Overpricing is a common blunder committed by many an anxious seller and some real estate agents. With so much riding on the outcome of the sale, it’s a mistake easily made, but it can be a costly one. When shopping for a home, the majority of buyers consider the price first. If it is overpriced they will go elsewhere or wait for a price reduction. In the meantime the property will sit on the market. The best opportunity to sell your home is in the first 30 days after it is listed for sale. If it does not sell in that “new on the market” period, buyers begin to think there is something wrong with it.
There are many reasons sellers mistakenly overprice their homes. Inadequate information and lack of experience cause many people to misinterpret market conditions. Perhaps the owner elected to make expensive improvements with the intention of increasing the property’s value, but the renovations cost more than the return on the investment. Or maybe the owner purchased the house at an inflated price and is trying to compensate for overpaying. Sometimes people choose to overprice their home with the intention of bargaining later.
Since properties generate the most consumer interest when they first appear on the market; it is critical to rely on the expertise of a professional real estate agent who can provide you with a comparative market analysis, and help you determine a fair and competitive price for your home.
A second home in a hot location provides the buyer with a desirable vacation get-away, secured returns, tax benefits and incredible long-term investment potential. Yes, there are always going to be more people competing for the same sandy beaches or waterfront properties, but that means there will always be eager buyers and renters to support ongoing home price appreciation.
The most elite locations often draw huge numbers of out-of-town visitors each year. They come to enjoy a wide range of outdoor recreational activities in exquisite natural surroundings. Take a tip from international investors and buy your second home in a location that offers a warm, semi-tropical climate that permits year-round swimming, sailing, fishing and golfing. Popular destinations are usually located within a few hours drive of a major city or close to a major airport. It is not uncommon to see well-known celebrities enjoying tanning on the beach or dining at fine restaurants.
Beautiful weather, beautiful scenery and beautiful people create a winning combination for second-home investments.
Would you like to create a dream vacation home that you can use for rest, relaxation and recreation? Market studies show that sales of second homes now account for more than one-third of all residential real estate transactions, so buying a vacation retreat is an excellent investment.
Focus your home search on the areas you most love to visit. Most vacation homebuyers choose a location that is between 50 and 100 miles from their primary residence. The typical purchase is a single-family home of approximately 1,200 square feet.
One of the delights of purchasing a vacation home is modifying it to reflect your unique tastes and preferences in home design and furnishings. In planning the changes you are going to make over time, it is important to remember that you may decide to sell the property some day. Perhaps you will find another, more desirable house in the same area, or decide to trade your mountain ski lodge for a tropical beachfront villa.
No matter what the location, you should buy, build or remodel a home with features that withstand the test of time.