Home buyers are out there. Lurking…watching…sitting on the fence waiting to pounce on a deal for a fairly priced home and a low interest rate.
But they remain elusive to some home sellers.
Pricing your home properly is the single most important factor when selling in today’s Staten Island real estate market. I’ll give you an example. My office listed a property 3 weeks ago and it went into contract today. From list date to contract in 21 days. This tells me a few things.
First, the Staten Island real estate market is strong. Qualified buyers are out there but they are better educated and savvier than ever…and they aren’t going to pay more than your house is worth. Their agent is coaching them, showing them recent comparable sales in the area, and they are making informed decisions…and offers!
Second, a strong marketing campaign is not enough to sell your home. Price, price, price. Did I mention price? Price is the single most important factor in selling a home in today’s Staten Island real estate market. Over price your home and you risk “chasing” the market or worse…becoming “stale” and sitting on the market for a long period of time. What happens to stale properties? They could become stigmatized and potential buyers may think something is wrong with your home…even if there’s nothing wrong with it.
Third, timing is everything. It doesn’t matter how much you advertise it or how aggressive you price it, if the buyer for your home isn’t ready, they won’t make an offer. What does it mean to be ready? A buyer has to become “seasoned” by looking at properties and studying market trends, before making informed decisions.
Lastly, the economic model of price determination commonly known as SUPPLY and DEMAND, is working just fine. It states that in a competitive market, the price of a house will vary until it settles at a point where the quantity demanded by buyers (at current price) will equal the quantity supplied by sellers (at current price), resulting in an economic equilibrium of price and quantity.
Qualified buyers are out there…waiting for the right opportunity to get off the fence and buy your home. Yes, your home. But you have to price it right. It helps to have an expert in your corner that you trust and feel comfortable with. Pay attention to the recent comparable sales in your area and most importantly don’t over price your home.