Why Homes In Manlius NY Do Not Sell
So, why do homes in Manlius New York not sell?
For the record, every home that is listed on the market either through a real estate broker or as a by owner eventually sells if the owner has motivation. However, according the the Multiple Listing Service, 60% of all homes that are listed on the open market in Manlius NY do not sell within the first 120 days.
In 2015, 218 residential homes sold in Manlius New York (zip code 13104) The median sales price was $240,000, and the median days on market was 53 days, but this does not account for homes that were taken off the market or re listed. However, the average days on market was closer to 100 days when you analyze the data more carefully.
The most expensive home that closed in Manlius NY (13104) was listed for $824,000, and it sold for $750,000 CASH. That was $74,000 less than the asking price, however, it sold in only 64 days. Conversely, the lowest priced home sold for $30,000 CASH, it was a bank owned home and it only took 17 days to sell. There are not a lot of $750,000 or $30,000 homes that sell in Manlius. Most buyers in Manlius are purchasing homes between $140,000 and $250,000.
If we look at the $200,000 to $260,000 price range which roughly accounts for 20% of all the home buyers in Manlius, we find that about 60% of these home sellers reduced their price after the initial listing, and the average discount given when finally sold, was between 10 - 15% off the initial listing price or roughly $25,000.00.
The home owners that price their home correctly from the beginning tend to see less of a reduction from the actual sales price, in fact according to the data, most consumers achieve a sale at 1 to 3% under the list price and sell within 60 days of listing.
So why is the average home owner in this group pricing their homes 10% to 15% over the actual market value?
First, I do not blame you the home owner. It is not your fault. I blame the real estate industry and more specifically the real estate agent.
According to a real estate agents code of ethics.
Standard of Practice 1-3
REALTORS®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value.
Are all real estate agents "deliberately" misleading the owner as to market value? Of course they are not, however, as professionals it is our duty to provide the consumer with all of the facts and market data to accurately value their home.
There are some agents that will "mislead" the consumer to secure the listing, as they do not "lose to the competition," or they may tell the home owner a higher price to "appease" them, or it is the agent's strategy to tell the consumer a higher price with a plan to reduce the price after 30 days.
The biggest crime to consumers, is the agent that just does not "Know" the correct market price as they are inexperienced with pricing homes. My advice for this newer agent is tell the consumer that you do "not know" the price and need to bring in an expert to price the home. That expert may be another agent or a licensed appraiser.
Many real estate agents reading this may say.. "The home owner is not motivated, they will not reduce their price!" I understand and you as a professional real estate agent need to assess a consumers motivation and it is your right as a licensed real estate agent to decide to not help the consumer or mislead them into thinking that their home has a chance to sell at "their" price. The choice is yours.
The bottom line is that "price" is one of the most important factors in selling your home. If you take the advice of a knowledgeable and professional agent then you will achieve your goals.
If you need help with pricing your home give me a call at 315-882-6610 or click this link to obtain a market value report at no cost or obligation.
Check out the video below for information on the real estate market in Onondaga County.
View Robert McTague's Market Videos
"Based on Information from the Association/Board of Realtors (alternatively, from CCAR MLS, OCBR MLS, or the CNYIS MLS) for 2015."
