Pricing your home too high maybe the reason it's not selling
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Pricing your home too high maybe the reason it’s not selling
Connor “with Honor” MacIvor - October 18, 2024** Tags: SantaClaritaRealEstate, PricingYourHome, HomeSellingTips, RealEstateMarket, SCVRealtor, ConnorWithHonor, FirstResponderRealtor, SantaClaritaOpenHouses, HomePricingStrategies, PriceReductions, SantaClaritaHomeSales, CaliforniaRealEstate, SantaClaritaValley ** 0 Comments | Add Comment Pricing Your Home Too High? That Might Be the Reason It’s Not Selling
Posted on October 18, 2024
Welcome back to another insightful update on the real estate market here in Santa Clarita! As of today, the 292nd day of 2024, we’re seeing significant shifts in the market that both buyers and sellers need to be aware of.
Santa Clarita Market Overview
Today, we have 552 active listings in the Santa Clarita Valley, a number that’s steadily increased from under 500 just a few weeks ago. While more homes are available, buyers should keep in mind that it still boils down to the price range and the amenities you’re looking for. If you’re in the market for a new home, now may be the time to explore your options as inventory rises.
For sellers, it’s crucial to understand that while more homes are coming on the market, pricing your home too high can have serious consequences.
What’s Going On with Price Changes?
In the last seven days, 77 new listings have entered the market, and 13 properties are marked as “coming soon.” However, what really stands out is that 80% of the changes have been price reductions recently. What does this mean?
In many cases, sellers are pricing their homes with the expectation that the market will continue to increase over the coming months. While optimism is a great thing, this approach can backfire. The Santa Clarita real estate market is fluctuating, and overpricing your home could result in it sitting on the market longer than necessary.
Why Pricing Matters
The truth is, you don’t get a second chance to make a first impression. In real estate, that first impression is your home’s list price. If potential buyers think your home is overpriced, they’ll simply skip over it. When homes stay on the market too long, buyers begin to wonder if there’s something wrong with the property, and you may eventually have to reduce the price anyway.
Key Takeaway: Price your home based on current market conditions, not where you think the market might be in a few months.
Why Are Homes Coming Back on the Market?
One trend we’re seeing lately is an increase in back-on-market properties. These are homes that were under contract but fell out of escrow for one reason or another. In most cases, this isn’t due to market conditions but rather financing issues or contingencies that couldn’t be met.
Speaking of financing, while the Fed recently reduced interest rates, the expected impact on mortgage rates has not been as significant as many anticipated. In fact, mortgage rates have crept up by a quarter point in the past week. This slight increase means that buyers need to ensure their financial profiles are in tip-top shape to qualify for favorable rates.
If you’re wondering why the interest rate you see online is different from what your lender offers, remember that your credit score, financial history, and debt-to-income ratio all play a role in determining your individual rate.
Tips for Buyers
Tips for Sellers
Final Thoughts
The Santa Clarita real estate market is evolving, but by staying informed and working with experienced professionals, both buyers and sellers can navigate these changes successfully. I’m here to help you every step of the way.
For more information, or to see the latest listings in the Santa Clarita Valley, visit Santa Clarita Open Houses.
Feel free to contact me directly at 661.400.1720, or follow me on YouTube for daily updates.
Connor with Honor
First Responder turned Realtor
Realty One Group - Success
Santa Clarita, CA 91355
CALDRE #01238257
Hashtags: #SantaClaritaRealEstate #PricingYourHome #RealEstateTips #SantaClaritaOpenHouses #ConnorWithHonor #FirstResponderRealtor #HomeBuyingTips #HomeSellingTips #RealEstateMarketUpdate #CaliforniaRealEstate
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