Price is Important In Real EstateSaturday, June 2nd, 2007
Not long ago I listed a waterfront home on Grand Lake in Northeast Oklahoma. The home is 10 years old but looks and shows like new. It has a beautiful view of a wide cove and out to the main lake. This home has a boat slip in the communinty docks of this gated association. The boat slip is a short walk from the home but you do not have to view boat docks from the large deck of this home. The docks are just far enough around the corner to not see from the deck. Thus the best of both worlds, a dock right here without seeing it from your deck.
The deck has a carved eagle, a hot tub the owners say they have $10,000 invested in, and the home keeps the bugs away with a spider b gone system that works but costs around $6500 to install. All this is included in this home.
It has only been on the market about 40 days but has not seen the action I would like to see. Another similiar floor plan home in this gated community is under contract. Why is the home not sold? It is mearly a function of price and the market. The home under contract was listed at $350,000 and sold soon after coming on the market. It does not have as good a view as the home we are writing but does have many pluses to it that are equal but different from home we are talking about. View is important but sometimes we over estimate the value of the home we own and are trying to sell. Maybe the other home has a feature that other buyers really like that this one does not or who knows what is the difference. I think for the most part in this case, the difference is merely price. My people were very set on a list price of $372,500 because their home does have the premier view. I agree the home is great in every aspect and has the best view from a great deck. However there is a price breaking point. I wanted my people to list for $350,000 and showed them the reasons for doing so. They still wanted to try for the higher price and we did but without the normal flow of lookers of a new waterfront list in the spring of the year on Grand Lake in Oklahoma.
My people are wonderful folks and very successful in their own business but like I do sometimes with my own property and so many others do we and they got to seeing only the seller’s view of the great features of their home. They, as I have done before, missed the buyer side of staying close to the market.
We now have seen that our $372,500 is too high and yesterday lowered list number 07-1155 in my featured home section at my web site link below to $350,000. This home is a great value for a Monkey Island waterfront home in a gated community on Grand Lake in Oklahoma. It is priced on the market and should sell quickly now. It’s features are what the buyers want, boat slip, huge deck, great view from living, master bedroom, and deck, nice open floor plan, and in like new condition. Brighton Bay the gated community offers tennis, swimming pool, sand volleyball, swings, basketball, picnic areas, great area to walk, and many nice neighbors. It is a great setting for a full time or weekend home. Grand Lake is a wonderful place to own a second or full time home. This home is a good buy today at $350,000 for a buyer who appreicates the extras offered here at an affordable price in today’s market. Check it out at the link below and call for more info at 918 640-3300.
If you are selling a home, think about what I have wrote about and get with your realtor regarding pricing right in today’s market. You will be glad when you use your realtors knowledge and unbiased opinion of the market and your home’s value.