Foreclosures Book

(MLS), you’ll see how much interest is generated. If your price is too high, buyers will bypass you because the home is out of their price range. By the time you decide to lower the price, they will have moved on to other properties. Meanwhile, as your home sits on the market, buyers will wonder why the home hasn’t sold, concluding that it’s undesirable in some way. Price it correctly from the start to generate interest and gain attention from buyers to sell faster. Unrealistic pricing costs money in the long run. TESTING THE MARKET WITH A HIGH PRICE Even if you weren’t in a hurry to sell, it’s not wise to “test” the market by listing your home at a high price to see how it goes. Serious home shoppers could 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 might not prove reliable, either. If prices in your area end up dropping instead of rising, you might lose money. However, by pricing your home based on current market values, you can sell your home more quickly and for more money. PRICE DROPPING Another pricing trap to avoid is insisting on a price for your home far above other homes in the area. If your home doesn’t sell quickly, you might decide to lower the price. That’s okay in a stable or increasing market, but if the market in your area is declining, you could be forced to reduce the price even more to catch up. 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.