East Manatee County is booming with new home construction. Everywhere you look there is a new community coming out of the ground, enticing home buyers with wonderful incentives.
Everyone loves a brand-new home, so why purchase a resale? Building a home becomes even more exciting when new home builders offer special deals. Some builders will offer a free pool upon contract. Others provide free design center upgrades, financial contribution toward closing costs, while some builders participate in red-tag sales slashing prices. The incentives are endless and extremely attractive to perspective home buyers. For this reason, it is important that home sellers have an “edge” to compete with new home builders.
Resale homes have more of a challenge competing against new home construction. A typical listing taken on a resale home in East Manatee County will show a decrease in list price from $10,000-$50,000 before the home is either sold or the listing on that home expires.
Homeowners who are thinking of selling their home need a different approach to compete in this tough market. For example, when it is time to sell your home, you will seek a broker to assist you. When your home has been on the market for six months without an offer and your listing is about to expire, what should you do? List it again? Same price, same commission fee? Here are a few things to consider when it is time to make a decision.
To borrow a quote from Albert Einstein - “Insanity is doing the same thing over and over again and expecting different results.” If you relist your home for the same sale price with the same broker paying a 6% commission and you expect different results, your home will most likely sit on the market for another six months and become stale inventory.
Entering into a contract with a discount broker who is not a local broker can be a very costly mistake. These brokers do not have their finger on the pulse of the housing market in East Manatee County and will not be able to help you properly sell your home. These brokers charge a commission fee to place your home on the multiple listing service - that is it! The homeowner is responsible for advertising and marketing their ® home, photography, qualifying buyers, scheduling appointments, conducting open houses and sifting through hundreds of calls from agents trying to obtain the listing when it expires.
Statistics show the percent of home sellers who eventually sold for less than their asking price in 2018 was about 67%. As home values rise more slowly, the trend of lower sale prices will continue into 2019. With list prices increasing above realistic levels, studies show that more than 60% of homes sold below their original list prices in 2018.
Do not overprice your home, list with a local full-service discount broker
When sellers do not price their homes aggressively, they can sometimes end up selling their home not only below their original list price, but sometimes below market value. Buyers become suspect when a home has been on the market
for a long time and has had several price reductions. To avoid this pitfall, consult with a local, full-service broker who will list your home for a lower commission rate. Listing your home at a lower commission rate will allow you to offer a more competitive sale price while securing a higher net profit from the sale of your home. In addition, the competitive list price of your home will allow you to compete with the new home builders. Contact us for more information on how to list your home and win the sale!
For more information on selling or buying a home, visit: ListNbuy4Less.com
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