*** Warning ***
This is a hard hitting post about home prices in Wasilla, Palmer, and the Mat-Su Valley. If you would rather be placated, you may want to click on another web-site.
Every Tuesday I meet with a group of Realtors in a secret valley location. OK…we meet at Meads Coffee House in Wasilla. We meet to discuss current issues in the Mat-Su Valley real estate market.
Lately we have often discussed what it takes to get a house sold in this slower market. Different things are always discussed. Location, condition, and marketing are three items always on our mind.
If a house is in the right location, it will always attract attention, but it won’t necessarily sell. People will note it on the Alaska MLS, they may even go take a look. But if the price isn’t right, it won’t sell. Granted, you can get a higher price for a house in good location than you would for a similar house in a poorer locaton. But you can’t expect a buyer to pay very much for that.
Once in a while, the micro-location makes a difference. Perhaps a family with young children is just moving to Alaska and finds a house next door to Grandma and Grandpa. For them, it might be worth paying an extra $5,000. I’m not sure how Grandma and Grandpa would feel about it however.
But if you are having problems selling your home in this market, it most likely isn’t because of location, condition or marketing. If you have a problem selling your home……..
Price is the answer, PRICE is the answer, PRICE IS THE ANSWER!
This was the unanimous opinion of last Tuesdays discussion. Almost any house can sell if it’s priced right. There are a few homes in the Mat-Su Valley that you literally can’t give away because of environmental issues, but I suppose if you paid the buyer enough, they would take it. So price is still the answer.
That is not to say that your home shouldn’t be in it’s best possible condition, or that it shouldn’t be marketed well. But if you have been on the market for 90 days or more without a buyer, it’s time for a price reduction. Face it, if it’s been on the MLS with photos for that amount of time almost all the buyers in your price range have rejected it. You are just waiting for a new buyer to come into the market that sees the value in your house that others can’t see. Unless Grandma talks her kids into moving next door, it isn’t selling at the current price.
It is very important to price your home at it’s current market price right out of the gate. If you are too high you will realize that after 60–90 days. By then, you may not be able to get what you would have received when you first listed it. Not only is it shelf-worn, the market may have dropped out from under it. Price it right, and it will sell right away.
People talk about how long it takes to sell a home. Some say it takes 90 days or 120 days. The truth is that a home that is priced right will sell in 30 days or less with no reductions in price. It is only very occasionally that a home sits on the market for 90 days or more and sells for it’s full listed price in our current market.
People are still buying homes in Wasilla and Palmer. There are about 80 buyers this year for every 100 that we had last year. These buyers are looking at a LOT of homes before they buy. I show people enough homes that they become experts in their price range. It isn’t hard to tell when a home is priced right after you look at 25–30 homes in a particular price range over a period of a couple weeks.
Give me a call or send me an email about pricing your home. I can work on a consulting basis or a commission basis, your choice. My cell phone number is 907 232–7900.
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