Price Your Home to Sell Instead of Trying to be Patient

In today’s housing market trying to be patient will not help get your home sold. Do not wait for a buyer to fall in love with your house.  We have to be real; homes are taking longer to get sold.  For the past 18 months there has been an increase in the amount of time on the market.  Part of the reason is greater inventory of houses on the market and buyers have more choices.  Another reason is that sellers are overpricing houses and do not realize the market has changed.  Over past few years there has been shift in the typical market where house prices were rising steadily each year and now it is a combination of steady/lower houses prices depending on the location.  Currently buyers are more price sensitive and sellers are unable to inch the selling price higher.  Homeowners are starting to realize prices cannot keep climbing at the previous pace and are coming down slowly.  Many sellers are hanging on and holding out hope they will get more dollars when they sell.  Sellers who want to sell now need to understand today’s market is not previous year’s market and need to line with it.  Sellers who are not in line with today’s market will experience buyers passing up their listings.  This is partially result of a large inventory of houses on the market.   Sellers will receive some of the following feedback: they have gotten only lowball offers, buyers will be leaving negative comments, and your house has been on the market longer than other houses in your area.  Sellers who experience some of the above comments will take longer time to get their home sold if they don’t fix the problem by adjusting the price.  Now it is important for sellers to work with their real estate agent to make sure their house is adjusted to today’s market. Depending on your area without having no transaction for a long period of time raises questions in buyers’ mind whether the property is realistic price.  Remember price is all important and sometimes a small drop in price will bring a buyer to your door.  Finally, remember if you get an offer that is less than your desire asking price, you are probably ahead of the game since you have probably made a wise investment in a house by accruing equity over the past several years.