Ok, so we’re in the middle of a challenging market in the real estate industry. However, with this kind of market, there are opportunities for some homesellers. The trick is to price your home right for today’s market.
The most difficult reality for most sellers to face is that prices in their neighborhood may have dropped during the last year or two. Some sellers are finding that it may not make sense to sell now if the probable sale price is too low.
Most sellers don’t have the luxury of the waiting game in selling their houses. They’re moving because of job relocation, downsizing, need for a larger house, and so on.
Today’s home buyers are extremely price-conscious. There is a lot to choose from so price will probably be the deciding factor. A price that’s too high for this market just won’t bring the results that a homeseller may be hoping for.
First-time home buyers especially in this current market are more cautious about what they buy because they fear that the property they buy might drop in value before it starts appreciating. They buy for the long term and are less prone to make compromises.
Some situations to consider when selling your house are factors in the condition of your property and may not be able to fix like an awkward floor plan that can’t be changed, a location next to a noisy highway, a house that just may need too much work to fix up, or a house where the property just drops with no usuable land to entertain on.
This doesn’t mean you can’t sell your home if it has some negativities to it. But, you will need to account for the deficiency in your price. Keep this in mind when you compare your home with one that sold recently that had new everything, a great floor plan, wasn’t on a busy street , and had level property.
The condition of your property will also be scrutinized more carefully in the current market than it would have been a few years ago. You can sell a property that needs work. But, you will sell it quicker and for a better price if you can repair necessary potential problems, and have the property looking great when it hits the market. If this is not possible, take this into consideration in your list price.
It’s difficult to hit the market price for a property if there haven’t been many recent sales in the neighborhood. If you miss the target and find that you’re home is priced too high, lower it as soon as possible. A price reduction is no longer a stigma in this market.
So, letting a listing sit on the market too long at a high price sends the wrong message to buyers and could result in a lower sale price if market prices in your area continue to decline.
Look, every property no matter what condition or location has a price at which it will sell. Most have a magic price and owners have to be realistic in their expections.
If you’re looking to buy or sell a home on Long Island, please contact Larry & Sheila of Coldwell Banker Residential Brokerage. We can help you with every aspect of buying or selling your home because…we’re experienced, we’re professional…and we love what we do…We get to sell Long Island Real Estate.
