Home Pricing: Art, Science or Both
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April 24, 2006
Below is a link to a good article from Realty Times written by M. Anthony Carr. Here's an excerpt:
The biggest challenge in pricing the home is a seller's greed level. Sorry to be so blunt, but sellers always want more than the last sale, regardless of the market condition. My blunt advice is to "get over it." Waiting around for the "right" buyer is just plain foolishness in the world of real estate. If you're putting your home on the market, don't wait around and waste your time, the buyers' time and the agents' time with an unrealistic asking price.The heady times are gone, at least for a while. Sellers just can't get the price that they may have gotten last year at this time. The market is cruel and has no compassion. Lower your price and take the equity you still have (if you have equity, you have a gain, not a loss).
If your Realtor provides feedback from colleagues that your house is overpriced, move on it. Move from denial into acceptance and price the house right. Remember, the goal here is not to price the property as high as possible, but to sell the house.
...read the full article here.
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