In the past 90 days of home sales in these premier east metro Orlando neighborhoods, 37 of 51 homes dropped their list price an average of 11% (list price is the asking price). chart
What does this mean for you? This summary further demonstrates the reality of price reductions today. A homeowner has an important decision to make…price according to market straight out of the gate or be prepared to drop your asking price down the road.
Your agent will conduct a Comparative Market Analysis in order to arrive at a reasonable range of value where a buyer and seller may arrive at a satisfactory sales price. But ultimately, it is the homeowner who decides what price to list their home at.
The first and best indication of your home being priced too high is the lack of showings. A lack of showings will lead to a home languishing on the market for an extended period of time – something no seller wants. Ultimately, an overpriced home will come to the end of the line, will not sell and the seller will have to start from scratch.
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