The Number One Mistake Sellers Are Making: Overpricing Their House
The Number One Mistake Sellers Are Making: Overpricing Their House In today's housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. And when that happens, the homeowner may have to drop their asking price to try to re-ignite buyer interest. Data from Realtor.com shows the number of homeowners realizing this mistake and doing a price reduction is climbing (see graph below): If you’re thinking about making a move yourself, here’s what you need to know. The best way to avoid making a costly mistake is to work with a trusted real estate agent to find the right price. Here’s a look at what’s at stake if you don’t. Not Paying Attention To Current Market Conditions Understanding current market conditions is key to accurate pricing. You don’t want to set your asking price based on what happened during the pandemic. The market has moderated a lot since then, so it’s far better to align your price with today’s reality. Real estate agents stay updated on market trends and how they impact the pricing strategy for your house. Pricing It Based on What You Want To Make (Not What It’s Worth) Another misstep is pricing it based on what you want to make on the sale, and not necessarily current market value. You may see other homes in your neighborhood selling for top dollar and assume yours can do the same. But you may not be considering differences in size, condition, and features. For example, maybe that other house is waterfront or has a finished basement. To sum it up, Bankrate explains: “How do you find that sweet spot of pricing for profit but not overpricing? The expertise of your agent can be truly valuable here. A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market.” An agent will do a comparative market analysis (CMA) to make sure your house is compared with truly similar properties to get an accurate look at how it should be priced. Pricing High to Leave Room for Negotiation Another common, yet misguided strategy is to price your house high on purpose, so you have more room to negotiate down during the sale. But this can backfire. A price that seems too high often deters potential buyers from even considering the home. So rather than leaving room for negotiation, what you’ll actually be doing is turning buyers away. U.S. News Real Estate explains: “You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. If you've overpriced your home, chances are you'll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone.” An agent can help you set a fair price that attracts buyers and encourages more competitive offers. Bottom Line Overpricing your home can have serious consequences. A knowledgeable real estate agent brings an objective perspective, in-depth market knowledge, and a strategic approach to pricing. Let’s connect so you can avoid making a pricing mistake that’ll cost you.
Mustangs & Music helps Pahrump’s horse herds
By Robin Hebrock Pahrump Valley Times August 15, 2024 - 11:12 am Updated August 15, 2024 - 12:13 pm Don't miss the big stories. Like us on Facebook. One year ago this month, the Bureau of Land Management conducted a roundup of several area wild horses, touching off a wave of community concern and demands to have the animals returned. Following months of effort by a variety of organizations and individuals, all of the horses were ultimately secured and are now living out their lives in comfort and safety, many right here in the valley they always called home. But caring for the horses comes with a cost. To help defray that cost, Southwestern Wilds recently held a fundraiser with every dollar raised to be used to help pay for those bills. Dubbed “Mustangs and Music”, the fundraiser took place Saturday, Aug. 3 at Lakeview Executive Golf Course, where a crowd of equine-lovers gathered for an evening of philanthropic fun. “We entertained a packed house that night, with live music from the band Perception, so thank you to them, and silent auction items that were provided by local proprietors and donors,” Southwestern Wilds President Victoria Balint told the Pahrump Valley Times afterward. “A special thanks to our corporate sponsor Hubbster, owned by Andrea McGuire, which donated time and customized all of our charitable merchandise, as well as to Joe Opatik at Lakeview for the wonderful job he did coordinating the event. A local car club turned out with some beautiful classic cars and locals and out-of-towners alike enjoyed the fun-filled event. Southwestern Wilds had a wonderful evening raising funds and gathering volunteers for upcoming events and other operations for the mustangs and burros.” Mustangs and Music brought in much-needed cash for the care of the 18 wild horses that were removed from Pahrump in 2023, including the well-known and beloved Fred and his mate Rosie, with Balint noting that the dollars raised will go toward vet bills and veterinary medicine, feed and hay, transport and housing for all of the horses. “All of our herd members are in vetted homes and doing well,” Balint reported. “We do have a few that need more vet care than others but they are all doing well. Fred and Rosie are living the good life in Oatman, Arizona along with Fred’s four babies. We have the rest of the herd here in Pahrump, including Fred’s last foal, Fred’s Fancy Dancer, along with her mother, a beautiful