Spring is nearly here. And just as you can be sure spring is coming, you can expect to see house prices drop in the Catskills.
Not all of them, of course. Just the ones that were overpriced. The ones that have been on the market awhile already. A couple of luxury listings in neighboring areas have just dropped their prices by more than a quarter of a million dollars. Honestly, that is a LOT of money. And the more mainstream listings are dropping by 10-15 percent.
I understand the rationale - we are about to begin the busy season, and these are properties that still haven’t sold. The longer a house is on the market, the less likely it is to sell for the asking price.
So — why are these places still on the market? First, look at the marketing. If there isn’t an effort to get that property looking its best, and in front of the biggest audience possible, then that needs to be addressed. How are the photos? Are they cluttered? Dark? Unflattering? Is the property itself an issue? Does it have a problem that’s driving buyers away? Offputting decor? Pet odors? Road noise?
If the marketing is good, the photos are good, and the property is good, then all that’s left is to take a long, hard look at the price. That’s where the problem will be. Because no matter what’s happening in the world, real estate is still selling in the Catskills.
But why not just price it well to begin with?
Many sellers insist on overpricing their properties. They’re convinced that if they price it realistically, any buyer will still try to get it for less.
But that’s not how it works. A realistically priced, good property is an exciting one - and it’ll get a lot of attention. It may even draw multiple offers.
An overpriced house will be on the market longer, and still sell for a lower, more realistic price in the end. A well priced home will draw a lot of attention, get a lot of interest, and draw a quick offer.
I’ve said this before but I’ll keep saying it - the seller who prepares their property well, who has a real estate broker with marketing expertise, and who prices their property at or below the midrange of similar properties sells quickly — and usually for full price. It works every time.
To accommodate doubting sellers, I have occasionally agreed to price it where they want it, even though I’m confident it’s too high. But only with the understanding that if we do not have multiple showings or an acceptable offer within two to three weeks, we’re going to discuss a price adjustment or make some other major change.
There’s a lot of time and effort that goes into marketing a property well. But it’s like spinning your wheels in the mud if the price isn’t right.
The goal is to sell a property for the best possible price once the decision is made to sell.
That’s a win for everyone.