How easy, in a booming market, is it to convince ourselves that if your home is worth $100,000 today that sometime in the very near future it will be worth $103,000. Since the market is appreciating rapidly, we would logically price the home at $103,000 knowing that the market will catch up soon and we can cash a bigger check. Those were easy listing conversations. And most of my clients jumped on and profited from this advice.
Now lets move forward. If that is true in an appreciating market. Wouldn't it make sense that the flip side is true in a depreciating market. It's hard though, to convince ourselves to do this. The reality is to sell a home in todays' market we have to stay ahead of the pricing curve.
Many homes are still being sold in our area and most areas around the country. The homes that are selling are pricing slightly ahead of current market conditions. These homes are selling in 30 to 60 days while other properties are sitting on the market for much longer periods of time or not selling at all. This is not a stroke of genius. The market has worked this way for many years... if not forever.
Here's the great thing... You will make far more money on your home in the long run than someone that sits on the market for a much longer period of time even of they sell at a higher price than you. Doesn't that make sense?
Think of all the lost bank interest on your loan or loans, taxes, and insurance for an extended period of time which can easily add up to thousands and thousands of dollars. When you could have been building equity and enjoying your new home.
The moral of the story, be aggressive with your price. Your pocketbook will thank you. And so will your piece of mind.
Thanks for Listeneing,
Felix Krynicky
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