The Pricing Dilemma

Real Estate Blog Article

Friday, April 08, 2011

Homeowners attempting to sell Miami Beach real estate are generally aware of how imperative it is to set an ideal asking price the first time that a property is put up for sale.  Are they aware that they may need to reduce this price anyway?  While this necessity has been discussed over and over, apparently some sellers have yet to get the message according to a leading real estate research firm.

Miami is the runner up when it comes to the biggest home discounts per a survey of the fifty largest cities in the country.  In the past year sellers have chopped down prices by just over ten percent, second only to the nineteen percent discounts being seen in Detroit, the reluctant “winner” of the survey.  Sellers of Miami Beach real estate and neighboring cities have had to accept the fact that foreclosures and distressed sales are still a huge contributing factor in forcing prices to go down.

There is a nearly forty percent chance that sellers will need to lower their initial asking price, a realization that usually comes after a home has been up for sale for about 69 days.  Again this doesn't mean that you won't be able to sell your home, it just means that you need to be realistic about prices and realize that the digits you have in mind might not be what you ultimately get for those Miami Beach condos or homes you're trying to sell for whatever reason.

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