The saga of the overpriced listing

As I was checking the status of Murrells Inlet home sales for June to see how this month might play out I ran across a whopping 52% list to sale value for a couple of Garden City Beach homes and discovered the saga of the overpriced listing. It is no wonder that both the recent sales were on the market an average of 643 days I mean when a listing is overpriced you should expect higher marketing times.

One thing for sure about Murrells Inlet home prices is that overpriced listings linger on the market longer than most. These days homes are selling at a much slower pace than the good old days only a few short years ago. Back then a seller could throw out a price and the appreciating market was sure to catch up. Not anymore and likely not ever again as we have learned the true value in a home is more deeply tied to what is happening to our neighbors and if they are going to foreclosure then there goes our homes value.

You would expect both of the Murrells Inlet properties to chase a falling market and both certainly did selling at just over half the original list price. One sale was under contract 63 days after the final price reduction and the second home went under contract the same day it was reduced a sure sign that overpriced listings are rejected by buyers in todays market.

While sellers have an idea of what they would like to sell their home for a good agent will help sellers to understand that the market sets the price. In the case of overpricing listings sellers can expect that their property will be spending more time on the market and will not sell until it is priced correctly.

It is our goal to help avoid overpriced listings even if that means not getting the business. For me the saga of the overpriced listing is one I would rather not have as in this or any market proper pricing is key to selling Murrells Inlet homes. Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.