The best properties won’t sell unless the asking price mirrors the value of the property for sale on Hilton Head.  In the past, sellers would receive offers if a property was priced incorrectly.  Nowadays, buyers just move to the next property without ever making an offer or coming back for a second time.  Because of this, many home sellers are adjusting the asking price of their property.  In fact, yesterday 17 sellers decided to adjust their price because they understand the difference between price and value. 

What’s the difference between asking price and value 

My real estate coach asked me if I knew the difference and it stumped me too.  Price is what asked for a property for sale and value is what the property is worth.  When a property is priced higher than value, the seller is shooting for a premium in the market.  That’s OK for a 3 week trial period, but if there are few showings, no second showings and no offers, it is time to adjust the price.  We have a chart we would be happy to share with you that clearly shows value as it relates to showings.  Please click here to request this chart.

Adjust the asking price when buyers are in the market on Hilton Head!

There is really no sense adjusting Hilton Head property prices in December.  Mid July car dealerships starts dropping their prices to sell the inventory before years end.    The time is now to properly price a property.  Hilton Head buyers are making buying decisions everyday and if a property is properly priced it will sell relatively fast.  Buyers will not make an offer on overpriced properties when there is “replacability” in the market.  They don’t have to.  It should also be noted that no amount of marketing dollars will ever sell an overpriced property or $100.00 pizzas.

How much is a seller willing to spend to sell a Hilton Head Property?  

Generally, Realtors consider a six-month supply to be a balanced market between buyers and sellers.  This means that if no other properties were listed for sale, the time it would take to sell a property would be 6 months or less.  However, this is not the case for many of our Hilton Head Properties.  We have some properties that have over two years of supply and with new listings replacing sold listings, it could take well over two years to sell some of these properties.  Adjusting price now will be far less costly than paying 2 years of carrying costs for many of our sellers. In fact, there is no guarantee that a property will sell for more in two years, but there is a guarantee that they can sell today.

How we determine value on Hilton Head

Market value is very easy to interpret based on activity.  If our sellers are getting showings, second showings and no offers, than the price, value, condition or location are out of alignment.  It’s really that simple.  Let us know if you would like to get re-aligned(click here.)  In the meantime, we will keep pushing.