Pricing Your Home for Sale When Everyone Else is Overpriced

The past few years have been exciting for home sellers. Not only were

home prices historically high but buyers were well qualified and enjoying

low interest rates. Today’s housing market is dramatically different in many

areas of the country. If you are considering selling your home, you may be

wondering how to select the correct price when it seems all the sellers

around you are still overpricing theirs.

Working with your real estate agent, the first step is to look at recent sales,

not just recent listings. You may find quickly that the homes are selling for

quite a bit less than they are listed for. You also need to look at the trends.

Are sales prices rising month-over-month or declining – and by how much?

This can help you gauge if you should price higher than recent sales or

lower.

In areas with few recent comparable sales, such as markets with many

custom homes, it may benefit you to get a professional appraisal. This will

cost a few hundred dollars and will give you a full picture of the local

market. Appraisers will consider the unique features of your home vs the

recent sales, as well as the sales prices. This can offer great information if

you have a beautiful view, a large lot, or a remodeled home.

Finally, rely on the advice from an experienced agent. Don’t be tempted to

join the pack if they are overpriced. Be reasonable in your expectations.

This will allow you to sell quickly and for the best price possible in the

current market.