Conventional knowledge suggests that if a house does not sell, then something must be really wrong with it. That is actually a truthful assertion. In a growing market such as the Aventura real estate industry, it is reasonable to assume that something's definitely not right with a property that does not sell as quickly as most of its competition.
In contrast to common belief, though, it's not always the condition or location of the house that kills its chances. Of the numerous reasons that influence the delayed sale of an otherwise attractive Aventura real estate property, overpricing probably leads the pack. As a matter of fact, some grossly expensive homes often do not sell at all seeing that potential homebuyers avoid writing offers on them.
Why Buyers Avoid Making Offers On High-priced Listings?
Basically, there are three explanations to this query. For starters, prospective buyers do not want to rub the sellers the wrong way by writing such low offers. Not only would it pose as an insult to the seller, it would also be embarrassing on the homebuyer's end.
The second reason is that buyers mistakenly think that the seller knows the house is overpriced. In fact, they even believe that the seller can simply lower the price if he or she would only be willing to sell for less.
Last but not least, prospective buyers of Aventura real estate also presume that the seller must have declined low-ball offers from other interested buyers because someone had probably offered a sensible price along the way. In most cases, however, no offers had been made at all.
How Can You Spot An Overpriced Listing?
The easiest way to hit upon such listing is to directly ask your Aventura real estate agent regarding the average DOM (days on market) for your area. Then ask him or her to search through the listing and furnish you with a printout of every residential property that has stayed on the market longer than it's supposed to.
If your Aventura real estate agent is a neighborhood expert, he or she must have an extensive knowledge of the condition and layout of the various homes for sale. You may ask your agent which of the houses are apparently overpriced and which aren’t. You'll be astonished to find out that realtors often don’t tell listing agents whether the homes are overpriced since they do not want to upset anyone either.
Then again, listing agents even in the Aventura real estate market aren’t always reliable. They commit mistakes every now and then especially when approximating market value prices for a home seller. In the end, however, keep in mind that it's always the seller's obligation to decide on the final sales price. Thus, talking directly to the seller is still worth a try.
Vanessa Arellano Doctor
http://miami-realestate.net
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