Pricing directly impacts the amount of time it takes to sell a home and whether it will will sell at all. Pricing is particularly important in a slow market. The following is advice on positioning MA real estate to sell in a slow market.
Take Into Account the Real Estate Market
Every real estate market varies. When you see facts on the news, those normally refer to national averages. Your specific town may be dramatically different. A local real estate agent can provide a comparative market analysis on your property. This compares recent sales of similar homes and produces an estimated price range in which your home may sell. This value may be different based on the time of year and recent sales, so avoid relying on old figures.
When viewing the market figures, remember that it is a range. Where your home falls in that range depends on different factors and your desired timeline. As a home owner, it is typical to feel a sense of attachment to your home and to the work that you have put in. Unfortunately, not all home buyers will assign equal value to different features and amenities. Expect that you may not receive back the full amount spent on repairs. Additionally, home prices may be impacted by short sales in the area, which are often sold at significant discounts and are still considered comparable properties. Market value is defined as the price that a potential buyer is willing to pay for a home at the current time. It may not necessarily meet your expectations or be close to the original purchase price of the home.
Positioning MA Real Estate To Sell In A Slow Market
Positioning a home too high will result in valuable time being lost. If the real estate market drops further during that time, the property will ultimately sell for even less than it would have if positioned accurately to begin with. Furthermore, buyers tend to have a negative perception of properties with extended market times. This perception is difficult to overcome even if a listing drops in price later. Pricing too high does more harm than good.
Some Extra Advice for Homeowners
If the market value of your home is far too different than your expectations, it may be best to watch the market and wait for values to increase rather than overpricing and having little success for a lengthy period of time. If you must sell and need to do so within a specific time frame, selecting a price appropriate for the real estate market and competitive with other homes will be crucial to achieving your goals. Time is money and overpricing may be more costly than you anticipate. This information on positioning MA real estate to sell in a slow market was compiled by John Wells at Wellsco Realty.