It appears as if the Logan Real Estate market is still declining. Since the expiration of the home buying tax credit, home sales have been substantially down compared with previous years, and the number of homes for sale has increased. There are currently more than 900 MLS listings, and we might see only 900 total homes sale in the next year.
Economics tells us that this means home prices will continue to decline. There are more homes for sale than there are buyers. Only the least expensive homes for sale in Logan UT will actually sell.
If you are trying to sell a Logan house right now, the good news is that most sellers don’t understand the real estate market. They are still in denial that their home isn’t worth what it was in 2007. Their homes will continue to be overpriced.
If you want to get top dollar for your home, you need to price it ahead of the curve. Price it low now so that it is one of the best deals on the market. Only the best deals are selling. Most sellers keep their home over priced until the market declines further, then they drop their price, when the new “reduced price” is still above the curve. If you slowly drop the price of your house at the rate home prices are declining, it will always be priced slightly to high.
By the time you finally get it at a sell-able price, you will net a lot less than what you would have received if you priced your home right immediately. In this example, the sellers initially priced their home at $215,000. If they would have priced it at $205,000 it would have sold quickly. Instead it took three price drops, until the purchase price was down to $185,000 before the home finally sold.
Which is better, pricing your home low to begin with and selling it for $205,000…. Or pricing it high, and then selling a year later for $185,000?
There are three pillars of home selling, Price, Marketing Exposure, and Showing. If you don’t have the right price the other two factors don’t matter. Even if you home shows like a model home, and has the best marketing available, it won’t sell, and will rarely be shown at all if it is priced too high.