Want to Sell Your House? Price it Right from the Start!
The housing market is recovering nicely. Prices have increased nationally by double digits over the last twelve months. The one suggestion I would definitely offer: DON’T OVERPRICE IT!!
With house prices increasing across the country, sellers may think they can list their homes at a higher price and adjust if necessary. Experience shows that this may not be a good strategy.
Even though prices have increased by more than 10% over the last year, the acceleration of appreciation has slowed dramatically over the last few months. As an example, in their April Home Price Index Report, CoreLogic revealed that home prices actually depreciated by .08% this month as compared to last month’s report. What concerns me is that Trulia just reported that asking prices are still continuing to increase.
Because investor purchases are declining and there are more listings coming onto the market, we believe that sellers should be very cautious when they price their house. The alternative might be that you could lose money by overpricing your home at the start.
If you listed at a higher price than recommended, you’re going to get some negative feedback from buyers. The worst feedback, of course, is silence. That could include no showings and no offers.
The problem with overpricing your home is that the buyers who are qualified to buy your home won’t see it because they’re shopping in a lower price range. The buyers who do it will quickly realize that there are other homes in the same price range that offer more value.
Bottom Line: Though it is a great time to sell your house, pricing it right is crucial. I will provide guidance in your marketplace to ensure you get the best deal possible.
F. Hill Slowinski, JD, REALTOR® (DC, MD, and VA)
W.C. & A.N. Miller Realtors, A Long & Foster Co.
Christie’s International Real Estate
Consultant, Sloans & Kenyon Luxury Real Estate
The Greater Bethesda-Chevy Chase Chamber of Commerce, Board Member
Charles County Chamber of Commerce, Member
#9 Agent in Washington Metro region
Top producer – Sales, Listings, Rentals 2013
Long & Foster Chairman’s Club 2014
Direct: 301-320-8430 · Cell: 301-452-1409
Web Site: http://www.HillSlowinski.com
OFFICE: 4701 Sangamore Road · Bethesda, Maryland 20816
Tel: 301-229-4000 · Fax: 301-229-4015