Sound Off: Am I Priced To Sell?
Greenwich Time By Robin Kencel
In 2014, a single family home in Greenwich sold, on average, in166 days. But for most sellers who have made the decision to move on, that's probably 165 days too long. So, when is it time to drop the price?
The answer to that is: "It Depends". Are you competitively priced for the market we have or for the market that you wish existed? In our team, we arrive at a price recommendation through an evaluation that is based upon a number of factors including recent sales history, inventory levels, competitive strength and emerging trends and look at these against the broader background of influencers such as Wall Street's financial health, changes within Westchester and Fairfield Counties and understanding the evolving needs/preferences of likely Greenwich buyers. Sometimes sellers look at our analysis and agree upon a price that fits the market and sometimes sellers want to test the market to see if there might be someone who will "pay up".
Like first impressions, there are no second chances when it comes to introducing a property and its price to the market. The market, spoken first through the brokerage community, is not shy to share their feelings about value. If you have a home or property that hits the emotional, aspirational or extraordinary price/value mindset of clients, then you are likely to beat the market averages. But, if you are in a competitive price segment of the market, with a property that has both strengths and drawbacks, be careful with the price variable.
2014 data reveals that 410 properties sold faster than the average number of days on market, and nearly all of them sold within 6% of the Original List Price/Selling Price. In fact, those that sold within 3% of their Original List Price sold in just 57 days, on average. The reality is this: The longer a house sits on the market, the lower it often sells for.
Certainly, pricing is not the only lever to pull, and at The Fieldstone Group of Sotheby's International Realty, we try to pull all the marketing and sales levers available to us before we recommend a pricing revision. Buyers who toured your property are a ready information source--what are the themes within their comments that can be addressed? These are the possibilities that should be carefully looked at as you enter the new selling season. But equally, understanding what has happened to pricing within your competitive set since you have entered the marketplace is important.
Fieldstone Group of Sotheby 's International Realty Stevens | Toepke | Kencel | Elwell One Pickwick Plaza, Greenwich, CT 06830