mare named Majestic Moonshine.” Southwestern Wilds’ focus is outreach, advocacy and rescue for America’s wild mustangs and burros, with Balint explaining that the group strives to “re-wild” any that do not do well in a home setting so they can be turned out onto private land, “Where they are safe to live out their days,” she noted. “Not only are we advocating for humane ways in the treatment of these animals, we are also seeking support for private land, thousands of acres, to re-wild these animals so they will never be rounded up again,” Balint added. “Other rescued animals are being trained and domesticated in loving homes. Overall, our goal is to sustain the longevity of the American mustang and burros.” As of 2021, Balint said it cost federal taxpayers approximately $78 million a year to care for the nearly 60,000 mustangs and burros in holding facilities run by the BLM. “Southwestern Wilds would like to help change the future of those in captivity as they are headed to the slaughter pipeline. While there are auctions, training programs and so many kind and generous people to help, it just isn’t enough,” Balint stated. That’s why getting others involved is so important and the nonprofit continues to seek ways to raise awareness of its mission. The next “boots on the ground” event for Southwestern Wilds will be at the Pahrump Fall Festival, where the nonprofit will host a booth. “Please come share in the enthusiasm of being a voice for the voiceless! Get out and advocate for Nevada’s beloved American heritage,” Balint encouraged. “Southwestern Wilds started as a grassroots effort and is currently seeking help at a local level all the way up to corporate sponsorship from globally successful companies. It all starts with you!” For more information on donating, volunteering or future events visit SouthwesternWilds.org Contact reporter Robin Hebrock at rhebrock@pvtimes.com
Where Will You Go After You Sell?
If you’re planning to sell your house and move, you probably know there’s been a shortage of options available. But here’s the good news: the supply of homes for sale has grown in a lot of markets this year – and that’s not just existing, or previously-owned, homes. It’s true for newly built homes too. So how do you decide which route to go? Do you buy an existing home or a brand-new one? The choice is yours – you just need to figure out what’s most important to you. Perks of a Newly Built Home Here are some benefits of buying a newly built home right now: Have brand new everything with never-been-used appliances and materials Use energy efficient options to save money and leave a smaller footprint Minimize the need for repairs and benefit from builder warranties Take advantage of builder concessions that can help with affordability In today’s market, a lot of builders are focusing on selling their current inventory before they add more homes to their mix. And some of them are offering concessions and are more willing to negotiate to make a sale happen. That, coupled with the fact builders are primarily building smaller, more affordable homes, has led to one other potential perk. The median price for a newly built home in today’s market is actually lower than the median price of an existing home – which isn’t usually the case. Ralph McLaughlin, Senior Economist at Realtor.com, shares: “Homebuyers who are looking for that ‘new-home smell’ may be in a relatively friendlier market than times past when new homes were considerably more expensive than used ones.” If you’re interested in seeing what builders nearby have to offer, lean on your real estate agent. Their knowledge of local builders, new communities, and builder contracts will be important in this process. Perks of an Existing Home Now, let’s compare that to the benefits of buying an existing home. Join an established neighborhood that you can get a feel for before moving in Choose from a wider variety of floorplans and styles Appreciate the lived-in charm that only an older home can provide Enjoy the privacy and curb appeal of mature trees and landscaping In addition to these lifestyle benefits, there’s strategic value to buying an existing home, too. Remember, you can always make upgrades to an existing home down the road to give it some of the latest features available. This gives you the best of both worlds: you’ll get the charm, the neighborhood, and over time, you can still add those on-trend elements you may see in a brand-new home. And if you do, you’ll likely increase the home’s value too. An article from LendingTree explains: “. . . they can personalize it and possibly increase its potential resale value with cosmetic upgrades . . . Plus, if a home comes with physical details or stories that add charm, in some cases, these elements are attractive enough to add to a home’s resale value . . .” Want to see what’s available? Your real estate agent can show you what homes are for sale in your area, so you can see if there’s one that works for you and your needs. Bottom Line There are a lot of factors that go into deciding whether to buy an existing home or a newly built one after you sell, but it’s essential in today’s market to understand the opportunities you can find in both. Let’s connect so you have expert guidance as you explore the options in our area.
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