Musings from the Mountains

As I have been mentioning in previous posts, we are still moving away from our seller’s market, which was caused by low inventories, to a buyer’s market.   Inventories continue to increase, but sales, thank goodness, are still strong compared to the same month last year in 2024.

Prices seem to be holding up well, if the home is properly priced to the market.  There are, however, too many homes on the market that are over-priced.  These homes will stay on the market, and the number of days on the market will continue to increase if a home is not properly priced.  In my opinion, if a home is on the market for a couple of weeks, with no showings, it’s time to take a serious look at pricing.  We placed a home on the market last week that I believe was correctly priced.  We had several showings the first day on the market.  By day 3, we had a contract on the home.  In my opinion, a home should never be over-priced.  I realize that everyone wants to maximize the proceeds from a sale, but over-pricing causes a home to stay on the market, letting the number of days on the market steadily increase.  A buyer looks carefully at the number of days on the market.  Too many days on the market often invites low-ball offers.  Also, buyers begin to wonder why the home has been on the market so long, is something wrong with the home?

Moral of the story:  Correct pricing is one of the most important considerations when listing a home for sale.

If you have any questions about selling, or buying a home please let us know.  We can help.