Before you list your home for sale, it’s a good idea to examine the sales/list price ratio.
The Boise real estate market has seen a big change in average sale price discount on home sales in Boise.
(See chart below.)
Tips For Boise Home Sellers:
Note the rapid change in the discount most sellers are having to accept on average closing a home sale in Boise. This is great news for homeowners. However, what you can’t see in this chart is just which homes are selling. Some Boise homes are selling very fast and for full price, others are not selling at all. Can you guess why some homes are not selling? It’s because they are not priced right for the market (or they have hired the wrong agent who is not marketing it well). The inventory of homes in Boise, Meridian, and Eagle is extremely low so homebuyers don’t have a lot of choices. When a nice home hits the market and is priced right, it sells very fast and at a good price. Believing they can capitalize on these quick sales, many sellers make the mistake of pricing their home too high, then complaining when it doesn’t sell. Now focus again on this chart–the sellers who are having to give the biggest discounts off their list price are sellers who have overpriced their homes to begin with. It doesn’t matter what price range your home is in either. I just sold a home priced over a million that was originally priced a bit too high for the market,where the seller had decided they wanted the best chance of selling the home this fall so they lowered the price significantly to a point we knew it would really stand out in the market. The seller soon got a full price offer. If you list your home at market price you can dictate not only the sale price better, but can also often control how quickly it sells. If you discover your desired sale price doesn’t match the market conditions, then be prepared for a longer marketing period for your home. Which is ok, so long as you and your agent are on the same page.
**Mike Turner is the Founder and CEO of Front Street Brokers, Host of the Boise Real Estate Radio Show, and Editor of the Boise Real Estate Newspaper. Mike specializes in Luxury Home Sales in Idaho, and is widely known for his comprehensive knowledge of local market trends and opportunities.