Overpriced Bay View Homes
How do you determine if a home is overpriced?
Realtors typically look at comps of what other homes in the same neighborhood or on the same street sold for to determine a reasonable asking price.
If 30 or more buyers look at a home without making an offer you can also assume the house is overpriced.
I can tell you the asking prices for every home that sold on Bay Drive in 2006 listed on the Sussex County Multi List. There were only two of them and the asking prices were $139,900 and $149,900 I was also the selling agent for both of these listings.
In 2005 there were four homes sold on Bay Drive with asking prices of $74,900 | $125,000 | $139,500 and $139,900
Why then in 2007 are there three homes on Bay Drive in Rehoboth Bay MHP with asking prices of $169,000 | $170,000 and $179,500 ???
What comps did these Realtors use to support these prices? Are these homes really that much nicer than the units that sold in 2005 and 2006?
For spring of 2007 I would like to give you a reasonably priced listing on Bay Drive.
35936 Bay Drive is a 1990 3BR/2BA Doublewide. The other units that are being offered for as much as $30,000 more are a 1981 model and two that do not have their age listed. Why are the ages not listed? Are they trying to hide something?
Act quickly, I'm guessing 35936 Bay Drive will be sold in under a month while the other three may be on the market all summer.
UPDATE as of 5/17/2007 35936 Bay Drive is Under Contract. It was on the market a month and a half. This just proves that homes with reasonable prices sell quickly!!!
I have a house of my own in Rehoboth Bay with views of White Oak Creek that I am about to put on the market. What do you think I should price it at? $150,000?, $130,000?, $125,000? Nope. I'm going to ask $99,000 Why? Because I want it to sell quickly and compared to all of the other homes in the community priced over $100,000 it will look like a great deal. Could I get more for it if I priced it higher and waited four, five or even six months? Maybe, but I'd rather not have to guess about how long it might take and then have to lower my price two or three times and then maybe miss the whole summer selling season.
Please call or E-mail me if you would like to see this well priced bay view home.
302 258 4368 mike@bwbeach.com
Realtors typically look at comps of what other homes in the same neighborhood or on the same street sold for to determine a reasonable asking price.
If 30 or more buyers look at a home without making an offer you can also assume the house is overpriced.
I can tell you the asking prices for every home that sold on Bay Drive in 2006 listed on the Sussex County Multi List. There were only two of them and the asking prices were $139,900 and $149,900 I was also the selling agent for both of these listings.
In 2005 there were four homes sold on Bay Drive with asking prices of $74,900 | $125,000 | $139,500 and $139,900
Why then in 2007 are there three homes on Bay Drive in Rehoboth Bay MHP with asking prices of $169,000 | $170,000 and $179,500 ???
What comps did these Realtors use to support these prices? Are these homes really that much nicer than the units that sold in 2005 and 2006?
For spring of 2007 I would like to give you a reasonably priced listing on Bay Drive.
35936 Bay Drive is now available at the realistic price of $149,000
Update: This listing is now under Contract
Update: This listing is now under Contract
35936 Bay Drive is a 1990 3BR/2BA Doublewide. The other units that are being offered for as much as $30,000 more are a 1981 model and two that do not have their age listed. Why are the ages not listed? Are they trying to hide something?
Act quickly, I'm guessing 35936 Bay Drive will be sold in under a month while the other three may be on the market all summer.
UPDATE as of 5/17/2007 35936 Bay Drive is Under Contract. It was on the market a month and a half. This just proves that homes with reasonable prices sell quickly!!!
I have a house of my own in Rehoboth Bay with views of White Oak Creek that I am about to put on the market. What do you think I should price it at? $150,000?, $130,000?, $125,000? Nope. I'm going to ask $99,000 Why? Because I want it to sell quickly and compared to all of the other homes in the community priced over $100,000 it will look like a great deal. Could I get more for it if I priced it higher and waited four, five or even six months? Maybe, but I'd rather not have to guess about how long it might take and then have to lower my price two or three times and then maybe miss the whole summer selling season.
Please call or E-mail me if you would like to see this well priced bay view home.
302 258 4368 mike@bwbeach.com
Labels: waterfront homes
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