Most things in life, we as consumers are always looking at price, so why would real estate be any different. This market is still crazy, especially in some areas like Wethersfield.
Properties are still going fast and for over asking despite interest rates up or above 7%. Case in point, Wethersfield: Where I continue to see homes lasting only 2 or 3 days on the market and going over asking.
Some of these homes can even use a little elbow grease. So why do they continue to go under contract and eventually sell. Yes, low inventory could be a reason, but if the price is wrong, the property will sit.
As an agent, I am not only looking at the good properties, but the bad ones too. Although there are properties selling quickly, I can also find ones that just sit on the market collecting dust, and eventually fall off.
There could be several reasons for this, but I believe if the price is right anything will sell. Doesn't matter the issues, it is like the saying "everything has a price."
So why did this home go so fast? Price! It was as we say in the business priced to sell. Don't get me wrong it had many updates, but some areas could have used updating, and if those updates were made, they could have possibly asked for more.
If you would like to learn more about the property above, or would like to get a free home valuation, Contact me and lets get the conversation going.
The above property is for all intensive purposes a success story. For every success story, I can name one that is currently failing to sell. Unlike the above success story, I wouldn't like to call out one that is failing, so instead I'll just mentioned it.
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The property in questioned started with a high price, after nearly 2 weeks on the market, the price was reduced, and after 2 more months reduced even further. Finally after nearly 3 months it failed to sell.
Both of these homes are located in the same town, they are around the same square footage, with similar features. The one that sold was priced significantly lower than the one that didn't. In fact after 2 reductions, the home that didn't sell was still much higher.
I always tell my clients they can sell their home for whatever they want. I only advise them, and ultimately it is their decision to make. I do feel for the Realtor of the failure, even though it is the seller's decision, when things go south, it seems like it is always the Realtor's fault.
I know of a story, where a Realtor lost a client, because of the price. They recommended a price, and the seller wanted to go higher. The property didn't sell, the seller blamed the Realtor, and went with another agent, who listed it for the price the first Realtor suggested.
The moral of that story is listen to your Realtor, and if you don't, that is fine, just to blame them afterwards, unless of course they were wrong. Everyone makes mistakes at times.
If you would like to know more about pricing, or just want to chat about the market here in Connecticut.
Reach Out, I'll be happy to help
