Many homeowners are growing increasingly concerned about the emerging “buyers market.” The biggest mistake a seller can make is to overprice the home in those circumstances. Trying a higher asking price in order to “test the market” can be disastrous, because by the time the seller adjusts his price down, the home has become “old inventory.” At that point, buyers often overlook the older listings, assuming something is amiss regarding the price or the condition.
The goal of every seller should be to get a deal within the first few weeks of listing, when the property is “fresh” and buyers will be most interested. Price your property accordingly by comparing its value against similar homes in your area. Comparing listing prices is a good place to start, but the most critical figures will be the prices for which homes have already recently sold.
The real lesson to be taken is an age-old one that holds during any market conditions: homes that are priced correctly sell for their asking price. Price your home according to what the market will bear, and allow the real estate agent to get the word out.
You’ll find that an agent’s experience and expertise make all the difference during these more challenging conditions. Now is not the time to enter the field without representation. Don’t “test the market,” test your agent!
