all their options.
HOW TO PRICE YOUR HOME IN A SELLER'S MARKET
Homes that sold in the past don’t matter as much. You should price your home to be competitive with the other homes currently on the market. But, you don’t have to match the price of what similar homes sold for months or years ago. For example, a home recently sold that was seemingly $100,000 overpriced. Comparable homes were selling for about $925,000 to $950,000. However, home prices in the area were increasing rapidly. Nothing similar was available for less than $1,050,000. The seller owed $1,050,000, so they priced the property at $1,099,900. And guess what? It sold three months later for $1,074,000 because buyer demand was pushing prices up higher and higher.
HOW TO PRICE YOUR HOME IN A BUYER'S MARKET
Is your local market a buyer’s market — one where the supply of homes for sale exceeds demand, or where prices are abnormally depressed? If so, then look at all the other homes for sale, and make sure your home is priced competitively. If your home isn’t selling, and you want to be the home that sells next, you’ll need to either adjust the price, or improve the features and incentives, until it sells. Remember that, while it may seem like you are in competition with buyers, since a negotiation can seem like a battle, it's really the other homeowners with homes for sale on the market who you are actually in competition with.
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