Here in Pinellas County Florida, the real estate market is flooded with listings, a lot of them are overpriced and way above fair market value. Two condos right next to each other, same square footage, same age, same layout, same everything but a 30% sometimes even 40% price difference. Well I guess it is needless to say that buyers do not even look at the overpriced unit. Of course everybody is interested in “finding a deal” so they look at the lower priced unit. Unless you can advertise a house or condo by saying, lowest price in neighborhood, or best price per square foot, or below market value, or price for a quick sale, or owner must sell bring all offers, or pre foreclosure, act now etc. . . . you will not find anybody to even look at the property. If you really want or need to sell in today’s market it is more important than ever to be priced right.
All the marketing and advertising in the world will NOT sell you property unless you are priced fair. And by fair I mean very competitive. Look at what has been sold over the last few month, see where the trend is going, be ahead of the market do not chase it. Unfortunately what you paid way back than when you bought it, does not matter at all. The mortgage you have on your property, does not matter at all.
It is the end of October right now and I wrote this post in May. Looking back, I can only confirm the info again and again.
Prices have still gone down and all the overpriced properties still sit on the market.