Sales and prices in Sudbury are up year-to-date. Through today, 5/11, there have been 52 single-family homes sold in Sudbury compared with 36 for the same period in 2014. The median sale price of $632,500 is also up; the median sale price for the same period in 2014 was $598,750.
All good news for home sellers! Why wouldn't a seller be confident about listing their house for a high price; especially if they've spent money to update? It's a seller's market, right?
It is important to understand that buying decisions for closed sales are made 30 to 90 days prior to closing and inventory was extremely low at the end of 2014 and during the first couple of months in 2015. Today, there are 72 single-family homes for sale; only one less than last year at this time and the median list price of $899,450 is actually lower than last year when it was $949,000. The number of homes with pending sales during the past month is exactly the same as it was last year. Even though Y-T-D closed sales were higher than last year, pending sales show that activity is stabilizing.
All home sellers want to get top dollar for their houses and many mistakenly think that if they ask more they will get more and that they can always reduce the price later. Sure, you can reduce the price later, but your house is most interesting when it first comes on the market. Buyers are always waiting for that new property to be "the one" and if the price doesn't meet their expectations, they will move on. They may come back if they see a new price, but in the meantime, you've missed out on all of the people who would have been interested in your house if you priced it right to begin with; that's when they were exited.
Bottom line: Price matters in any real estate market and houses that are not priced correctly will linger. Some sellers have recognized this. There have been 30 price adjustments/reductions on 26 properties in Sudbury during the past month. Year-to-date, there have been 50 changes on 37 single-family houses. Unfortunately, houses that don't sell quickly get stale and often when buyers see that a seller had reduced the price once, they'll just wait to see if it's reduced again. Buyers see price reductions as an invitation to negotiate.
The right price along with targeted marketing is what will bring you the most money when you sell your house. If you are thinking about selling check out homes for sale in Sudbury at www.marilynmessenger.com to see your competition. Contact me anytime to talk about how to price your house correctly to get top dollar in today's market.