June 13, 2018
We're in the thick of a seller's market right now and some sellers (and agents) are using that as an excuse to swing for the fences, price-wise. While that can occasionally work, we have put together some charts to illustrate the importance of not overpricing a home.
Our new Gainesville/Alachua County price analyzer includes charts updated daily with data for all the major areas of Alachua County. As an example, here is a current chart for Newberry/Jonesville.
What this chart shows us is that homes in Newberry/Jonesville that sold in the 1st month typically went over list, and the longer the property sat, the bigger hit the seller took. Bear in mind this data uses the original list price, meaning the price of the property when it first hit the market, before any price drops.
The average Newberry/Jonesville property sold for about $275k in the past year, and ones that sat over 3 months went for over $15k under the original list price, which represents about a 6% drop for an average-priced home. Not only that, but these sellers also had to make at least 3 more mortgage payments!
The lesson is: price it right! You will experience less market time, less stress, and usually make more money in the end.
