Here is an article written by Dian Hymer who is a real estate broker with more than 30 years’ experience and a nationally syndicated real estate columnist.

Home Selling Tips–Price is Key

Many sellers are still in denial about the current market value of their homes. It’s difficult for most sellers to accept the reality of today’s home-sale market, whether they bought at or near the peak and will lose money selling today, or bought decades ago but are still stuck at 2006 prices. And just because the current demand exceeds the inventory in many areas, doesn’t mean prices are escalating at a rapid pace.

Coming up with the right price to list your home should be based on listings that have sold in your area that are somewhat comparable to your home as well as active listings. Homes on the market are really your competition. If you price your home too high or the home’s condition doesn’t compare to other homes similar in size to yours, what you are really doing is helping to sell all those other homes.

Put yourself in the buyers’ shoes. This is easier for sellers who are also buying in this market. They know what it’s like to want to make sure they’re getting a good deal. Your house needs to be listed at a price that is enticing to buyers because it represents a good value. In most areas, buyers are buying in a market knowing that prices may continue to decline before the market fully recovers.

It’s hard to resist the temptation of trying for a higher price than the comparable sales indicate. However, you won’t be happy if your home is on the market for months with no activity, and each time you drop the price it feels like too little too late. You can end up chasing the market down and selling for less later if home prices in your area are still declining.

Be wary of real estate agents who tell you that your home will sell for a higher-than-supportable price just to get the listing. Then they work on you over time until you reduce the price to market value. Agents refer to this as buying a listing. This is not in your best interest. If one real estate agent suggests a higher price than market value, ask them if they will guaranty that price and put it in writing.

Listing your home based on what you want or need to net from the sale won’t motivate buyers to pay more. Buyers pay market value. They’re won’t overpay in today’s market.

If your home needs a lot of work compared with the competition, you’ll either need to have work done before selling, or discount your price accordingly.

For best results, be realistic about the current market value of your home and what preparation it needs in order to sell successfully in today’s market.

About Linda Urbick Linda

has written 261 articles on this blog.

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