Tired of waiting around on the market for something to happen with your home? Has it been six months and still no offer? The truth of the matter is there’s one common denominator in real estate that causes houses to sell: PRICE!

Price will cure ANY condition in real estate, whether it’s a hole in the roof or a poor location. According to the National Association of Realtors, if a house has had over 10 showings with no offers, it’s overpriced. Additionally, if a house has not been shown in two weeks, it’s overpriced.

Is marketing important? ABSOLUTELY- but not more than price. As an example, if milk is $12 per gallon at Harris Teeter and $2 per gallon at Wal Mart, where would you buy it? Wal Mart! What if Harris Teeter put a dancing bear in front of its store and had paratroopers sky dive into your backyard advertising the milk for sale at $12 per gallon, where would you buy your milk then? WAL MART! At least that should be the right answer. If its not your answer, IM me for a discussion on economics.

There is NO amount of marketing that can make up for an overpriced house. Buyers today know an overpriced house when they see one because they have access to all the information that they need to determine that fact. Websites like Zillow.com and Trulia.com make LOTS of information accessible such as historical sales, etc. Obviously Realtors representing buyers know when a house is overpriced because they have access to even more information than buyers do.

So what SHOULD your Realtor be doing for you? Your Realtor should be keeping you updated as to what’s happening with the market so you have the information needed to make an informed decision about your house. If they’re advising you to reduce the price, do it and do it quickly. Statistically, the longer a house sits on the market, the less money you will get for it.

This entry was posted on Thursday, June 21st, 2007 at 2:05 pm and is filed under Market Reports, Rants and Raves. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.