How to price your property correctly in Today's Market
I have finished reading a fascinating article in the Realtor@ magazine, published by The National Association of Realtors@. This is a trade magazine for real estate professionals and has many excellent up to date articles on trends in the market.
Regardless of what the news says about the market today home sellers can achieve their goals of a successful sale of their house. The most important thing a seller must do is be realistic on the listing price of the property. Over pricing your property and waiting to negotiate with a buyer will not work in today's market. Sellers and their agent need to look at comparable sales in your neighborhood in the last 3 to 6 months and price your property at what those houses sold for. Always remember to compare apples with apples i.e. similar bedrooms and square footage.
Make sure the sellers know that the market will ultimately determine what your house sells for. If you are the seller don't blame the Realtor for the market. If you need to sell your house employ a real estate professional who understands your market and listen to them and price your house accordingly..
Which brings me to my final point price reductions. Don't put a "price reduced" sign out front of your house. Price reduced sings show sighs of desperation and that this house has not sold and something may be wrong with the property. Also if your house is being shown regularly and there have been no offers then it is time to correct the price (reduce it). Make sure your agent solicits feedback from all Realtors who showed your house. Have your Realtor specifically ask about the pricing of your house. This feedback is invaluable.
It's best to price your house correctly than to have steep price reductions. However, if you priced it too high in the first place it's best to correct the price ASAP.
Well that's my two cents on pricing, backed up by the Realtor@ Magazine April 2008 issue. To read more on this subject go on line www.realtor.org/realtormag.
Appreciate you reading this blog
Chaz Rothenberg