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| | Patty Chaney Blog
Maui Real Estate News and Maui Lifestyle News | Chasing The Market
Seller's Tips
May 05, 2008 | | One of the best tips I can give to my Sellers in a softening market, is to price their property competitively from the start. Yes, we are in a price war. Not only do you have to price your home competitively, you also have to give your home a complete “facial”. Clean, paint, spruce up the landscaping, de-clutter and possibly stage your home. In an upward swinging market, it was fine to price a property 10% higher than the last sale. Why? The market would eventually come up to your price. In a softening, downward market, it is best to price the property very competitively. You can achieve this by pricing a home at, or below the last comparable sale. If your area is unique and there are minimal sales, consider spending $600 and have your property appraised. The goal of competitive pricing a property with the significant increase in inventory is to make your home stand out to attract buyers and get them to see your home as a good value. If you price your home at 10% above the current sales and hope that Buyers will negotiate, you may miss a sale. The comparable home down the street and competitively priced, focuses a Buyer in the direction to bid on that home and not yours. As the market continues to soften, inventory increases, homes continue to lose market value. Your home on the market may continue to be “behind the eight ball”. The only escape is to reduce your pricing further from the list price your real estate broker may have suggested at the beginning. So, please don’t list your property to sit…list to sell. Take the medicine of your Realtor’s suggestion on pricing because her or his experience and wisdom is what is important to you and your future. | Posted in categories: [Seller's Tips] |
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