You’ve all heard the “price your home right” to sell it fast. Although it’s been said over and over, what does it really mean? With the number of homes on the market right now, it is critical to price your home at most in the median price range to slightly below all comparable properties on the market. Sellers often want to add a little extra cushion to the price for negotiation room. This works when you have a seller’s market. However in a buyer’s market, a buyer will simply look at all the similar houses in their price range. If your home and another similar features are their choices but yours is slightly higher, who do you think the buyer will negotiate with? By doing this, you may be losing potential buyers and money. It is always best to enhance your home’s features. Try to make your home stand out, so that there are reasons for buyers to want to deal with you. One feature that often gets over looked is the location. If you are in a better location than the competition, use it to your advantage. The real estate market is very competitive right now. Pretty soon it will be an olympic event and a contact sport. Remember that to a buyer, this is a financial investment. They are not emotionally connected to your home until you make them.
Archive for December, 2006
Sales of existing homes has gone up this month compared to last month. The sales are not near the level they were this time last year. In addition, the increase in sales is due to what is being called a market correction. House prices soared and got to a level that could not be sustained. Therefore, sellers right now can expect to sell their home but not for the price others in their area may have gotten last year. The increase is due to sellers realize that the market has changed dramatically and have reduced ort started at prices accordingly. It is hard to face that what your neighbors got is not going to be what you get. Think of it this way, the new neighbors have a house that if they needed to sell, would not get what they paid for it.
From USA Today:
Sales of existing homes edged up for the second month in a row in November, the latest proof that the real estate downturn is coming to an end, the National Association of Realtors said Thursday.
The NAR said sales of previously owned homes rose 0.6% from October to November but were still down 11% from a year ago.
That news followed a report Wednesday from the Commerce Department that said new-home sales jumped a surprising 3.4% in November, the third gain in the past four months.
“It appears we’ve hit bottom,” said David Lereah, the NAR’s chief economist. “The price drops are necessary to stir sales. It is working.”