Sale Price to List Price Distribution
The real estate market outlook in Lexington is positive with many homes selling with competing offers and selling for at, or above, the asking price. Why then in the strong sellers’ market seen in January - June did 26% of homes sell for less than the asking price? The answer lies with three factors – the presentation, marketing, and pricing strategy in selling the home. Buyers are highly educated about home values and listing a home at too high a price is a clear red-flag to buyers, who then ignore the home until the price drops below market value. Given that as the market corrected in July – December the number of homes that sold below the asking price increased to 32% the factors outlined above will be even more important in 2023 and beyond. A focus on the fundamentals is critical to attain a sale price equal to, or over, the asking price when selling a home in 2023 and beyond. The fundamentals include preparing the home to be move-in ready, presentation of the home including staging, marketing the home including all digital aspects of video, photos, floor-plans, 3D tours and multi-channel advertising campaigns, and realistic pricing are critical.