by Mike Colpitts 
Your home listed for sale just may get lost in the crowd if you ask too much for it. Traps of over pricing homes kill sales. Real estate agents have a saying for homes that sit on the market too long — Shop Warn.
- The last thing you want is to have a home listed for sale on the market that is shop warn and over-priced.
- The housing inventory in Fort Myers, Cape Coral, Naples and Fort Myers Beach soared, and now heading into the heart of fall, buyers are beginning to come around, shopping for that special place. Home inventory is rising again.
The last thing you want when you try to sell your home is having a home that is Shop Warn or over priced. Greed kills housing sales.
The condo market is bulging at the seams, with just about every condo on the market priced higher than the next one in a condominium market that is teetering, despite lower mortgage rates. Ever dropped a penny into a pile of other pennies? Sort of the same theory here. Your property may get lost in the crowd if it’s over-priced.
Price reductions are painful- Think root canals done circa 1973 on the pain scale. As home sellers we tend to assume we will get close to asking price. But in this declining market, prices are dropping on condos and homes, especially older condo units fast.
Time on the market does not determine which condo or home sells next. Price is after all king in reality. “We have been on the market longer than the Smiths down the street,” does not have a place in the equation. It’s not uncommon for properly priced homes to rush to the front of the SOLD line. Recent home sold data suggests the closer a home is priced to the last comparable homes that sold, the quicker yours may sell. Homes either sell almost immediately after being listed or linger on the market.
Chances are there is someone out there shopping for a home like yours when it is listed, and that’s why it gets activity at first, if it does. Price a home too high and it will get ignored by the majority of the buying public. Price it at market and it will get attention and more showings. If you are interested in selling, traps of over pricing homes can be a death blow.
More showings get more attention. It’s consumerism 101. Traps of over pricing your home can be like a virus.
Greed causes many homeowners to push for a higher list price and the greed factor eliminates many homes from consideration.
As time on the market grows so does seller fatigue. After a while, sellers get tired of having their home listed for sale on the market. Disappointment grows by the day. It’s not uncommon to see homes removed from the market prior to the expiration of their listing contract. Greed kills many sales.
Want to get top dollar for your home in the Fort Myers area? Let’s take a close look at the recent sold data and come up with a number that will demonstrate value to the buying public. Price isn’t the only thing that counts. A good marketing plan helps sell property.
Need a top local real estate agent to make your Fort Myers home the “shiny penny” on the market? Contact Mike Colpitts to talk.