortgage payment. Either way a delay can end up costing more.
The key, whether seller or buyer, is simply motivation. This translates to simply choosing your market rather than chasing it (or a dream).
How does one choose their market? By taking action when the circumstances allow action - not too soon or too late.
If your circumstances indicate it is the time is now to buy or sell your Viera, Florida home, I want to help you. Call or text me at 321-693-3850 or send me an email.