attention to how long they’ve been on the market.
Sites such as Zillow often have a little section under each home that tells how long it has been for sale in their systems, although not necessarily how long they’ve been on the market. If homes in your neighborhood are getting snatched up right and left, you stand a good chance of the same happening for you — if your home is priced right. That’s called a seller’s market, and you could get more profit from your home’s sale. On the other hand, if the “Home for Sale” signs in your area seem to be growing roots, you are probably in a buyer’s market. You might benefit by setting a slightly lower price than your competitors. You might not make as much profit as you would like, but some profit is better than none.
PRICING IN A SELLER'S MARKET
The prices of homes that have already sold don’t matter much. Price your home to be competitive with other homes now on the market. For example, a home recently sold that was seemingly $100,000 overpriced. Comparable homes were selling for $525,000 to $550,000. However, home prices in the area were increasing rapidly. Nothing similar was available for less than $650,000. The seller owed $650,000, so they priced the property at $699,900. And guess what? It sold three months later for $674,000.
PRICING IN A BUYER'S MARKET
If your local market is a buyer’s market, then you should look at all the other homes for sale and make sure your home is priced
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