Time to get serious pricing your home.
Over the next 43 days someone will want to buy your home. The Question is, "is it priced correctly?".
Buyers who are going to take advantage of the U.S. Federal Governments First Time buyer's credit of up to $8000 need to be in a signed purchase and sales agreement by April 30th and close by June 30th. This includes "move up" buyers who qualify for up to $6,500 tax credit too.
In a Regular market, this would mean that the asking price of homes for sale would tend to go up to compensate for this. It's simple supply and demand. Unfortunately, we faced with competing Foreclosure sales who are really motivated sellers. In the past 12 months in Jackson County, prices have gone down 12%. This means that the value is going down 1% per month as your home stays on the market.
If you are just coming on the market, you need to have your agent price your home "ahead of the curve". Price it a little LESS than what the homes are selling for right now.
If you are serious about selling your home this year, Price your home correctly, right now.
There is speculation that the government may extend the tax credit. The question is "Do you want to take that chance with such a big investment?" I would not want to plan my selling strategy around another extension. Even if it is extended, it will not cause home prices to rise. Actually the prices may drop a little the first month due to all the activity in March and April.
Make your home the best house available in its price range. Buyers will arrive at your door because they recognize the great price. If your home is overpriced, you assist the other agents in selling someone else's home because they will use yours as an example of overpricing in order to sell someone else's home.
If your home is currently on the market, call your Agent, and ask about an updated market analysis. You may also want to ask for an "Executive Review". This is where 5 agents or more are brought in to evaluate the home, and make suggestions. It can be very helpful in pricing your home correctly.
If your home is not yet on the market, call me for superior advice and service. I can be reached at 541.941.4287 or email me at geoff@eastmedford.com.
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