The statistics that I have been sharing with you prove that we are currently in a Sellers' Market situation in Richmond Hill and in particular in the Rouge Woods and in the Bayview Hill Communities. As a result, some home owners believe that they can ask any price they want and a Buyer will buy.
Sellers Beware! this is not the case, especially if the Buyer is well advised by a caring and supporting real estate representative.. Numbers do not lie. A real estate representative will be able to provide comparables to an interested Buyer and he/she will immediately understand when the asking price is grossly overstated.... and I can guarantee that the overpriced property will not sell. It will remain on the market for a long period of time and people will start to wonder what is wrong with the property and will use it as a comparable for other similar better priced properties that WILL sell.
A great clue that the marketing strategy (which includes pricing) has not hit the mark is when a property receives a great number of showings but no offers are made for the property. This result is usually due to the property asking price being too high.
I've had the above proven once again today. On MLS,. a property originally listed over $1 million for a week received a lot of showings but no offers (even though a date to review all offers had been established). The listing was terminated after one week and relisted immediately for a lower asking price (price under $1 million)... Well at the new price the house was sold in 3, yes 3 days! And guess what, it sold at a higher price than the original first asking price!!!!!
Food for thought.
Contact me should you want more information and to sell your property.
Your Needs, Your Goals: My Focus.