In your May 11th article your Tip #12 was “when it is priced right, it will sell.”  Our home is on the market, has not sold and we feel it is priced right.  Is this maxim always true? 

The short answer is that it is not always true.  Some homes just take longer to sell than others.  If your home is “quirky” in its market, then it may take longer to sell, even if it is priced correctly. By quirky I do not mean dated décor or with deferred maintenance you have not yet completed. What I mean by quirky is, for example, if you are trying to sell a 2 bedroom home in a market that is nearly uniformly 3+ bedroom homes, that could slow down its resale.  In Sewickley, if you have a home “up the hill” it will always take longer to sell than the same home in the Village or the same home in the North Allegheny School District.  When buyers think Sewickley the overwhelming majority think “Village” and it takes longer for them to discover and understand the value of living “up the hill.”

However, if your home is located in the Village, has been on the market for several months and is under $1.5M and has not sold, it is likely it is overpriced.  We have a tremendous backlog of buyers looking for homes in the Village. It does take time for buyers to view and assess the possibilities of a home, but certainly not months.  As a general rule of thumb we like to say that if a home has had 13 showings with no offer or if it has been well-marketed for 13 weeks without an offer, an adjustment must be made to draw an offer.  The three time-tested factors that determine sale-ability of a home are price, condition, and location.  Location cannot be changed but does have a big impact on price.   In Sewickley, even a block can dramatically impact whether a home sells quickly or not.  Condition can be adjusted and I suggest you read some of my prior articles on my Ask Kathe blog at www.kathebarge.com for important information on what buyers expect in today’s market.

The final factor is of course price.  Depending on the price range your home is in, even a small adjustment can result in renewed interest in the home.  Additionally, it is important to consider where your competition is priced and selling, and this is a continually moving factor.  Other home owners may underprice to be “the chosen one” and you may be faced with the choice of either reducing to match their price or understanding that theirs will likely sell first.   Additionally, if you have received constructive feedback regarding either deferred maintenance of dated décor, you will either need too adjust your condition or your price.

FEATURED HOMES:

Lot D Sycamore Road

Lot D Sycamore Road

Only one lot remains in this new subdivision in Osborne!  The lot is .46 acres – build your Sewickley dream home – a unique opportunities in Sewickley! Bring your own builder! Pre-paid Sewickley tap in fee conveys with the lot.  $77,500

 

 

 

 

300 Chaucer Court

300 Chaucer Court

With its beautiful acre of land in an idyllic “up the hill” neighborhood, you can be moved in to host warm weather fun this summer! Throw memorable parties at this turn-key Sewickley home! The large deck and covered stone patios spill onto the manicured lawn, with sport court, outdoor bar, covered ping pong area and Rainbow playset. Inside, a stylish aesthetic seamlessly unifies the three finished levels. 4 bedrooms, 3.5 baths, 3 car garage. $799,000.

 

As an Associate Broker at HOWARD HANNA REAL ESTATE SERVICESKathe Barge, CRS, ABR, CNE, is ready to answer any questions you may have regarding your real estate needs.  Feel free to contact her at the office (412) 741-2200 x238or on her mobile phone (412) 779-6060.