Hilton Head Buyers won’t pay over fair market
Used to be that if we priced our properties a bit high we would still get an offer. Today with an “overstocked” market we now have to be within 3-5% of what the property is expected to sell for before we even get an offer to work with. This is because buyers can now go “window shopping” with their computers. Buyers today do not have to physically visit a property to determine value. This takes the bidding process out almost altogether. If the buyer does not see value when they are “window shopping” on their computers they don’t ever step foot in the property, hence no showings or even bids on overpriced properties.
Comps are not reliable for Hilton Head sellers
There are some sellers celebrating birthdays on their listing date because they are hovering at the last sold price that some seller set(days, months or years ago). In order to sell, a seller has to go to the buyer by adjusting price and appealing to perceived value. Buyers are ready and waiting to pay fair market value, but will not react to overpricing. If a seller’s asking price produces no showings and no offers in a matter of just a few weeks now with the internet moving information faster, than the asking price is higher than fair market value.
Determining Fair Market Value
In the next week we will have the world focusing in on our small Island with the RBC Heritage Golf Tournament. If there was ever a time to adjust price to appeal to the maximum number of buyers, timing has never been better. If you are listed with us and want to know what that number is email us. If you are not listed and wondering what that number would be for you, let us know and we will provide a price that is within 5% of value. Robbie Bunting’s direct line is (800)932-3652. Thank you.