SELLER TIP: How to tell if you’re asking too much

How to tell if your home is priced right in a high-inventory market –

1. Marketing ~ Make sure that your listing has been properly exposed to the market. Minimally, it should be on the Multiple Listing Service (MLS), on the Internet with photos, and open for local real estate agents.

2. Competition ~ Find out how many homes like yours are on the market in your area, if these homes are being shown, and how frequently? Have any of the listing like yours sold since you put your home on the market? How long is it taking to sell homes like yours? Then take a good look at the price of your home in relationship to the competition.

3. Expectations ~ If there haven’t been any recent sales and listings are taking months to sell, you may need to adjust your expectations about how long it will take to sell your home. However, if other listings are selling, or are at least being actively shown, and your list price is higher than the others, lower your price.

4. Timing ~ The time to make a price adjustment is when you discover that it’s too high, even if this is soon after the property is listed. Staying on the market too long at a high price is risky. If the market softens further, you could end up having to make a bigger price adjustment later.

5. Price Reduction ~ A minor price reduction is likely to result in a modest response. In order to make a positive impact, reduce your list price enough so that your list price is at or below the level of your competitors whose listings are being shown and sold.

6. Defects ~ If your home has an incurable defect, like a location on a busy street, you might need to make a bigger price concession. In a low-inventory market, buyers will overlook such defects. In a high-inventory market, they are less forgiving.

Source: Dian Hymer, Inman News

Sellers: For help in pricing your property contact Barbara Chartier at 843-902-0204..