Selling Your Home in a Buyers Market

Today’s Market is what matters….not the market two years ago!

We hear all the time that the real estate market is terrible right now, or that nothing is selling.  I DISAGREE!  No, the market is not the same as it was two or three years ago.  No, you will not double your money in six months.   BUT, property is still selling if you price it right!

Only the real estate market at the time that an owner puts a property up for sale will dictate the property’s salability and asking price, not the real estate market in years passed.    Many sellers overlook what the current market is capable of sustaining.  When weighing out their selling price, sellers tend to concentrate on what they paid for it, or worse, what the market was doing in the past.    Selling your property all boils down to one question:  How badly do you really want to sell?  

According to the Coastal Carolinas Association of Realtors Multiple Listing Service, there are over 9000 condos/townhomes and 5500 single family homes on the market right now in Horry and Georgetown County.  With so many homes and condos on the market in the Myrtle Beach area, pricing appropriately is absolutely essential to selling your property.  I receive requests from property owner’s everyday asking what their property is worth.  To provide them with an answer, I first research the recent sales and current properties for sale in the neighborhood.  This is called a Comparative Market Analysis.   Regardless of what was paid for the property, the prices of comparable homes sold and listed will dictate what price range a property can list for and realistically get.  While many owners become upset when I tell them what their property is worth, I have no control over what the market will allow.  I wish I did!  However, it is counterproductive for both the owner and me to waste time and money listing and advertising their property for a price that is unreasonable.  An overpriced listing will sit on the market for an extended period, upsetting you and requiring the listing agent to badger you into lowering your price to what it should have been in the first place!

Let me give you an example.  You own an oceanfront condo and would like to sell it quickly, but there are 72 on the market in your building.  You cannot list the property at the 68^th highest asking price and expect to sell your condo.  It will not sell until the other 67 units that are priced lower than yours sell.  

Sellers remember - don’t take the suggested listing price personally!  I know you most likely feel that your home is worth more than what I have told you.  NO IT ISN’T.  Harsh, I know - but I am telling you this because if you really want to sell your property right now, that is the price which the market will bear.  The Comparative Market Analysis backs it up.  I am sure that you can find an agent to list your property for what you want to list it for – however, all you are doing is wasting time!  The reason many agents will take these overpriced listings is because they are inexperienced or because they want to pad their listings. 

If you need to make more money from your sale than what the market dictates that you can get, don’t put it on the market now.  I have repeatedly turned down listings in the last three months because sellers will not be realistic, and are intent on listing at a higher price than the market will allow.  Again, the bottom line is:  How badly do you want to sell your property?  Request a Comparative Market Analysis from a Realtor. Are you willing to list your property realistically?  Be very cautious if an agent is willing to list at a price significantly higher than recent sales show is realistic.  If they aren’t being honest with you up front, are they worth trusting with the sale of your property? 

If you want to sell Myrtle Beach real estate, and would like a free CMA or a customized marketing plan contact me today.

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