House Hasn’t Sold Yet? Take Another Look at the Price

The San Juan Island residential real estate housing market has been seasonally good this year. While home sales have been fewer in number from last year, the sales prices have trended higher. At first glance, it seems as if a “seller’s market” is around the corner, but a closer look reveals something different. Many of the homes that drove last year’s transaction numbers were priced below $400,000, with numerous foreclosures included. This year there are fewer homes for sale under that $400,000 price point. Also, many of the homes that had been languishing on the market above $1,000,000 have had price reductions, bringing them back in line with realistic market demand. There are still buyers in the San Juan Island real estate market, but they are more savvy and are choosing their purchase based on comparable homes.

If your house hasn’t sold, it is probably the price.
If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. (See Chart)

Bottom Line
The housing market continues to be active into winter. If you are not seeing results you want, sit down with your Windermere Real Estate agent and revisit the pricing conversation. We know how to price homes competitively and get you where you want to go, on time! Since January 2012 over 80% of San Juan Island homes that sold, involved a Windermere Realtor according to the Northwest Multiple Listing Service (NWMLS). Click here to learn more.