To successfully market and sell a property in today's market we need to follow new rules; the techniques of years past no longer work, so we must adapt to the "new normal" which we find ourselves in. A key factor in selling a property in today's Buyer's market is proper pricing. We can no longer assume that just because a property is listed that it is truly for sale. In fact, in my estimation, many of the properties actively listed on the Multiple Listing Service are not really for sale, given the fact that their pricing is out of today's market range.
Let's look at the Longboat Key market over the past 30 days. Of the 16 properties which went under contract, 11 of them had had a price reduction before selling; that's 70%! The average difference between listing and selling price was 10%, with a high of 18% and a low of 2%.
We know that potential Buyers are out there, given the high number of showings and open house visits. When Buyers visit our listings, they want to see well-priced listings offering good values. That said, Buyers need to heed the numbers to…properly priced listings are selling at an average of 10% from their listing price, not the 20-30% which some media are reporting.