Over the past few years we have seen many changes in the residential real estate market. If your home has been on the market recently, or if you plan on selling it, no doubt you have confronted the issue of pricing it right.
Simply, the right asking price for a home is the price that a buyer is willing to pay for it. This determines the market value. Unfortunately, home values have declined and most sellers believe that their home is worth more than its fair market value. A good local real estate agent will be able to provide you with a competitive market analysis, which will show active listings and recent sales in your area. Those homes that were marketed and did not sell will be included as well. If it is a quick sale that you desire in this competitive market, your agent may recommend that your home be priced $10000 less than the lowest priced similar home, unless it has unique features that will attract potential buyers. Don't be afraid to highlight any special selling features!
First and foremost remember that competitive pricing attracts buyers! The most important time in the selling process is the first few days when your home is new to the market. The more attractive the pricing, the more attention it will get and there will be less negotiation on price when as offer comes in. Realtors see many homes languish on the market with a history of incremental price reductions. Don't let your home become stale. Be proactive and move ahead with your plans for the future!
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