Is Your Listing Price Too High in the LBI Real Estate Market
- High Tides Digital Marketing
- Sep 25, 2024
- 3 min read
Is Your Listing Price Too High in the Long Beach Island Real Estate Market
Every seller in the Long Beach Island real estate market wants to sell their house quickly, for the best price, and with as little hassle as possible. There are many steps to selling a home in the LBI real estate market, including staging, marketing, and, of course, setting the right listing price. Buyers in the LBI real estate market are very well-informed and have access to marketing pricing and comparable sales. With such a well-informed pool of buyers, setting the right asking price in the LBI real estate market is crucial to your success.
Is Your Listing Price Too High in the LBI Real Estate Market
Depending on how your home is being received in the market, adjustments to your pricing may be needed, as well as potential adjustments to other aspects of your marketing and home sales process. Understanding the market and how each factor contributes to the sale of a home is necessary. There are four warning signs that your home may be overpriced in the Long Beach Island real estate market and, therefore, may deter buyers from buying or perhaps even previewing your home. They are:
Limited ShowingsIf your property has been listed for sale in the LBI real estate market for several weeks with minimal showings, it could indicate that your asking price is not aligning with buyer expectations. Of course, this could also be due to a lack of effective marketing, but if a home is being marketed correctly and still not getting activity, price is the most likely cause.
Consistent Negative Feedback after ShowingsFeedback from potential buyers in the LBI real estate market is very useful and relevant information. It provides insights into how your property is received in the market. If consistent negative comments suggest that your home is overpriced compared to similar properties, this is a clear sign that your home price is too high. In other words, buyers who are looking at the same price point are seeing "better" homes than yours. You will need to either make improvements to the home or reduce the price to meet expectations.
Extended Time on the MarketA prolonged listing period can raise buyer concerns and make your property appear less desirable. Most homes in the LBI real estate market are selling in less than 60 days, so if you are outside of this statistic, there is a potential problem. This could be due to a lack of marketing, or the asking price might need to be lowered. You should review the length of time comparable homes spend for sale in the LBI real estate market and see if you are an outlier.
Comparable Homes Sold Faster in the LBI Real Estate MarketThere is no bigger warning sign in the LBI real estate market that you are overpriced than a comparable home selling before yours does. To be fair, there are no "exact" matches in the LBI real estate market, but if a similar home is selling and yours is not, you have to consider why. It could be the home's condition, marketing, or, very likely, the price.
Is Your Listing Price Too High in the Long Beach Island Real Estate Market
Above all else, pricing a home correctly in the LBI real estate market is key. A lot of information is available on comparbale sales, price per square foot, and other key metrics that need to be considered. By reviewing the data, how the market reacts to your listing, and being realistic about your home's value in the LBI real estate market, you will likely sell faster and for a higher sales price. For more information about Long Beach Island or about the LBI real estate market please do not hesitate to contact me.
By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
