Slow Market Home Pricing Advice
Homes are going to be sold in good markets and bad. When
times are good, people often forget that bad times will be coming
eventually. During good times, people often get caught up in the hype of
the real estate boom.
During tough times, houses will be sold eventually, or taken off the
market and sold later. If you need to sell the home as soon as possible,
for financial or other reasons, you will have to adjust your price with
the current market and don't get greedy.
This is the hardest thing for most people to do, lower the price of
their home in order to sell it in a slow real
estate market. Don't get caught up in the value of your home, six
months or even a year ago. Last year's prices are not going to be this
year's prices and you need to get that through your thick skull.
If the average homes in your neighborhood are selling for $250,000 and
you have a swimming pool or done some upgrades, maybe a room addition.
Your home is going to be worth more than the average selling price.
Most real estate professionals will price your home according to the
length of time you have to sell it. If you're in a hurry to sell, they
don't have time to test the market. The price of your home would need to
be competitive or lower than homes selling in the area.
Whether homes are selling fast in a good market for selling slow in a
bad market, if you have time, you can ask a little bit more for your
home. If the market hasn't reached the bottom, waiting could actually
hurt you, because the prices of the homes in the area would still be
dropping.
Listen to your real estate professionals advice when pricing your home.
That's what you're hiring them for, they are in the
real estate
business. Your neighbors, relatives, friends and people you work
with, will probably be guessing if you asked for their opinion on
pricing your house.
Your house is only worth what someone is willing to pay for it. Finding
that person is the key to selling your home, finding that person as soon
as possible could give you the illusion that you sold your home to
cheap. Don't worry about it, your final objective is to sell the house.