Sellers tend to think in terms of what their home was worth in July of 2007.  The first and most important news flash..."Things Have Changed!"  The change varies depending on what city you are in and even what neighborhood you are in.  However, I have not found a single home yet that has been immune to the last 18-24 months of economic turmoil.  Understand that you have to price ahead of the market in order to sell in todays market.  (I think you need to do this in any market.)  I am still seeing multiple offer scenerios for sellers.  However, this is only when the home is priced ahead of the market.  If you price at the what the other current, identical, active listings are priced at then expect to sit on the market.  Then expect to have a price drop.  Then expect to sit some more.  And maybe another price drop.  Finally, as time drags on the market price drags down.  This is reality.

 

A new listing gets noticed!  A new listings gets the most activity!  So price it right from day one and your chances to sell will increase exponentially.  Take the last SOLD price and cut it by 3%.  This will look like a good deal to buyers and they will come.  Half the battle is getting them in the door.  Cut it 5-10% compared to the last sold and you will most likely be looking at multiple offers that push you back up to what true market value is.  Anytime people are competing on a property is when you will quickly find the true market value.  Also, you close the house and move on with your life in a short amount of time.  I have used this pricing strategy on my own properties even during the HOT market and everytime it caused me to get above what I thought market value was and have a deal signed around within 72 hours.  I am not making any promises, but it is a strategy that many have used successfully.

 

So Sellers...  If it is time to move, you can still sell a home despite media headlines.  Just know that you must be REALISTIC in what you are going to sell for and price ahead of the market.  A good agent won't always tell you what you want to hear, but they will have a pricing strategy to get your home sold and an actual marketing campaign to get it out into the publics attention.

 

Stay tuned more to come...