Pricing your home
The real estate market is turning upward and in some parts of the country it is a sellers market again. This good news could tempt sellers to want to be more aggressive with their listing price. According to the National Association of Realtors, "40% of sellers say they plan to price their homes above market value". However, that could potentially backfire making it a very risky strategy.
Recent market statistics show that today's buyers are far less tolerant of overpricing. In fact, homes that aren’t priced according to current market conditions are staying on the market longer, forcing price reductions. Most buyers will also associate a price reduction with some sort of defect in the property and often ask more questions as to why, leading to tense negotiations or complete loss of interest.
Before you place your home on the market, hire a professional. Know the current market conditions in your area and price your home accordingly. This should make for smooth negotiations and a faster sale for a better price.
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