Richmond Real Estate - Pricing Problem?
June 22, 2008
What is the right pricing when selling a home? There are many examples of homes being priced wrongly. But, sometimes a home seller might just get lucky and a willing buyer came along and snatched up the home paying tens of thousands of dollars more.
A case in point are some townhouse listings at Richmond’s Timberwood Village in the Woodwards sub-division of Richmond. Two 3-bedroom townhomes were sold in early 2008 at $385,100 and $409,000. Shortly after that, there are now 3 townhomes listed in April and May at $408,000, $449,000 and $429,000. These are all 3 bedroom townhomes between 1,490 and 1,600 sq ft.
The lower priced unit had a price reduced from $408,000 to $399,900, then to $389,900 as was noted in the agent’s most recent advertisement. In comparison, the $449,000 property was reduced to $438,000. For a home owner who is taking the time to compare these 3 homes, it is a matter of which offers a better value.
The market price of a home is determined by the buyer and seller. While recent sales of comparable homes may indicate the price range for a home, ultimately the final price is when a buyer is willing to meet the price expectation of the home seller.
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