This year saw prices rise to unseen levels, but the hyper-seller’s market is slowing down and some sellers are even doing the unthinkable! PRICE-REDUCTIONS! As the real estate market normalizes to a more traditional market, here are a few tips to consider to be sure your home is not overpriced:
- Comparable Sales for last 90 Days – Is your home priced right according to comparable properties? Comparable homes that have sold recently can give you a great idea of how well your home may appraise and what buyers in your area are willing to pay for a similar property. However, these sales may not give a good idea of what the market is doing now and may not indicate a price reduction is needed.
- Active and Pending Listings - Active listings give you a great idea of other inventory you are competing with to get your home sold, but active listings are all UNSOLD properties. If you are looking for successful sellers, check out pending listings as these are all sellers that are 2-4 weeks away from being sold!
- Showings – How many showings are you getting each week? If you are getting a lot of showings and an offer a week, then you are close to selling! Or, has it been a few weeks since you last saw a buyer’s agent in your home? If so, you are probably overpriced and need to discuss a price change.
- Market Changes and Activity – What is the market doing? Are Employers hiring or laying off workers. Are interest rates higher or lower? What’s new on the local MLS? Is there a lot of inventory in the area from builders or bank owned properties? Does your area attract lots of first-time buyers or move-up buyers? All great questions to ask when deciding on how high or low to price your home.
- Do you really want the truth? - Being honest about the situation may be painful for sellers and real estate agents. However, getting the pain out of the way, allows for a realistic discussion about what is necessary to get your home sold. Also, the discussion allows for ways to bring in more buyers, reduce costs, and take advantage of the market.
Do you need to get you home sold? Contact us at www.MyAZHouse.com or 602-753-0177.