How does your property compare to other properties listed in your neighborhood?
Even in a “seller’s market” the real value of any property currently listed is decided by buyers. Overpriced properties tend to sit on the market for a long time until sellers either realize a price adjustment is needed or they decide to take the sign down and try again another time.
Each home or condo for sale has unique characteristics but unfortunately, lots of buyers shop for properties the same way they shop for groceries. Walking down the aisle or scrolling through pages -looking at prices and labels then making a decision. Many sellers think today’s buyers will make an offer on overpriced listings and are dumbfounded to find lots of web hits and no appointments to actually see the property.
Keeping your property priced within the neighborhood range significantly increases your chances to capture the buyer’s attention.
Median list prices and sale prices listed below. (Closing dates from 01/10/17- 04/15/17). Data pulled from the Multiple Listing Service of Greater Cincinnati:
Each neighborhood and complex within each zip code has unique pricing characteristics-make sure you look at not only the average/median list prices but also the absorption rate and the prices of recently sold properties. Check with your Realtor® for detailed information on your property.
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