Pricing is directly related to the time frame for selling a listing and whether it will sell at all. It is especially critical in a buyers market. The following is advice on marketing Burlington MA homes to sell in a declining market.
Recognize the Real Estate Market
Every real estate market varies. When you see information on television, those typically refer to national averages. Your particular neighborhood can be dramatically different. A local real estate broker can prepare a market analysis on your property which evaluates recent sales of comparable homes and renders an estimated price range for your property. This amount may be different regularly, so do not refer to outdated figures.
When reading the market report, remember that it is a range. Where your listing falls within that range depends on the competition and your desired time frame. As a home owner, it is common to be proud of your home and the time and effort that you have put in. Unfortunately, not all potential buyers will assign equal value to the amenities and upgrades. Anticipate that you may not receive back the full amount of repairs. Additionally, home prices may be impacted by foreclosed homes in the region, which are commonly sold at significant discounts and are still considered comparable properties. Market value is really the price that a potential buyer is willing to pay for a house at the present time. It may not necessarily match your estimates or resemble what you paid for the property.
Marketing Burlington MA Homes To Sell In A Declining Market
Marketing a property above market value can result in extended listing time frames. If the real estate market drops further during that time, the home will actually sell for much less than it could have if positioned correctly from the beginning. Additionally, home buyers generally have a negative perception of homes with lengthy market times. This is difficult to overcome even if a home drops in price eventually. Overpricing causes more damage than good.
Some Final Words for Sellers
If the market value of your property is dramatically different than what you are willing to sell for, it may be best to monitor the pricing trends and wait for sales to improve rather than pricing high and having little success for an extended period of time. If you must sell and need to do so in a defined window of time, choosing a price reflective of the real estate market and in line with other listings will be crucial to accomplishing your goals. Time is money and overpricing can be more expensive than you expect.