Since we’re heading into the prime sales season of the year, we thought it worthwhile to revisit the concept of pricing your property correctly. We were recently reminded of this topic by our friends at UrbanDigs who poignantly outlined why the first 2-3 weeks on the market provide you with all the information you need to understand whether you are overpriced or not.
Basically, if you’re a serious seller and are not seeing the kind of traffic you want OR more than 30 buyers have come through your apartment with no offers, you’re most likely overpriced. And we’re in a market that treats well-priced property very, very well: year-on-year, demand is up 8.5% while supply is down 11%.
That’s an almost 20% net swing! And the numbers are even more in your favor over the last quarter.
Further, take a look at the increase in demand over the last three months, broken down by price-point.
Overall –> up 33.1%
<$1M –> up 32.1%
$1M-$2M –> up 40.6%
$2M-$5M –> up 32.1%
$5M+ –> up 13%
Especially during a time when demand is up this much and supply is down, the price of overpricing can be quite painful.
