Pricing In A Buyer's Market

  • Print Article |
  • Send to a Friend |
  • |
  • Add to Google |

We all know that market values are dropping throughout the nation. Quite frankly, some are creating an upside-down effect whereby the remaining mortgage proves higher than what it will appraise out for. Yikes!

Let's face it, everyone has an ego when it comes to their home and it always surfaces when the time comes to pricing out a home. Don't let those visions of grandeur and walking away with a major profit get in the way of practicality. "You're gonna have to leave your ego at the door." Successfully selling a home nowadays for a decent profit means you'll have to swallow a little humble pie, be sensible and disciplined.

The price is right could not be a truer analogy. A homes market value will be primarily based upon those homes most comparable to yours in square footage, style and age that have sold within the past six months in a 2-5 mile radius of your location. This is what the bank underwriters base their determination on. It's not that you realtor is a moron, it's not that John Doe down the road sold his house for a heck of a lot more a year ago, it's an industry standard that makes absolutely no exceptions. Realtors know the industry. Trust their judgment.

If you decide to sell it on your own, you have to do your homework and keep a level head. Buyers today are savvy. They're on the web, tuned into the news, reading articles. They want to be seduced and their looking for enticements. If a duplicate house is selling on your road for $200,000, then price yours at $195,000 and throw in a cleaning service to sweeten the deal to prep the house for when the new buyers move in. Many buyers are strapped for cash and offering to pay part, or all of their closing costs will definitely prompt a quicker sale.

Remember, when the Price Is Right, all parties walk away with a smile on their face.

Rate this Article:
  • Article Word Count: 303
  • |
  • Total Views: 88
  • |
  • permalink
  • Print Article |
  • Send to a Friend |
  • |
  • Add to Google |
>