Overpricing a Home in a Buyer’s Market
Actual value and the perceived value in today’s market can be perplexing to say the least. The hard truth is that sellers do not determine the market value of their property. Value relates to what something is really worth, which is what a Seller could expect to receive on the open market.
Many times a Seller looks at their initial investment years ago, forgetting the fact that values are relative only in today’s market. If you are selling when values are low, then you will most likely also be purchasing when values are low. Conversely if you sell higher, you will likely be buying higher.The idea of overpricing your property, thinking you can reduce the price later, seldom works.
Sellers who overprice their property, even by as little as 10% above market value, often end up getting less than they would have if they priced it right from the start. The reality is that well kept homes that are properly priced in the beginning always get you the fastest sale for the best price!
It doesn’t matter what the home value was three years ago. Market value is the price at which a particular house, in its current condition, should sell for within 30 to 90 days. By focusing on what the market value of the home is today, will strategically place you in the best possible position for a quicker sale in a today’s market.
Contact my office for a FREE Market Analysis on your home today!
