Is it impossible to sell a Palm Beach Florida home in the existing market? Not really. Probably the only major difference hindering a successful sale involves having to take the extra time out to ensure the initial list price the home is sold for is as strong and attractive to buyers as possible while making sure the Palm Beach home itself looks good.
Staging has always been a vital component of home selling. Proper pricing is also essential but perhaps more people were able to get away with demanding an inflated price than the property was worth back when South Florida homes were selling at a rapid pace which didn’t make the research quite as necessary. The market situation has changed considerably since then.
Pricing has always been fundamental but it appears that even in a real estate market where values have dropped and buyers are meticulous about where their money goes, many sellers are not taking the time to effectively and realistically price their home. Whether it’s because they believe the property is worth a certain value or perhaps because they’re trying to generate as much profit from it as possible, some properties have been languishing much longer than necessary on the market.
What’s causing this mostly unnecessary problem? It’s very simple. Some sellers are listing a property for $199,000 when existing homes in the area may have a value of or may be listed for something within the $160,000 range, that’s over $30,000 dollars a buyer would save. The higher figure instantly stands out and gives off the impression that the seller may be asking too much when the price is not justified.
Considering some of the roadblocks that could affect the sale of the property in the future (drop in value due to buyer non-interest, foreclosure depreciation), it makes total sense to take the time before listing a home on the market to make sure the price is competitive. What could be perceived as selling at a loss may actually prove beneficial.
