Finding the Right Listing Price for Florida Homes
When it comes to selling your home in beautiful and historic St. Augustine, it goes without saying you want to get the best price while spending the least amount of days on the market as possible. With hundreds of options spanning the historic downtown, the serene shores of Anastasia Island, the vibrant Vilano Beach community, and beyond, it is crucial to price your property correctly to attract the right buyers.
It’s not unusual for dozens of properties to become available every week—both on the MLS and off-market opportunities. We are constantly talking to current sellers, potential buyers and fellow agents in order to gauge the temperature of the market. One thing we’ve noticed recently is that more than a few houses are overpriced, leading to fantastic homes languishing for far longer than they should be. We’re happy when our clients are happy, so that’s why we’ve put together this list of four signs that your house might be overpriced.
1. Lack of Showings or Offers
The biggest sign your house might be priced too high is a lack of buyer interest. For example, St. Augustine’s historic district is a high-demand neighborhood. It makes sense, the downtown area is one of the best cities in America (it has quite literally stood the test of time) and volume is extremely limited compared to nearby locations like Jacksonville, Palm Coast and Daytona Beach. If a downtown property has been on the market for several weeks without showings or offers, buyers may be passing it by due to an inflated asking price.
Buyers are savvy. In this competitive market, they quickly recognize overpriced homes. Part of the value a local agent brings is using our experience to adjust your pricing to reflect the value of homes in similar St. Augustine neighborhoods.
Image Courtesy of Mr. Great Heart / Unsplash
2. Consistent Negative Feedback from Buyers
Even if you’re getting showings, buyer feedback can be an invaluable tool. If visitors are consistently commenting that the price feels too high compared to other homes in places like Vilano Beach or Anastasia Island, it’s a red flag.
Our job is to analyze this feedback and compare it to other homes. Keep in mind that price improvements are not a criticism. In fact, it can be a clever marketing tactic. We recently lowered the asking price of a listing by $50,000. By the end of the week there were seven showings that turned into three offers. Lowering the asking price turned a property that wasn’t moving into a classic bidding war and we ended up closing the house above the asking price.
Whether it’s making staging adjustments or considering a price reduction, aligning your asking price with buyer expectations will help you stay competitive in St. Augustine’s sought-after real estate market.
3. Your Listing Has Been on the Market Too Long
A prolonged listing time in St. Augustine’s bustling market can deter buyers. Homes in historic downtown or Vilano Beach that sit on the market too long may be perceived as undesirable, even if there’s nothing wrong with them other than the price. When it comes to historic homes, buyers are often hesitant. They worry about the water heater, an old roof, or other parts of the home that break down with age. Not to say that your home is deficient in any way, but it is something that crosses potential buyers’ minds before they can schedule an inspection.
If your property is lingering, it might be time to consider a price adjustment before your home becomes stale.
Image Courtesy of Philip Davis / Unsplash
4. Neighboring Homes Are Selling Quickly
Neighbors can be a great indicator of where your pricing should fall. If nearby homes are selling faster than yours, it’s time to reevaluate. Whether it’s the upgrades, location, or pricing, something is causing potential buyers to choose other homes over yours.
Now, keep in mind that in areas like Anastasia Island, there can be stark differences between houses that share the same zip code. Is your house on the water? Is it closer to the state park? Is it near the Bridge of Lions? Does it have a view of the lighthouse? What type of flood zone is it in? We are always monitoring the local market, and will make sure that homes are appropriate comps before suggesting a price change.
All that being said, small improvements or price adjustments could significantly increase your home’s appeal and lead to a faster sale.
