Even if you are not in a hurry to sell, it is not a wise move to “test” the market by listing your home at a high price to see how it goes. Serious home shoppers may take months to find a new home, so they are continually looking for new listings, not ones that have been sitting on the market. Thinking that the market will turn in your favor may not prove reliable either. If prices in your area end up dropping instead of rising, you may lose money. By pricing your home based on current market values, you can sell your home more quickly and for more money.
Another pricing trap to avoid is insisting on a high price for your home far above other homes in the area. If your home does not sell after three months, you might decide to lower the price. That is okay in a stable or increasing market, but if the market in your area is declining you may be forced to reduce the price even more in order to catch up to the falling market. Price competitively from the start. Don’t hesitate to reevaluate your local market. Work with your real estate agent to determine the fair market value of your home.
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