South Florida’s real estate market has become very profitable for some. A market, in which home prices have steadily increased, can evolve and force sellers to reduce the listing prices of their homes. WSFL-TV Trusted Advisors, Broker Patty Da Silva, and Realtor Chris Green of Luxury Homes by Patty Da Silva at Green Realty Properties, joined Inside South Florida to share tips to help sellers and buyers navigate price reductions.
“The simple answer is there's more inventory and less demand. That's it,” says Da Silva. “The sellers that really want to sell have to price the home correctly or do a price adjustment to reduce the price to where the market is at the moment.”
The amount of time the property is on the market may reflect its listing price.
“If you’re getting a lot of showings and no offers, that is just a clear indication that the property is overpriced,” says Da Silva. “The buyers are looking at the product and thinking it's not worth what they're asking, and they just move on.”
For more information, visit PattyDaSilva.com
This Inside South Florida Segment is paid for by Green Realty Properties.