Its All About Price - Fort Myers Real Estate

overpriced homeThe 10,000 lbs elephant in the room right now in the Fort Myers real estate market is price PRICE.  Buyers are inundated with short sale and foreclosure deals and are locked and loaded looking for a deal.  A traditional seller that purchased a home after about 2003 doesn't stand much of a chance of generating a profit on a home sale. Buyers are slashing and burning their way through our current inventory, many of which are distressed homes.  Most have so many choices that logic is outweighing emotion in the current market.  Buyers are not falling in love with a property, but rather are falling in love with the hunt and the ultimate killer deal. Over-priced homes are being completely ignored by our current pool of buyers.  While we mainly represent buyers, we do get inquiries from sellers about listing their property.  We will not accept a listing where the seller has unrealistic expectations about price.  We prefer to let some other firm spin their wheels dealing with that scenario. A family trying to sell their home in Gateway for a job relocation is representative of the challenges faced by traditional sellers.  This family went well beyond the call of duty in marketing their home.  They made a very attractive blog about the property, got an article about the house printed in the Naples Daily News......but haven't been able to sell the property. Why hasn't this creatively market home sold since it was listed in mid-May? One word.....PRICE.  The asking price of this home is 279,900 or $123/SF.  Since this home was listed, 16 four bedroom homes with pools in Gateway have sold.  The average sale price of these 16 closed homes was $82/SF.    The bottom line on this home is that today's buyers are ignoring homes like this priced at a 50% premium over comparable homes in the community......Sure glad it wasn't our firm spinning our wheels for four months on this listing.

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