Wednesday, October 31, 2012

A Second Look at Overpriced Homes on the North Shore Real Estate Market

If you’ve been considering buying a home on the North Shore this fall with visions of settling in to your new abode in time for the holidays; you may be discouraged at the number of homes that fall just outside of your price range.  You’ve viewed homes online and may have fallen in love with a few that seem to fit your style and needs, but feel as though you need to settle for homes that are a more comfortable fit for your wallet.

As an experienced North Shore Real Estate agent, I have some encouraging news!  Most homes on the market have sellers that are willing to negotiate; especially during the holiday season.  In fact, the homes that seem overpriced may be just the ones at which you want to take a second look!

Of course there are other reasons, such as an issue with the home, as to why the home has been sitting on the market; but oftentimes it’s simply that the price is too high and buyers shy away from putting in a bid on the home.  Below are just a few of the reasons buyers are afraid of putting in a lower offer on an overpriced home. 

- Fear of Offending the Seller- Buyers may feel that a significantly low offer on a North Shore home would completely offend the seller. The buyer may also feel embarrassed that they attempted such a low offer and may be convinced that the seller would never accept.

- The Price is Solid- Buyers may think that they seller is already aware that the home is overpriced. They think that if the seller was anxious to sell, they would have lowered the price and perhaps the seller is solid on the listing price and not willing to budge.

- Offers Have Been Turned Down- If an overpriced home has not moved at all in price, those interested assume that lower offers have been made and the seller has simply turned them down. The reality could be that, in fact, no offers have been made.

All of these factors can lead to a great North Shore home sitting on the market for an extended period of time.  It’s worth taking the time to talk with your North Shore Real Estate agent about a few of the homes that are out of your price range.  Chances are, they are familiar with the homes and will have a better idea of where the seller is at in the home selling process.

If you have any questions about homes you’ve seen on the North Shore Real Estate market, or haven’t yet started your North Shore home search and are ready to begin; please contact me!

You'll be glad you took a second look at the North Shore home of your dreams!

Janie Bress
Your North Shore Real Estate Expert

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