Pricing A Home To Sell: A Simple Lesson In Pictures
In an appreciating, or seller’s market, if you price high, with time the market will catch up to your price.
In a depreciating or buyer’s market, like we’re in now, it’s not the same story. If you price too high to start, you will be rejected by the market. You can tell if you are, because you get few or no showings. Sometimes seller’s don’t think they are too high because no one has even seen it. Sorry to break it to you, but that is telling you it’s too high. It doesn’t even compare well enough to get on the showing list.
Once you realise it is too high, you start reducing the price. Unfortunately, many sellers stay behind the eight ball. They make too little price reductions too slowly and the market keeps out-pacing them. In a down-trending market, you need to get ahead of it or you won’t sell at all. Do you realise that less than 50% of houses in Bellingham sell in this market during their listing period? Sad, but true.
Do your research. Listen to your Realtor. If you play the game of trying to get the highest price, you’ll end up losing in the long run. Contact me if you need some help.