Yes, our market is very, very hot, but it seems that, in the frenzy to capitalize on our scorching market, some sellers are pricing themselves out of a possible sale.
Take this home in Lakewood for instance. This Spanish-style recent build at 6516 Vanderbilt Ave. is a very pretty home, with tons of room and a good layout that makes sense for a family.
When this four-bedroom, four-and-a-half-bath home went on the market 40 days ago, it was priced at $924,999. Considering that this home doesn’t have a pool and has a lot of features you can find in just about any home its age, I can’t say I would see someone paying that much for it. It’s beautiful, yes, but overpriced. Since then it’s dropped $50K to $875,000.
Another home in East Dallas, 8366 Forest Hills Blvd., is a four-bedroom, three-bath traditional with almost 4,000 square feet that has been remodeled with contemporary flair. It’s in Forest Hills — just a few hundred yards from White Rock Lake. It has a pool and a half-acre lot, and there are several mature trees in the large backyard. It was originally priced at $925,000 and has since dropped to $879,000 after being on the market 11 days.
So here’s my question: Of course you want to get top-dollar for your home, but if you price it too high, you’re going to turn off lots of potential buyers. When is a good time to re-evaluate your pricing strategy?