[Sometimes amusing] Charleston home prices
It's sometimes amusing to look at Charleston home prices and see whether there is any basis in reality. And it doesn't seem to matter whether the home for sale is a lender owned property, a possible short sale, a pseudo FSBO (for sale by owner but listed in the Charleston MLS as a limited service listing) or a traditional home sale.
A few examples.
Hurry, at this price, the home will go fast. Except it has been on the market for almost a year.
Priced to sell. Except it has been on the market for almost a year, again.
A steal at this price. Except that burglars don't seem to have the credit necessary to obtain a mortgage.
Priced below last appraisal. Except there is no mention of when that appraisal was done.
I've noticed some lender owned homes being offered for sale as if they were in pristine condition at top dollar as if the seller had some kind of emotional attachment to the home and valued it higher than recent sales in the neighborhood which of course is kind of how most traditional sellers think. It doesn't seem to matter that similar homes in the neighborhood have sold for $100 per square foot (as an example), this home is special and therefore, it's priced at $125 per square foot.
And then there are the prices on short sales which are sometimes so far below market value that the only objective is to get an offer so that the short sale process can begin with the lender. They tend to look too good to be true which they are if the lender won't approve the sales price agreed upon between the seller and buyer.
Bottom line, when you are analyzing how to price your home for sale in Charleston, it's best to have a real estate agent do a comparative market analysis to find out what other homes have sold for and base your list price on that. Because after all, if a buyer agrees to purchase the home, (in most cases) the home will have to appraise for the agreed upon price for the sale in order to close.
And it has been proven that a home that is priced right from the beginning will sell quicker and for more money than a home that is overpriced and eventually reduced.