Why Upper End Homes May Not Be Selling

This past week I took one of my buyer client to visit four homes for sale in the $450,000 to $550,000 price range in St. Charles county. Unfortunately, he and I were both disappointed in what we saw.

At this price point, one (especially me) would expect some "WOW" factor somewhere within these homes. Only one of the four provided us with "something to write home about" and that was on the exterior of the house. That was a large swimming pool and recreational area out back...somewhat like having a resort in your backyard. Perhaps it was that the sparkling water on such a hot, sunny days was so inviting.

Anyway, my client was hard-pressed to find qualities inside these homes that made him want to spend upwards of $450,000 for his next home. He loved the locations of the homes and had insisted on seeing them for himself. As he was so disappointed with the homes, I offered to preview homes for him to save him from wasting his precious weekend time. He was certainly all for that!

These particular homes have been on the market for quite awhile...and it is now definitely apparent why. Don't get me wrong...these homes were large and very clean...but totally overpriced for what they had to offer. I realize that all homeowners are looking to get the most money for their homes, but they need to be realistic. It is up to their real estates agents to assist them in pricing their home correctly...and it's not just by telling them how much another home sold for in the area. People need to know exactly how that home compares to theirs.

Sellers wonder why it is taking so long for their homes to sell, while they see a home down the street sell in 30 days. Their real estate agents need to be honest (sometimes brutually) with them in comparing attributes of the homes and it is such an injustice to overprice the home and make the sellers wonder why their home won't sell. In the meantime, all their moving plans are put on hold...maybe indefinitely, until they price their home accordingly.

Buyers have become very savvy. Through their use of the internet in shopping for homes, they have become experts in what to expect at what price point. Truly motivated buyers will not "low ball" an offer on a home that is priced correctly for what it offers.