Price it right and it will sell
Home sellers coming down on sale prices
Carlton Proctor
cproctor@pnj.com
There's nothing wrong with the Pensacola Bay Area real estate market that several thousand more stories like Greg Chapman's won't cure.
Chapman put his East Hill home on the market in November 2005 at a time when residential prices were approaching post-Hurricane Ivan highs.
But it also was a time when the inventory of unsold homes was starting to climb rapidly.
Over the next three months Chapman got only three half-hearted inquiries about his three-bedroom brick home, listed originally at $193,600.
Frustrated and disillusioned by the process, he pulled his home off the market, deciding to bide his time and wait for the market to strengthen.
...
Harrod convinced Chapman to price the house at what he considered a fair market rate for that section of East Hill.
The result: the house sold the first day on the market at a price -- $165,000 -- Chapman said made him "extremely happy."
So happy, in fact, he proposed to his girlfriend that same day, and she accepted.
"Fair" means within reach.
I know everyone want to be a millionaire. But you cannot see ANY gains if you don't sell your wares first. The reason the market has hit the wall is because prices have far out reached the average home buyer.
Time to take a look around.
Time for a reality check.
Time to look to Florida.
2 comments:
Too bad the local media does not pick up on stories such as these. It might do homesellers some good to see reality on the evening news, instead of the fluff they usually do.
Unfortunately, the sellers' expectations are not in sync with the Chicago market. Prices are still artificially high even though some are beginning to drop in small increments.
yes. see my next post.
Post a Comment