This week’s Real Estate 411 is about Chasing the Real Estate Market Down and why it’s important to price your home correctly.
Many owners want to list their property at a higher price than the market data suggests because they feel their home is superior to others on the market, or they say “they just have to get a certain price for it.” This is often because they have a certain amount of money invested in the property and they want to get at least that much out of it when they sell. While this is totally understandable, your property is only worth what a buyer is willing to pay for it today.
Over-priced listings take longer to sell, if they sell at all. And too often owners later find themselves chasing the market downward by lowering their price multiple times just to get someone (anyone) to buy it. When this occurs, you’ll usually end up selling your property for much less than if you had priced it correctly in the first place.
In a stable to good market most of your activity (viewings) will come in the first couple of weeks, so it is very important to capture as many interested buyers as possible during this time. Make sure when you are meeting with your Realtor that they are doing a good competitive market analysis of nearby comparable homes that have recently sold. In todays market you should be able to get the information you need looking at the past 2-3 months of SOLDS.
If any of you have any other questions regarding this topic or would like me to take a look at your home to see what it could sell for if you were to list it please contact me.