How Overpricing Kills Home Sales.

If there is one thing that will kill a sale- it is overpricing! Everyone know the logic, we think, "lets start high and then we can negotiate". Wrong! How can you negotiate when people are not willing to look at something that is overpriced?

Reasons overpricing will kill your home sale:
You WILL have fewer showings.
Less internet activity, fewer property tours, less activity.
It helps sell your competition.
Rather than having a bidding war, there are no offers to negotiate.
You are not creating VALUE in the eyes of a buyer.

Therefore, let's get serious and price it right. You will find that you are not following the market down. You save money in monthly payments. You take advantage of the low interest rates.

Like my Grandpa used to say, "Pigs get fed, Hogs get slaughtered." Don't be greedy but get what you can.

Salt Lake 2010 Market Forecast

Between 2007 and 2008 home sales dropped 42 percent, falling from 15,300 homes sales to 8,800 home sales.

However, in 2009 home sales increased 9,100 sales, a 3 percent increase compared to 2008. The increase in home sales in 2009 suggests that 2008 was the bottom of the downturn. In 2010, as many as 10,000 homes could be sold in Salt Lake County, a nearly 10% increase compared to sales in 2009. Since the peak, single-family home prices have retreated 13%.

Local housing prices will continue their drift downward in 2010, falling another 3% to 5%, the report noted.

At the end of the fourth quarter, the median price of a single-family home in SL County was $222,000, down 13% compared to $255,000 at the peak of the market (third quarter 2007).