I know that I’ve mentioned this numerous other times but I think it’s important to bring it up again. Pricing your home to sell is more important than ever. Note that I said TO SELL. This does not mean pricing it at a level that “you need to get.” That is not the same as fair market price.
Also, do NOT price your home at a certain rate assuming that buyers will offer a lower amount anyway. Again, that is not the same as fair market value.
Stop insisting that your house is better than “everyone else’s” (It’s not. I assure you.) so it can be priced higher than everyone else’s. Not in this market it can’t.
The sad truth is with the market we’re in, and the lack of credit that is available, you don’t have to take my word on all of these things. You can price your home too high and find out for yourself what happens when you do that.
I know of an economist who jokes about his neighbors whose home has been for sale for a year – only he insists that technically their home really isn’t for sale because it’s priced way above market value – and just sits there with a useless For Sale sign in the yard.
Right now buyers not only have their choice of inventory they have the gift of time. I’ve talked to numerous people whose lease doesn’t expire until next spring and summer but are looking now “just in case” they find THE home. So far, none of them have, so they continue to wait until credit becomes more available and sellers get more realistic about their home prices.
Keep in mind that sometimes it’s just a matter of a few thousand dollars so pricing your home correctly to start with (if you truly want to sell it at this time) is crucial. If you’re unwilling to price it correctly then why not wait until the credit and housing market picks up again?
photo credit: lrargerich
