Recent Newspaper Piece Outlines the Pitfalls of Overpricing Your Property.

In the Boston Sunday Globe on September 16, 2007, Vanessa Parks addressed the problems many sellers face when trying to market and sell their property in a “buyer’s market”.  Her piece focused on the Stoughton, MA market, but it applies to every market, even Wellesley and Weston, MA.

The point of the story?  Overprice your property and it will end up taking much longer to sell than you expect, or hope - if it sells.  The process itself will be arduous and frustrating.

Each of the three examples cited in the article sold for $375,000.  Two of them were overpriced and the consequences were stunningly similar.  One remained on the market for seven months and sold for 90% of the original list price.  The other remained on the market for eight months and sold for 83% of the original list price.  The third example which was priced appropriately was on the market for only seventeen days and sold for 99% of the listing price. 

The same three things apply today, that have always applied in real estate: location, condition and price.  All have to be just right, but price is more important in a buyers’ market such as we are experiencing now, than it is in a sellers’ market.

If you would like more information about pricing your home in the suburbs west of Boston, or if you would like advice about buying in the current market climate, please contact me.

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