Price is very important in real estate. Price too low and you leave money on the table. Price to high and you risk not getting any offers at all.
Someone sent me a funny cartoon that read “As first offers are usually unrealistic I would prefer it if you submit the second offer first.”
Sometimes sellers have the same idea on price. They list a home for sale at one price knowing they will lower it after a few months if there have been no offers. Not the best plan. You accumulate days on the market, which always raises flags with buyers and once agents get a sense that a property is over priced it’s hard for them to reconsider it even after a price reduction.
Currently in Scottsdale there are 2,377 homes for sale.
Cumulative days on the market, Average is 208, Median is 111. The median being the far better measure here. If you home has been on the market more than 111 days it is longer than the median amount and you should address why it’s not selling, price and marketing being the main things to analyse. Blaming the market is not an option, the playing field is level.
1,160 homes have had a price reduction. That’s 49%. Too high a percentage.
The average price change is -9.46%. Which on an average Scottsdale home is
orignal list price of $917,942 reduced to $863,318. An average drop of -$116,712.
Far better to price correctly very early in the process and then look for qualified buyers at that price. Own the price and stay firm. You don’t want to hear buyers say things like, “they just dropped the price, their getting desperate, let’s low ball them.”