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So far in 2011 Wakulla County has had 141 homes sales. This
includes houses, mobile homes, condos, and townhomes. That is 15 units less
than what had sold at this point in 2010. The average price per home sold has
increased from $132,479 to $137,901….you would think that is a good sign. The
truth of the increase is there have been quite a few homes sales in the Shell
Point and Panacea areas in the past six months. This would also seem to be a
good sign. The problem is that you have what were supposed to be million dollar
properties selling between 300K and 400K! Many of these sales were brand new
homes that are absolutely spectacular. They only way these homes would sell is
that if buyers would come along and feel that they were getting a steal of a
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The same principals apply in Wakulla County, no matter what
type of home you are trying to sell. It is no secret that our housing market is
not on the upswing. Today’s buyers are more educated and have more information
at their fingertips than ever before. You would think in such a buyer’s market
we would start to see an increase in the number of sales. The problem is that
with the housing market/economy still in such uncertainty we have less
qualified buyers and banks not lending. A lot of the able buyers that are out
there today are not in a hurry and only want to buy a great deal. So what does
this mean for someone that NEEDS TO SELL their home today?
My advice to you is to truly understand the competition that
surrounds you. If there are five homes out there similar to yours, and you are
priced in the middle you are going to miss out on the sale. If your home is
newer, upgraded, has a pool, more square footage, etc……than you have
advantages. The advantages will eventually sell your home when you price the
home to sell. You must price your home among less attractive homes and use your
advantages to capture a buyer. You should notice that in the above paragraph
the words “needs to sell” are capitalized. This is not the market to try and
see if you are going get what you paid for the home, or try and break even. If
your home does not have any advantages than you must price even lower. Today’s
buyers are not going to buy a home that they have to sink money into for
repairs/upgrades unless they are getting a great deal. They can just go buy the
home that is priced the same as yours with the newer roof, paint, more square
footage, more land, etc….
Unfortunately what you feel your home is worth has no
bearing on what it will sell for. Neither does your current financial position.
What really needs to be evaluated is a seller’s personal situation. Do you
really need to sell right now? Are you prepared to lose money on your home? Are
you willing to do a short sale and have your credit take a hit? These are the
questions that must be answered when putting a house up for sale today. This is
the situation that is the majority right now. Buyers are deciding what our home
values are, and the majority of them are not buying with emotions. They want
the best value for their money.
If you find yourself in this position and need
some professional advice please give me a call 850-322-7875. It is best to talk
about all your options before putting your home up for sale.
