Home Buying in Grantville>Question Details

Lanre Oye-so…, Home Buyer in Harrisburg, PA

Looking at the listing prices and actual sale prices there is a huge disparity of on average over $150,000. Does that mean that the listing prices?

Asked by Lanre Oye-somefun, Harrisburg, PA Thu Jan 21, 2010

are still so overvaued?

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It all depends if the seller is listening to the listing agent. If not, then the initial asking price is usually too high. And 90% of the time it is too high with for sale buy owners. And pricing a property too high will always result in much longer market times. At times, this could lead to a stigmatized property. That is, people will wonder why the home's been on the market so long and will think that there MUST be something real wrong with it.

By the time the home is sold, it sells for 10, 15, even 20 percent LESS than what it could have gotten if it were priced properly in the first place.

Home owners need to understand that it is the market which puts a value on the property. Not the listing agent or the owner. And this is why home owners need to use AND listen to a real estate agent. Most agents know what the market trends are and how the market is being affected.

I hope that helps,

Terrence Charest, e-Pro
1 vote Thank Flag Link Thu Jan 21, 2010
Lanre

You do not provide enough information to formulate an opinion. On listings priced at $300,00 this would be significant on listings priced at $1,000,000 it is not. Also how big is the sample? A handfull of transactions does not a sampleing make.

Fran and Mark Redding
Prudential Fox Roach
1010 Stony Hill Road
215-504-7500
215-321-3307 DIRECT
http://www.FranandMark.com
Web Reference: http://www.franandmark.com
0 votes Thank Flag Link Sun Jan 24, 2010
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