Sequim real estate prices are determined by supply and demand. That may be obvious if you know your economics, but there’s more to this than meets the eye at first glance. This is very important for buyers to know. When it comes to location, do sellers and their agents take into consideration the location of the home when they decide on the listing price? Do they consider how a busy street or highway, for example, can effect Sequim real estate prices?
Sequim Real Estate Prices and Location
It’s my observation that the majority of homeowners who live right on a very busy street or highway do not discount their home because of the traffic and noise and pollution. But they should. The market certainly does by virtue of the powerful market forces known in economics as supply and demand. Like most products and services, the price of Sequim real estate prices are also determined by supply and demand.
Sequim Real Estate Prices Often Out of Balance
The truth is buyers who are very astute will not pay as much for a home on a busy street or highway as they would for the same home in a private secluded area that is relatively quiet. It’s more dramatic than that. Most retirees simply will not buy the home on the busy street, so supply and demand discounts the home substantially. Those are homes that are often listed for a long time and don’t sell until finally the sellers reduce their price enough. That is supply and demand at work on Sequim real estate transactions. Sellers are sometimes very stubborn on this reality. That’s why so many homes on busy streets and highways are on the market so long. Until a seller reaches his threshold of pain, he won’t reduce the price. That often takes time. Sequim real estate prices are determined by supply and demand.
Last Updated on September 19, 2019 by Chuck Marunde