How do you know if your house for sale is priced right vs overpriced?
During the housing boom, even homes that were a little overpriced sold. Homes also didn’t have to be in fabulous condition to sell.
Then the market crashed and only the cheapest homes were selling.
Thankfully, the housing market is back on track with rising prices. Since 2011, home prices in St. Louis have been climbing. Some parts of town are even seeing bidding wars for new listings due to a lack of inventory.
Regardless of whether the housing market is a buyers market or a sellers market, there are always some homes priced right to sell and others that are overpriced.
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Is Your Home Priced IN or OUT of the Market:
Jay Papasan, co-author of several real estate industry books explains how your price and your condition will determine if you are IN or OUT of the market.
Make no mistake, homes that are OUT of the market simply do not sell.
This video was recorded during the housing crash, but the concepts are still true today. The only difference is that the area on Jay’s chart that represents which homes are IN the market is bigger now than when the video was recorded.
How Many St. Louis Homes are Overpriced (OUT of the Market)?
Just a few years ago, about 50% of the homes and condos listed for sale in St. Louis City, St. Louis County and St. Charles County FAILED to sell.
Luckily, the market has improved.
Still, there are a lot of homes and condos listed for sale this year that did not sell. Here are the numbers for homes listed during 2015 YTD.
- St. Louis City: 79% of listed homes sold (5,458 sold vs. 1,477 didn’t sell)
- St. Louis County: 72% of listed homes sold (11,355 sold vs. 4,305 didn’t sell)
- St. Charles County: 62% of listed homes sold (2,749 sold vs. 1,670 didn’t sell)
Most of the homes are selling in today’s real estate market. But for every 10 homes that are listed, 2-4 come off the market without selling.
Just deciding to sell your home doesn’t get it sold. Waiting it out doesn’t get it sold.
I’m a big fan of creative and aggressive marketing. But all the marketing in the world won’t sell an overpriced home.
Pricing your home appropriately for the condition, features and location IS what gets your home sold.
Hire Me to Sell Your St. Louis Home:
I specialize in selling homes regardless of whether they will be the hot listing to hit the market or if they have a challenge that makes it much harder to sell.
Every single one of my homes listed for sale this year sold, except for one in which the owners decided to lease it because they weren’t prepared to sell for the current market value.
In fact, if you look at my home listings from 2013 to today, only 3 didn’t sell.
- 2 owners decided to lease their homes because the value was below what they were willing to accept
- 1 owner was foreclosed on even though I had a contract on it, but the bank wouldn’t accept the true market value
That makes my record for almost 3 years a 92% success rate!
If you are thinking of selling a St. Louis area home, give me a call at 314-265-8073 and let’s talk about your options.