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Price your Home Correctly For The Local Market

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Mon, Jul 23, 2018 at 10:40AM

Price your Home Correctly For The Local Market
  • It's a seller's market, but that doesn't mean every house will sell at any price.
  • If a listing is overpriced and sits on the market for too long, it gets stale ( FACT ) 

High demand and low supply have made it a seller's market pretty much all over the country, and especially for lower-priced homes but things are changing.It does not mean every house will sell or sell quickly. Price is still important, especially as some markets begin to overheat.

The low number of listings has made the market more competitive, pushing prices higher at a fast clip. Nationally, prices are up about 7 percent from a year ago, and in the hottest markets they are up double digits. Still, a house can be overpriced, and today's savvy house hunters can smell an overpriced house a mile away.

If a listing is overpriced and sits on the market for too long, it gets stale. Potential buyers will see the time on market and click past your listing, often without even looking at it. That is why it is best to lower your asking price before your listing hits the stale stage.

It would be easy to say that all you need to do is price your house correctly and competitively in the first place, and then you won't have any problems, but there are several schools of thought on when to be competitive and when to test the market.

We don't believe in 'testing the market but if we enter the market that might be pushing the top of the range, we can easily gauge response within seven to 10 days , even then we still have clients who simply will not accept market values and wonder why a home sticks.

"It's almost a certainty that if we don't get an offer within that first 10-day period, then we've missed the mark ....... 

What sellers should do ?

When our sellers are finally considering a price cut despite our initial words of caution,we first research the neighborhood, right down to the ZIP code, to see how long it takes most homes to sell. Then look at homes that sold after a price cut.

From our research, we then calculate the average price reduction of pending sales in your ZIP code over the previous three to six months. Get a rough idea of how much you will have to lower your price and then  compare your rough final price with current listings in your market. We find the average of those homes and reduce your rough price by the list-to-price ratio to get a price that will beat the competition

Once a price is reduced, all listing websites will be able to see that, and some will send an alert to buyers. Real estate agents will also market a price reduction, both on the front-yard sign and the online listing.

While a price drop can bring in more buyers, it can also turn off some buyers who might have been on the fence, fearing that the home is not as desirable as they thought.

Wendy Morris Realty recommends that if you don't need to sell quickly, you might consider taking the home off the market for a few months and then relisting at a lower price.

Your listing will look like a new listing, and you will avoid the stigma of the price reduction....


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